1inch Swap

1inch is a decentralized exchange aggregator that routes trades across other venues for the best price. This entry tracks the value held in its swap contracts on Ethereum and BNB Chain. That came to $2.57 million at the 2026-08-15 survey. The registry rejects it on size. One practice advising 100 households moves $1M to $8M into a venue based on the same research. At this size, that book becomes the exit crush. Size alone decides the judgment, whatever the protocol’s quality. The individual review will not open until 1inch clears the size floor. An aggregator routes trades rather than holding client deposits for yield, so there may never be a product here to review.

Review triggers: events that reopen the verdict
• Tracked contract TVL sustains at least the retired TVL threshold for 30 days or a separately identifiable yield-bearing deposit product launches, triggering a product-level review

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism and class applicability

1inch describes its Aggregation Protocol as finding routes across external liquidity sources and splitting a user swap among venues. Fusion instead creates an order for competing resolvers to fill. This surveyed record is transaction infrastructure, not a standing yield deposit. Its current small contract balance is below the shared v1 size floor, so the individual review will not open until 1inch clears it.

Current observation and perimeter

The DefiLlama API read on 2026-08-15 reported approximately $2.57M, about $2.31M on Ethereum and $257,000 on BNB Chain, and classified the record as a DEX aggregator. The registry adds BNB Chain and replaces the stale $10.0M Ethereum-only observation.

Control and exit applicability

The user selects input, output, amount, and slippage, grants token approval, and signs the swap or order. 1inch states that it searches for routes rather than taking custody. Settlement and value received still depend on the selected tokens, router or resolver execution, underlying venues, approvals, liquidity, slippage, gas, and the destination chain. After a completed swap, the user has no redeemable 1inch deposit position.

Why the class rule decides

The shared v1 below-materiality dossier decides the judgment for this survey record at roughly $2.57M. That does not mean routing-contract TVL is investable capacity. The individual review will not open until tracked contract TVL clears the size floor for 30 days or 1inch launches a separately identifiable yield-bearing deposit product. The review must first establish the actual client position, then cover custody, contracts and upgrades, approvals, routes and resolvers, incidents, fees, liquidity, and stressed execution.

Research status

This is a capacity-unproven record for 1inch Swap, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• 1inch Help — aggregation and Fusion routing · primary · accessed 2026-08-15
  Supports: aggregation routing, transaction splitting, external liquidity sources, Fusion resolvers, gas handling
• 1inch Help — custody and gas · primary · accessed 2026-08-15
  Supports: non-custodial routing claim, external protocols, gas costs, failed-transaction costs
• DefiLlama — 1inch Swap survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Ethereum TVL, BNB Chain TVL, DEX-aggregator category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.