Comparison of 1inch exchange vs THORChain [ 2024 ]

The best cryptocurrency exchanges compared by their commissions, products offered, security and much more. Here is the 1inch exchange vs THORChain comparison!

Your expert: Alejandro Borja

1inch exchange

Your expert: Xavier Tarrasó

THORChain

Main points

Fees

fluctuates

NFTs

Yes

Native token

Token 1INCH

fluctuates

Fees

NFTs

Token RUNE

Native token

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.5 – Offers competitive rates by aggregating liquidity from multiple sources, but third-party service fees may apply for fiat conversions.

4.0 – Fees are competitive for cross-chain swaps, but can vary depending on the asset and network conditions.

Level

fluctuates

Brief explanation

1inch Exchange is a decentralized exchange (DEX) aggregator that prides itself on offering a fee-free trading experience for its users. Unlike many traditional exchanges, 1inch does not impose its own fees on trades, deposits, or withdrawals. Instead, the only costs users incur are the network gas fees associated with executing transactions on the underlying blockchains such as Ethereum, Binance Smart Chain, or Polygon. These gas fees vary based on network congestion and can be reduced significantly by using the platform’s CHI Gas Tokens, which can lower transaction costs by up to 42%. The absence of additional fees is one of the standout features of 1inch. This means that users are only responsible for the fees charged by the decentralized exchanges that 1inch uses to execute trades. For instance, if a swap is routed through Uniswap, the user pays Uniswap’s fees, but no extra charges from 1inch itself. This model allows 1inch to provide highly competitive rates by aggregating liquidity and optimizing trading paths across multiple exchanges. Furthermore, 1inch generates revenue through a portion of the fees collected by its liquidity providers and from positive slippage on trades. This revenue model supports the platform’s operations without directly charging its users, making it an attractive option for cost-conscious traders seeking the best available rates across the decentralized finance ecosystem.

THORChain employs a distinct fee structure aimed at ensuring network security and providing economic incentives for its participants. The platform charges several types of fees: a fixed outbound fee, a dynamic liquidity fee, and a slip-based fee. Outbound Fee: This is a fixed fee applied to transactions leaving the THORChain network. It covers the cost of sending assets from the network to an external blockchain, ensuring the network remains sustainable. Liquidity Fee: This dynamic fee varies based on the liquidity of the pool involved in the transaction. It serves to reward liquidity providers, who are essential for the functioning of the protocol. This fee is crucial in maintaining the balance and availability of assets across the network. Slip-Based Fee: Designed to mitigate the risk of market manipulation by large traders (whales), this fee is calculated based on the impact of the trade on the pool’s price. Larger trades that significantly alter the pool’s balance incur higher fees. These fees are distributed to liquidity providers as compensation for the potential price impact of large trades . This multi-faceted fee structure not only ensures the economic viability of the THORChain network but also promotes fair trading practices and rewards participants who contribute to the ecosystem’s liquidity.

1inch exchange

Year Founded: Established in 2019, 1inch has quickly adapted to market demands and proven its resilience in the fast-evolving DeFi landscape, continuously enhancing its platform to meet trader needs effectively.
Security Methods: 1inch prioritizes user security by allowing traders to retain control over their funds, significantly reducing the risk of exchange hacks and mismanagement. Transactions are executed directly from users' wallets, ensuring safety and trust.
Trading Volume and Liquidity: The exchange is known for its substantial trading volume and deep liquidity pools, aggregated from multiple DEXs. This capability not only demonstrates its robust market presence but also enhances trade execution without significant price impact.
Reputation and Reviews: 1inch has built a strong reputation within the crypto community for providing efficient, cost-effective trading solutions and is highly regarded in user reviews for its innovative technology and reliable service.
Transparency: The platform operates with high transparency, disclosing smart contract functions and the operational mechanics of its Pathfinder algorithm. It also offers a governance token that involves the community in key decisions, reflecting its commitment to an open and fair trading environment.

