Digital

1inch Network Reports 38% Surge in User Base in Q2 2023

Picture Source: BeInCrypto

1inch Network, a decentralized exchange (DEX) aggregator, has experienced significant growth in the second quarter of 2023, according to a report published by Messari. The report highlights various metrics that demonstrate the platform’s impressive progress during this period. One of the major highlights is the substantial increase in the user base, which grew by 38% from the previous quarter.

In the first quarter of 2023, 1inch Network had a total of 3.56 million users, but this number jumped to 4.94 million in the second quarter. This 38% growth in user base showcases the platform’s popularity and adoption within the decentralized finance (DeFi) ecosystem.

The report also reveals that daily active users on 1inch Network have been steadily increasing, reaching a peak of approximately 65,000 in June 2023. Additionally, the platform’s Limit Order Protocol experienced significant growth, with the user base expanding from 261,000 in Q1 to 438,000 in Q2, representing a remarkable 68% increase over the two quarters.

Furthermore, users have staked a considerable amount of 1INCH tokens on 1inch V2, totaling 184 million tokens. This marks a 20% increase compared to the previous quarter. The most substantial increase in staked 1INCH tokens occurred between May and June, rising from 1.7 million to 29.9 million. This surge was driven by the implementation of 1inch’s Unicorn Power, a voting mechanism that incentivizes token holders to participate actively.

The report also highlights a notable decline in Ethereum’s volume dominance on the 1inch Network. While Ethereum still represents the majority with 71% of the total volume, there has been a decline of approximately 10% during the second quarter. Messari suggests that this drop may indicate a shift towards more cost-effective networks, with the rise of Arbitrum serving as evidence. Furthermore, the overall aggregation volumes across major chains experienced a decrease in Q2, with Ethereum witnessing a 42.5% drop and Fantom recording the largest decline of 53.3%.

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The positive growth and increasing user adoption of 1inch Network in the second quarter of 2023 indicate its growing prominence within the DeFi space. As users explore alternative networks and seek more cost-effective solutions, the DEX aggregator continues to solidify its position as a leading platform for decentralized trading and liquidity provision.

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