1inch Swap
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
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 on the same research, and below $100M TVL that book becomes the exit crush. Size alone decides it, whatever the protocol’s quality. An aggregator routes trades rather than holding client deposits for yield, so there may never be a product here to underwrite.
- Tracked contract TVL sustains at least $100M for 30 days or a separately identifiable yield-bearing deposit product launches, triggering a product-level review
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; the current small contract balance is nevertheless below the shared v1 materiality floor.
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 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. A completed swap leaves no redeemable 1inch deposit position.
Why the class rule decides
The shared v1 below-materiality dossier controls this survey record at roughly $2.57M, without implying that routing-contract TVL is investable capacity. Reopen after tracked contract TVL sustains at least $100M for 30 days or 1inch launches a separately identifiable yield-bearing deposit product; first establish the actual client position, then review custody, contracts and upgrades, approvals, routes and resolvers, incidents, fees, liquidity and stressed execution.
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 verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Ethereum | Approved | sovereign | No sequencer, no upgrade key, no operator who can be compelled — rule changes require social consensus. |
| BNB Smart Chain | Rejected | freezable | the validator set concentrates around one company, and the chain has been halted by decision. |