THORChain

Security Methods: THORChain has implemented robust security measures, including a multi-chain testnet called "Chaosnet" which allows for rigorous testing of its protocols under real economic conditions. This proactive approach to security helps safeguard users' assets.
Reputation and Reviews: Despite facing security breaches, THORChain's response to these incidents has bolstered its reputation. The community has positively reviewed how the platform handled the incidents, quickly working to secure the network and compensate affected users.
Transparency: THORChain maintains a high level of transparency in its operations. The open-source nature of its codebase allows for community inspection and contribution, fostering trust and collaboration among its users.
Trading Volume and Liquidity: THORChain supports high trading volume and liquidity, making it an efficient marketplace for cross-chain swaps. This capacity ensures that users can execute trades swiftly and at reasonable prices, even during periods of high market volatility.
Withdrawal and Deposit Policies: THORChain provides clear and user-friendly withdrawal and deposit policies. By enabling direct control over funds and facilitating seamless transactions across different blockchains, the platform ensures that users can manage their assets flexibly and securely.

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Product selection

Native token

Yes, the native token is 1INCH.

Yes, the native token is RUNE.

Earns

Yes, 1inch offers EARNs through liquidity mining, staking 1INCH tokens for rewards, and participating in governance.

Yes, THORChain offers EARN opportunities by providing liquidity in native assets to liquidity pools, and staking RUNE tokens for network participation and rewards.

NFT marketplace

No, 1inch does not have an NFT marketplace.

No, THORChain does not have an NFT marketplace.

Cripto/debit card

No, 1inch does not offer a debit card.

No, THORChain does not offer a debit card.

Full name

1inch Limited

THORChain

Regulation

No, 1inch exchange is not regulated by any specific financial regulatory authority.

No, THORChain is not regulated by any specific financial regulatory authority.

Year founded

2019

2018

Founder

Sergej Kunz and Anton Bukov

The founding team is pseudonymous, known collectively as the THORChain team.

Payment methods

Transfers

Deposits: Credit card, wire transfer (via MoonPay), cryptocurrency transfers; Withdrawals: Cryptocurrency transfers.

Deposits: Cryptocurrency transfers; Withdrawals: Cryptocurrency transfers.

Mastercard

Yes, 1inch supports deposits via Mastercard through third-party services like MoonPay.

No, THORChain does not support direct deposits via Mastercard. It only allows transactions through wallet connections.

Wire transfer

Yes, 1inch supports deposits via wire transfer through third-party services like MoonPay.

No, THORChain does not support direct deposits via wire transfer. It only allows transactions through wallet connections.

Card

Yes, 1inch supports deposits via credit card, including Mastercard, through third-party services like MoonPay.

No, THORChain does not support direct deposits via credit card. It only allows transactions through wallet connections.

