TL;DR Breakdown
- 1inch crossed over 1 million users today.
- The DEX aggregator also crossed $110 billion in trading volume yesterday.
- The network’s recent V2 upgrade enabled gasless token swaps on Ethereum.
The DEX aggregator platform 1inch has crossed over 1 million users today on the Ethereum blockchain. Earlier this month, 1inch raised $175 million in its latest funding round. The network is currently valued at $2.25 billion. This month has been very positive for the DeFi protocol, as it also achieved a total trading volume of $110 billion yesterday.
The wider crypto adoption has helped the DEX aggregator to become one of the latest crypto unicorns this year. Crypto ventures, projects, and startups raised more fundings in 2021 than all the previous years combined.
The last quarter of 2021 has brought significant success to the DEX aggregator. In October, the DeFi token was listed on the Upbit exchange, which led to a massive increase in its users and network activities. This caused the DeFi token to jump over 100% in a day, hitting a new all-time high of $8.6.
1inch is making its network more efficient
The DEX aggregator has launched a new upgrade earlier this week, which makes ETH swapping more efficient by considerably reducing the gas fee. The latest upgrade allows users to place limit orders to swap any token for ETH without any gas fee. So, even if users have no ETH balance, they can still swap any token as long as it supports the permits of the network.
This new upgrade is a breakthrough for the DeFi protocol, as ETH efficiency and gas-free has been one of the biggest concerns across blockchain users. The DEX aggregator saw over $65 million with 1inch tokens traded in the last 24 hours as a result of this upgrade.
As the entire crypto market continues to suffer from the ongoing crash, 1inch might get an early chance to bounce back because of its increased network efficiency and the recent surge in its network activity. The altcoin is currently trading at $2.37, during the time of writing.
