1Inch decentralized exchange aggregator touched a whopping $10 Billion in total volume traded on January 12, 2021, giving a massive boost to the exchange’s revenue.
The decentralized exchange aggregator traded a whopping $222Million on a single day.
1Inch Scales Higher with Record Trading Volumes
The decentralized exchange aggregator 1Inch uses smart routing through which it connects various centralized and decentralized exchanges and provides the best prices of the stocks to the users without any slippage. The Smart routing enables the exchange aggregator to provide highly accurate pricing bringing maximum efficiency to the Ethereum users. Founded just a year ago, the service has raised massive funds through various funding rounds and has become a successful test case in the crypto industry.
The platform has created a record with tens of thousands of daily users within such a short period. 1Inch provides more efficient pricing to the users as it scans the various DEX exchanges like Uniswap and SushiSwap and then provides the most lucrative pricing for every Swap request. The best token swap prices are offered to every client since it is an aggregate to the price offered by many platforms. 1Inch thus gained rapid popularity amongst DeFi crypto traders as it is quick and helps them make swift decisions.
The trading volumes at DEX aggregator began to surge after the launch of its governance token on Christmas last year. 1Inch platform also announced an airdrop event to garner massive user attention. The plans seem to have worked perfectly well for 1Inch as the trading volume began to surge within a week after eulachon December 28 itself, the exchange tweeted that the trading volume reached $8 Billion. It also gained more than twenty-two thousand new users after the governance token launch.
With 1Inch launching its own AMM Mooniswap and 1inch crypto-token, the DEX aggregator can grow sparingly well in the crypto space.
On January 9, 1Inch also launched a new liquidity mining program along with the 1Inch Liquidity Protocol update. The users would be able to participate in the program with five mining pools, which include
ETH-1INCH, ETH-DAI, ETH-USDT ETH-USDC, and ETH-WBTC
The liquidity mining program will run for one month and include “another 1% of the 1INCH token total supply will be distributed among providers of liquidity to the above pools in equal shares” as per the exchange.
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