Comparative table

1inch exchange	FEATURES	THORChain
Trades can be as small as the network allows, but gas fees may make very small transactions impractical. Ideal for moderate and large trades.	Minimum Trade	THORChain allows users to trade with relatively low minimums, accommodating small-scale traders but requiring enough to maintain liquidity integrity.
Offers competitive fees by aggregating different DEXs to minimize slippage and transaction costs, making it cost-effective.	Trading and Transaction Fees	Fees on THORChain are competitive within the DeFi space, ensuring affordability while supporting network and liquidity providers.
Supports a vast array of cryptocurrencies by connecting with multiple DEXs, providing access to a wide variety of tokens.	Number of Cryptocurrencies	THORChain supports a moderate range of cryptocurrencies focused primarily on major assets, limiting variety but enhancing quality.
Extensive range of trading pairs available due to its aggregator model, allowing users to trade across different liquidity pools.	Crypto-to-Crypto Trading Pairs	The platform excels in offering cross-chain trading pairs, enabling direct swaps between significant cryptocurrencies without intermediaries.
The website provides detailed information on how trades are routed for best prices, though some users may find the depth of data overwhelming.	Website Transparency	THORChain provides detailed documentation and open-source code, fostering trust through transparency in operations and development.
Supports multiple networks including Ethereum, Binance Smart Chain, Polygon, among others, enhancing its accessibility and utility.	Credit/Debit Card	Primarily operates on its own network with bridges to major chains like Bitcoin and Ethereum, somewhat limiting compared to multi-network DEXs.
Does not provide custodial storage services; users must have their own wallets, which is secure but may be a barrier for new users.	Storage Offering	As a decentralized platform, THORChain does not offer custodial storage, relying on users to manage their own wallet security.
Offers governance token staking with voting rights and potential rewards, although the specifics and profitability can vary.	Staking and Rewards	Offers excellent staking rewards and incentives for liquidity providers, making it attractive for users looking to earn through participation.
The website is well-designed with comprehensive details on operations and services, though it can be complex for beginners.	Mobile App and Desktop	The THORChain website is user-friendly, providing essential information clearly but could improve in navigational aspects and user interface design.
Customer support is available, but responses can be slow during high traffic times. More resources for immediate support are needed.	Customer Service	Customer support is available through community channels, providing adequate but not real-time support; could benefit from more direct customer service options.
As a non-custodial platform, deposits and withdrawals are managed through users’ wallets, offering high security but less convenience for some.	Deposit and Withdraw	THORChain supports straightforward deposit and withdrawal mechanisms that are inherently secure through decentralized operation, though subject to typical blockchain network delays.

Key features

Analysis tools

Price aggregator, liquidity sources comparison, slippage protection, gas cost estimator, advanced order types, and historical data analysis.

Cross-chain swap analytics, liquidity pool performance data, node metrics, and slippage calculators.

Mobile APP

Yes, 1inch has a mobile app available for both iOS and Android.

No, THORChain does not have a dedicated mobile app, but it can be accessed via mobile browsers.

Security

1inch employs advanced security measures, including smart contract audits and integration with secure wallets. The platform leverages decentralized liquidity aggregation, minimizing the risk of single points of failure.

THORChain focuses on cross-chain security, using a unique design that minimizes the need for wrapped assets. The platform employs rigorous security audits and has a robust bug bounty program to identify and mitigate vulnerabilities.

Additional features

1inch offers gas fee refunds for certain trades, DAO governance for community decision-making, a referral program, and its own 1INCH token used for governance and staking.

THORChain supports non-custodial cross-chain swaps, node bonding for running network nodes, a strong focus on decentralization, and the ability to earn yield through providing liquidity in native assets.

Anonymity

No, 1inch does not allow anonymous account creation. Users need to connect a wallet to use the platform, but no personal identification is required.

Yes, THORChain enables anonymous trading through the use of connected wallets without requiring personal information.

Key points

Available cryptocurrencies

Ethereum (ETH), Bitcoin (BTC), Binance Coin (BNB), Tether (USDT), USD Coin (USDC), and many ERC-20 tokens.

Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), THORChain (RUNE), and various cross-chain assets.

User-friendliness

1inch is known for its user-friendly interface and robust functionality, making it accessible for both beginners and experienced traders. The platform aggregates liquidity from various sources, ensuring competitive rates, but the complexity of some advanced features might be overwhelming for absolute newcomers.

THORChain’s cross-chain liquidity protocol is powerful but can be complex for beginners. The interface is user-friendly, but the underlying technology and the concept of cross-chain swaps might require some learning for those new to the space.

Value for money

1inch offers excellent value for money by aggregating liquidity from multiple sources to provide users with the best possible rates and lower slippage. Its unique tokenomics and occasional gas fee rebates further enhance its cost-effectiveness.

THORChain offers good value for money by enabling cross-chain swaps without the need for wrapped tokens, which can save users on additional fees. Its native token, RUNE, also provides various incentives and liquidity rewards, adding to its overall value.

Countries of operation

Available globally, no specific country restrictions.

Best for

Ideal for experienced traders and investors who are looking for the best possible rates and minimal slippage across multiple DEXs. It’s also suitable for those who appreciate advanced trading features and want to maximize their returns through optimal liquidity aggregation.

