- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?