1inch vs Uniswap
06 February 2021
I think everyone in 2021 understands the importance of not putting all of the eggs in the same basket - of not holding all of your funds on the centralized exchange. Decentralized exchanges have been booming for the last 8 months and for a very good reason. DEX’s have proven to be fast, trustless, and decentralized. Obviously, whenever there are advantages - there will be disadvantages. Which in that case are obviously high gas fees, failed Txs, scam tokens.
In this article, we will compare 2 of the biggest DEX players: Uniswap and 1inch. Which one is better? The short answer: it depends on what you are searching for. So I encourage you to dive in on vetted comments to answer the title question.
Those are 2 of the questions we’ve asked:
- Which platform are you using for your trades - 1inch or Uniswap? And why did you choose that platform?
- Have you ever added liquidity to 1inch or Uniswap? If so then why did you choose that particular platform?
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1
Blockchain/Crypto Copywriter
I have used both. I prefer using Uniswap for the simple reason that I have been using Uniswap from the very beginning before all the DeFi craze. Uniswap has the first-mover advantage and is the most recognizable brand in the AMM type DEXs. Almost all of the new DeFi projects always wanted their coins listed on Uniswap putting Uniswap users in a unique position of first dibs on would be ALPHAS in DeFi. Uniswap also has better liquidity and lower slippage than 1Inch in general.
I provide liquidity for both but I have put more on Uniswap because it has more transaction volume than 1Inch in general which means LP providers will have higher returns on Uniswap compared to 1Inch. As proof just look at the top 10 ETH gas-guzzlers, Uniswap usually consumes several times more. This means more users, higher volume better returns for Liquidity providers.
2
Fintech Entrepreneur
I have used both platforms for trading but I used Uniswap more because it's older and there’s more liquidity. 1inch is good, and maybe it will take Uniswap place, but we can’t be sure of that, Uniswap is already a big player in the market, and it will be hard to just win over him.
Due to high transaction fees, I am not adding liquidity to any of the platforms, for me personally, it’s just too high risk for such profits.
3
Freelancer
I actually use both of these platforms in both terms, so basically I trade, and provide liquidity to both Uniswap, and 1inch. I personally think that they’re great, decentralized, and secure. Obviously, the ethereum gas fees are killing my profits, but that’s still ok, and that’s the risk everyone is accepting before going into DeFi.
4
Blockchain Consultant
I've primarily used Uniswap for my DeFi related trades. It was the one that I had originally used and overtime just became my go-to. The only benefit that I could see leading me to choose one particular DEX over another is the gas fees. Since most DEXs are currently ETH based, including these two projects, the little that can be saved by using an aggregator is dwarfed by the amount traders currently pay in gas fees.
I have provided liquidity on Uniswap for several tokens. The main motivation for choosing that platform was a more robust liquidity pool for my chosen tokens along with added incentives offered for specifically providing liquidity on Uniswap.
5
UX Researcher and Designer
I know both of them but I have only experimented with Uniswap offering liquidity in a few pools of the pairs it has listed, mainly ETH. The reason I used it for the first time was to learn first-hand the user experience in these types of services and about the consensus behind it. Also because there was a lot of FOMO during the pandemic in 2020 with the UNI tokens and I didn't want to miss the train. The reason I refrain from using these services more often is that commissions become a headache.
6
Cryptographic Investment Manager/Founder Torrefuerte Capital and V15 Venture Capital
I have used Uniswap because I found it easy to use in the first place, you can create trades for any erc 20 token, trading within the platform is mostly inexpensive and the liquidity pools offer good returns for users who provide liquidity.
7
Trader
I have used both platforms for trades.
I like Uniswap because it has a really good user friendly UI and I like 1inch because of the many different prices it aggregates.
If we leave UI behind I like 1inch personally, as it gives me the best price from all the available DEXs to trade an asset. I like Uniswap because of it's hassle free swapping style.
I added liquidity on both platforms.
I have always liked the liquidity mining, no matter if it gives me impermanent loss or something.
Adding liquidity on both platforms is easy. But in this case I prefer Uniswap, because of it's huge popularity and user base. The more people swap on a particular pair the more it generates swapping fees for LP.
Usually I earn a bit more in swapping fees in Uniswap than 1inch.
8
Mr Freelancer
I have used both Uniswap and 1inch. Uniswap looks better, and the interface is advanced, you can choose platforms. If I have to use DEX’s then I’m going for 1inch because of the cheaper fees.
To be honest with you because of all of these fees I prefer to use centralized exchanges. That’s why my choice is Binance or KuCoin instead of Uniswap or 1inch.
9
Investment Specialist,Crypto Currency Specialist,Analyst
I didn't use 1inch but used a little Uniswap. Uniswap had strong marketing, advertising at the beginning of the DeFi trend, and a lot of joint projects with a large number of new tokens - so the adoption, and recognizability is a main key for my decisions.
10
Full Stack web developer with a focus on web3 / solidity
I am using Uniswap, mainly because I have built applications that communicate with Uniswap, so I'm more familiar with it. I’ve added liquidity to Uniswap too for the same reason. I could do everything automatically with scripts if I would like to. I will check out 1inch too, sad about their name though, not metric, lol. But aggregators are nice.
11
Manager Blackpoint Tradings Ltd.
For trades I am always using Uniswap. I have chosen this platform because it was the most used platform at that time.
I have never added liquidity to any platform because, for me, it doesn't seem like a good investment.
I am thinking of using 1inch in the future because of the multiple options of this platform and of course the lower gas fees.
Summary
As we can clearly see most of the specialists say that if you’re looking for providing liquidity then the best option would be to use Uniswap because of the bigger pools - there’re more fees to be collected. But if you’re looking for exchanging your crypto’s at the cheapest possible fee then most of the professionals are going for 1inch because it aggregates prices from all of the DEX’s and presents you the cheapest possible option.
However, we should consider that the competition is not sleeping, and we can be sure that both of these platforms will continue to amaze us and be better every single day. Personally I still strongly believe in what 1inch and Uniswap are actively achieving, there’s no doubt in my mind.
Feel free to send us any comments, questions, reports, or bright ideas. Let's talk on Facebook Community Group.
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Please Do Your Own Research always! We are not financial advisors, any information provided in this article is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we present is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions.
