In this episode, we welcome Sergey, co-founder of the DEX aggregator 1inch. He shares his entrepreneurial journey starting from 2019 - from traveling the world participating in hackathons to identifying a market gap in liquidity aggregation, which led to the development of the breakthrough Pathfinder algorithm. Sergey explains how 1inch optimizes user experience and trading efficiency through smart Dutch auctions and intent-based swaps. He emphasizes the importance of decentralization and non-custodial trading as the core value proposition of DeFi. Currently, 1inch commands 70-75% of the DEX aggregator market share. Interestingly, the name "1inch" is inspired by Bruce Lee's "one-inch punch" concept - generating tremendous power within a minimal distance. This reflects 1inch's approach of integrating different liquidity sources to achieve optimal execution in a single transaction. The team has recently established a partnership with the Bruce Lee Foundation. During the conversation, Sergey shares several startup stories, including his experience of staying awake for 56 hours during a hackathon. He believes failure is an essential part of growth, and the key is learning from these experiences. Looking ahead, he sees improving user experience while maintaining decentralization principles as crucial for the industry's future. The discussion also covers the team's commitment to security, their innovative approach to protocol development, and their vision for DeFi 2.0 through intent-based design. Key Takeaway IntentAt the interview, Sergey detailed the "Intent" trading mechanism launched by 1inch in December 2022. This innovative approach allows users to trade as easily as on centralized exchanges without initiating on-chain transactions - they simply sign an off-chain message with their wallet, without paying gas fees. These trading intents are shared within the 1inch network, where professional market makers and arbitrageurs execute the trades. The mechanism centers around a smart Dutch auction system. Each order typically has a 6-minute validity period, with the price curve starting at spot price and adjusting intelligently based on market liquidity. Rather than a simple linear price decline, it's a sophisticated curve considering multiple market factors, ensuring optimal execution through market maker competition. Sergey shared an example where a user trading $12 million in assets saved $135,000 compared to traditional methods. This design maintains the core principles of decentralization and non-custodial trading while significantly improving user experience. Users no longer need to worry about complex transaction execution details to get better prices. Since its launch, $36 billion in trades have been executed through this mechanism, demonstrating its broad market acceptance. This is why Sergey sees "Intent" as a crucial evolution in DeFi - it shows how decentralized finance can provide better user experience without sacrificing its core values. PathfinderThe Pathfinder algorithm, 1inch's core technology, was born from Sergey's inspiration in a German forest. At its essence, the algorithm finds optimal trading paths for token swaps, much like discovering the most efficient route through a complex pipeline system. Unlike traditional methods that search for the best price within a single exchange, Pathfinder simultaneously evaluates multiple decentralized exchanges and liquidity sources to find the optimal combination. For instance, when a user wants to swap ETH for USDC, the algorithm might determine that converting ETH to USDT first, then USDT to USDC, yields a better price. On the Ethereum network alone, the algorithm has integrated over 40,000 liquidity sources, including even small liquidity smart contracts. This approach mirrors large-trade strategies in traditional financial markets. Just as an investor buying $200 million in Tesla stock might trade across multiple markets (Singapore, Frankfurt, etc.) and potentially convert some dollars to euros first for better overall execution, Pathfinder brings this sophisticated multi-market trading strategy to cryptocurrency. What began as an experimental idea has evolved into an algorithm that can now operate almost at hardware level, securing 1inch's dominance in the DEX aggregator market. The algorithm ensures atomic execution through blockchain technology, maintaining both security and efficiency. Timeline 00:36 Why founded 1inch 03:19 What is Dex Aggregator 27:27 Dex Aggregator competitive landscape 34:34 What Dex Aggragator industry looks like in next 5 years 37:25 56 hours awake record during EthGlobal NewYork 44:39 The major challenges of Dex Aggragator

「How to defi」要开始抽奖了！这期DEX聚合器的题目：下一期我们会邀请这期提到的三个DEX聚合器中的哪个项目联合创始人上Cryptoria呢？ 1. 1inch 2. Matcha 3. Paraswap 猜中的小伙伴将会有机会获得由这个项目送出的精美礼品，大家记得在留言区留下你的答案哦！ 这一期是How to defi的第二期，第一期是Ep.45 去中心化金融概览和主要活动类型，如果没有听的小伙伴不妨先去听一下再回来哦。从这期节目开始，How to defi将会以先讲解基础知识，再邀请相关领军项目的创始人/基金会负责人来做深度对谈的方式进行。 这期我们和大家分享DeFi 生态中一个重要的基础设施 —— DEX聚合器。 在准备这期节目时，我们特意选择了生活中的例子来解释这些概念。比如说大家熟悉的机票比价平台来类比DEX聚合器的功能，也分享了我自己在使用 Phantom钱包MEME代币时遇到的真实体验，希望能让大家更容易理解这些概念。 我们重点介绍了三个主流的DEX聚合器：1inch、Matcha和ParaSwap。每个平台都有其独特之处，比如1inch在以太坊上就有超过120个流动性来源，而Matcha的智能订单路由和价格影响保护让它在大额交易方面表现出色，ParaSwap就特别注重手续费优化。 节目中我特别强调了"滑点"这个概念，因为这直接关系到用户的交易成本。DEX聚合器虽然功能强大，但对于小额交易者来说，直接使用单一DEX可能更合适。 在节目的最后，我们分享了1inch联合创始人在 EthCC Amsterdam大会上的演讲观点。这让我们再次确信了做这个系列的初衷：DeFi不仅仅是为了财富效应，它背后的技术创新正在重塑整个金融系统。 虽然这期节目的内容可能有点偏技术，但我相信了解这些知识对于任何想要参与DeFi的小伙伴都很重要。 最后大家别忘了在留言区猜测下期会请哪个项目的创始人，猜对有奖！ 00:04 DEX聚合器和买机票平台概念是一样的 - 囊括尽可能多的选择让用户按需购买 05:11 "滑点"概念:交易预期价格与实际执行价格之间的差距 10:06 DEX(去中心化交易所)及其基本原理 13:41 AMM(自动做市商)机制及其工作原理 17:38 DEX聚合器的定义和功能 21:29 项目分析之一：1inch - DEX 聚合器的先驱 29:27 项目分析之二：Matcha(由0x Labs开发) 39:22 项目分析之三：ParaSwap 46:46 DEX聚合器的四个主要性能指标（路由算法、流动性来源、当前市场状态、交易规模） 48:28 传统金融与DeFi的交集,引用1inch联合创始人Anton Bukov的演讲，虽然还有很多地方待发展和改进，但Defi为全球数百万用户服务已经是不争的事实 55:28 风险提醒（DEX聚合器上的报价并非等于最终成交价格、交易规模小不如用单一DEX、注意检查滑点是否过高） 主播： Vivienne (Twitter: @Vivienne_smile) Zhiyang (Twitter @zhiyangxyz) Twitter：@0x_cryptoria 油管：@CryptoriaPodcast 微信公众号：Cryptoria加密投研 免责声明: 所有观点纯属主播个人意见仅供分享，不构成任何投资建议。加密货币投资风险巨大，在做出任何投资决定前，请先做好充分调查并咨询相关专业人士。