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1inch Network Witnesses Impressive Growth and Ethereum’s Volume Dominance Declines in Q2 2023

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  • 1inch Network experienced a significant 38% growth in its user base during Q2 2023.
  • Ethereum’s volume dominance on 1inch Network saw a noticeable decline of about 10% in the same quarter.

According to the quarterly report published by Messari, 1inch Network, a decentralized exchange (DEX) aggregator, experienced significant growth in Q2 2023. Here are the key takeaways:

  1. User Base Growth: The user base of 1inch Network saw a substantial increase of 38% from the previous quarter. In Q1 2023, the platform had 3.56 million users, which jumped to 4.94 million in Q2.
  2. 2.Daily Active Users: The daily active users on 1inch Network also showed a steady rise, reaching a peak of around 65,000 in June 2023. This indicates a growing engagement and popularity of the platform.

1inch Network, a leading decentralized exchange (DEX) aggregator, showcased remarkable growth and market trends in Q2 2023. Here are the key details:

User Base Growth: The user base of 1inch Network witnessed a substantial increase, growing by 38% from the previous quarter. In Q1 2023, the platform had a total of 3.56 million users, which surged to an impressive 4.94 million users in Q2. This indicates a strong and growing demand for the platform’s services within the decentralized finance (DeFi) space.

Steady Rise in Daily Active Users: The platform also experienced a consistent rise in daily active users, reaching a peak of approximately 65,000 users in June 2023. This upward trajectory demonstrates the platform’s increasing popularity and engagement among DeFi enthusiasts and traders.

Ethereum’s Volume Dominance: While Ethereum remained the dominant network on 1inch Network in terms of volume, it experienced a notable decline in its volume dominance during Q2 2023. The decline amounted to approximately 10% over the course of the quarter. This decline suggests a potential shift in user preferences towards more cost-effective networks, with Arbitrum being a noteworthy example.

Migration to Cost-Effective Networks: The drop in Ethereum’s volume dominance on 1inch Network may indicate a growing trend of users migrating to more cost-effective networks. Arbitrum, which experienced the smallest decrease in volume, serves as evidence of this shift. Users are likely exploring alternative networks to leverage lower transaction fees and increased efficiency.

In conclusion, the second quarter of 2023 showcased significant growth for 1inch Network, both in terms of its user base and daily active users. The platform’s increasing popularity reflects the demand for efficient decentralized trading solutions in the DeFi ecosystem. Additionally, the decline in Ethereum’s volume dominance suggests a shifting landscape where users are actively exploring more cost-effective alternatives. This highlights the dynamic nature of the blockchain industry and the need for platforms like 1inch Network to adapt to changing market conditions.

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Bhushan Akolkar
Bhushan Akolkar
Bhushan is a FinTech enthusiast and possesses a strong aptitude for understanding financial markets. His interest in economics and finance has drawn his attention to the emerging Blockchain Technology and Cryptocurrency markets. He holds a Bachelor of Technology in Electrical, Electronics, and Communications Engineering. He is continually engaged in a learning process, keeping himself motivated by sharing his acquired knowledge. In his free time, he enjoys reading thriller fiction novels and occasionally explores his culinary skills. Business Email: info@ethnews.com Phone: +49 160 92211628