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What is a blockchain transaction?

The mechanics behind sending and receiving funds on a blockchain

V
Written by Valeriia Nikitina
Updated this week

A blockchain transaction is a transfer of value from one address on a network to another. A user creates a transaction in their app, which is then sent to the blockchain. The user's transaction then sits in a "mempool" of other pending transactions, where it waits to be "mined". Once enough miners confirm the transaction, it is stored forever in a block. By design, blockchain transactions are permanent.

The block contains a batch of transactions and has specific time and size limits for how many transactions will fit in it. Once the block time is up or its maximum number of transactions has been reached, the block is added to the chain, and the next block iteration begins.

Each transaction can be viewed on a block explorer. Below is a list of block explorers for each network 1inch supports.

EVM

Non-EVM

The following types of transactions are possible with 1inch:

Sending and receiving tokens

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