The decentralized exchange was trading at over $ 222 million last day alone.
To the moon at 1 inch
Decentralized exchange aggregator (DEX) 1 inch has traded over $ 10 billion in lifelong trading volume, a tweet said on Monday.
Total volume of 10 billion USD! $ 2,222 million in the last 24 hours! $ 1B in the last 7 days! 1 inch community is getting stronger! ??️♀️ Congratulations to all community members! ??? # 1inch #DeFi pic.twitter.com/vYtNYfTX4N
– 1inch.exchange (@ 1inchExchange) January 11, 2021
The aggregator was founded in 2019 and, according to Crunchbase, brought in financing rounds from VCs and DeFi investors in the millions. Since then, it has grown into one of the biggest adoption stories in the crypto space – tens of thousands of users use its service every day.
With the smart routing of its liquidity aggregator tools, 1 Zoll connects a large number of decentralized and centralized platforms to minimize slippage and find the best price for users. Such a synergetic effect of his smart contract benefits the Ethereum community considerably.
And it works wonders. According to the tweet, 1 inch reached a lifetime volume of $ 10 billion yesterday, including $ 1 billion in the past week. The tweet said the stock market traded over $ 222 million on Monday.
The quantities likely come from the superior prices that 1 inch can offer to merchants through its platform. Whenever such an offload request is made, 1 inch servers automatically scan every DEX service (such as Uniswap, SushiSwap or Khyber Network), which makes offloading DEXs more efficient.
That way, 1 inch can provide the best token swap rates found on a single DEX in no time. Such a move helps save traders time, which is beneficial when it comes to taking quick steps or responding to market reversals.
Recently, 1inch also launched Mooniswap, its own automated market maker (AMM), and issued the 1 inch token, its own crypto. The former has been split from Uniswap, the current leader in DEX, with further plans to introduce capabilities to limit volatile losses for liquidity providers by lowering arbitrageurs’ profit margins with a five-minute delay.
On the other hand, the 1-inch token is a governance and utility token that brings about the innovative “Instant Governance”, a new function that allows the community to use a transparent model for decentralized autonomous organizations (DAO) for certain protocol settings can vote, user-friendly and efficient.
The token, sent to 1-inch users last year, also has benefits such as a cooldown time, governance rewards, referral rewards, and an easy-to-use voting process.
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