1inch Network crosses 1 million users following V2 launch
- The multi-chain DEX aggregator 1inch has crossed 1 million users and hit an important milestone.
- 1inch recently launched its limit order protocol V2, increasing the utility of the token.
- Gasless ETH token swaps powered by 1inch have contributed to the rise in on-chain activity of the token.
DeFi protocol 1inch hit a key milestone, crossing a million Ethereum users. The DEX aggregator is known for the liquidity and utility of its token.
1inch released limit order protocol hits a breakthrough
A critical development in 1inch is the network’s users. The DEX aggregator recently made key limit order changes and launched the second version three days ago. The improvements increased the utility of the protocol’s token and contributed to a spike in on-chain activity.
The upgrade saw a significant increase in efficiency for Ethereum swaps amidst rising concerns of the spike in gas fees. The protocol’s ability to facilitate gasless order placing enables its users to swap tokens into Ethereum, lowering transaction costs.
1inch’s V2 protocol has been independently audited by auditors like Certik, Pessimistic, Chainsulting, ABDK and MixBytes.
A developer revealed that users could create limit orders to swap for Ethereum if the token permits.
Over the past 24 hours, over $65 million worth of 1inch tokens were traded. The DEX aggregator has crossed 1 million users on its exchange.
1/ Praise the arrival of #1inch Limit Order Protocol v2 in all its beauty and power!
— 1inch Network (@1inch) December 16, 2021
⚠️ Spoiler: We weren’t kidding when we said that we’re embarking on a mad crusade against high gas fees in #DeFi.
Intrigued? More info https://t.co/0nIGMmC56b
@0xSisyphus, a cryptocurrency analyst, has noted a spike in the weekly 1inch volumes.
weekly 1inch volumes on ETH L1 have gone up 50% since February (round numbers - from $2 to $3bn) but the whole DEX market has grown as well. The number of users on aggregators is still ~25-30% of market
— Sisyphus (@0xSisyphus) December 16, 2021
The analyst has observed that 1inch is on track for one of its highest volume months yet based on data from Dune analytics.
On December 19, 1inch reached the $110 billion trade volume mark, implying the spike in the users and utility of the token.
#1inch successfully hits $110B in total trading volume on the #Ethereum network!
— 1inch Network (@1inch) December 19, 2021
$200B mark is closer than you think.
https://t.co/gfRjZOJ5IF#DeFi #crypto pic.twitter.com/SstRX2kJLh
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