Best for investors who need cross-chain liquidity and want to trade assets across different blockchains without using wrapped tokens. It’s particularly useful for those who value decentralized, trustless trading environments.

Account

Trading

1inch is a decentralized exchange aggregator that finds the best prices across various DEXes, ensuring optimal trade execution. The platform supports a wide range of cryptocurrencies and offers low slippage, making it suitable for both small and large traders. However, its interface can be complex for beginners.

THORChain enables cross-chain trading, allowing users to swap tokens from different blockchains without wrapping. This functionality is unique and highly beneficial for diversified portfolios. However, the platform’s complexity and security incidents in the past may concern new users.

Deposit and withdrawal

1inch Exchange does not handle deposits or withdrawals directly as it aggregates liquidity from various DEXes. Users connect their wallets (like MetaMask) to trade, ensuring funds remain in their control. While this enhances security, it requires users to manage their wallets and transaction fees independently.

THORChain allows cross-chain deposits and withdrawals, enabling users to trade assets across different blockchains without wrapping tokens. This feature provides flexibility and security, as users control their funds via compatible wallets. However, the complexity of cross-chain transactions can be daunting for beginners, and users must pay attention to network fees and security.

Account opening process

1inch Exchange does not require a traditional account opening process. Users simply connect their crypto wallets, such as MetaMask, Ledger, or Trust Wallet, to start trading. This decentralized approach ensures user privacy and control over funds but requires familiarity with wallet management and security.

THORChain enables cross-chain trading by connecting users’ wallets from various blockchains. There is no traditional account setup, as users manage their funds through wallets compatible with THORChain. This decentralized model offers flexibility and security but can be complex for those unfamiliar with managing multiple blockchain wallets.

KYC required?

No, KYC is not mandatory for basic use through wallet connections.

No, KYC is not mandatory for using the platform.

Customer Service

1inch Exchange, as a decentralized platform, does not offer traditional customer service. Instead, users can find support through community forums, social media channels, and extensive documentation available on their website. While this decentralized support model promotes user self-reliance, it may not be sufficient for those who prefer direct customer support.

THORChain provides support through its active community on Discord and Twitter, along with detailed documentation and FAQs on their website. While these resources are beneficial for self-help, the lack of direct customer service may pose challenges for users who need immediate assistance or personalized support.

Security

Which of these exchanges is for you?

Alejandro Borja

As an expert in the field, I highly recommend 1inch Exchange for traders looking for efficient and cost-effective crypto trading solutions. Its ability to aggregate multiple decentralized exchanges ensures users not only get the best prices but also benefit from reduced slippage. While it may appear daunting for beginners, the security and cost savings it offers make it a valuable tool for seasoned traders aiming to optimize their trading strategies across various networks.

Xavier Tarrasó

As a seasoned observer of the DeFi landscape, I highly recommend THORChain for users seeking a robust platform for cross-chain trading. Its innovative approach to enabling direct swaps between disparate cryptocurrencies sets it apart. However, prospective users should acquaint themselves with its security history and the inherent complexities of operating within a multi-chain environment to fully leverage its offerings.

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How do we review crypto exchanges?

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We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong, any exchange can have problems.

Neither Threenvest, nor the author, are recommending you to invest with this article.

More comparatives 1inch exchange and THORChain

Comparison of 1inch exchange vs THORChain [ 2024 ]

Comparison of 1inch exchange vs THORChain [ 2024 ]

1inch exchange

THORChain

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

1inch exchange

THORChain

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Minimum Trade

Trading and Transaction Fees

Number of Cryptocurrencies

Crypto-to-Crypto Trading Pairs

Website Transparency

Credit/Debit Card

Storage Offering

Staking and Rewards

Mobile App and Desktop

Customer Service

Deposit and Withdraw

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives 1inch exchange and THORChain

Comparison of 1inch exchange vs THORChain [ 2024 ]