What is 1 inch used for?

Could you elaborate on the intended purpose and usage of 1 inch in the context of cryptocurrency and finance? Specifically, I'm curious to understand if it serves as a unit of measurement, a reference to a particular technology, or perhaps a colloquial term with a specific meaning within this domain. Clarifying this will help me gain a better understanding of its significance and potential applications in the field. Thank you for considering my inquiry.