State of 1inch Q3 2024_Amazon Finance

State of 1inch Q3 2024

2024-12-12 11:46:12 Primitive Reading

From messari by AJC

Key Insights

1inch introduced Fusion+, a cross-chain atomic swap solution using Hashed Timelock Contracts (HTLCs) and a Dutch auction model for improved security and efficiency. The beta went live in September, processing $573,000 in volume by quarter’s end.
1inch expanded its ecosystem reach with partnerships and integrations, including OKX Wallet, Nicegram, and Ramp Network, and launched the Triangle accelerator for the Telegram and TON ecosystem.
Despite a dip in overall market DEX volumes, 1inch saw significant engagement on its L2 deployments, with Arbitrum and Base contributing 24% of Aggregation Protocol volume.
Daily average volume on the Limit Order Protocol rose 2% QoQ, with Ethereum hosting 86% of the protocol’s trading volume.

Primer

The 1inch Network (1INCH) is a decentralized finance (DeFi) DEX aggregator and intent-order protocol operating on Ethereum, Arbitrum, Optimism, Polygon, zkSync Era, Avalanche, BNB Chain, Gnosis, Fantom, Klaytn, and Aurora. Launched in 2019, 1inch Aggregation Protocol (AP) allows users to route trades across various markets and realize the best available rate compared to any individual decentralized exchange (DEX). In late 2020, the 1inch Liquidity Protocol introduced a native automated market maker (AMM) to the network, which enabled users to provide liquidity and earn passive liquidity mining rewards.

The network’s second product, the 1inch Limit Order Protocol (LOP), was introduced in June 2021 to support conditional limit and stop-loss orders with no fees. In late December 2022, the 1inch Swap Engine enabled Fusion mode, which is partially based on the existing tech, including the 1inch Limit Order Protocol and the 1inch Aggregation Protocol. This new feature empowers DeFi users to place orders with a specified price and time range without paying network fees. All three protocols are governed by the 1inch DAO using the network’s native 1INCH token.

Note: This report includes data from Ethereum, BNB Chain, Polygon, Optimism, Arbitrum, Avalanche, Gnosis Chain, Fantom, and Base. Data from zkSync, Klaytn, and Aurora are currently not included.

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Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.