Messari: 1inch’s Transaction Volume Nearly Halved In Q3 2022

According to the 1inch 2022 Q3 report released by blockchain analytics firm Messari, the total transaction value of the DeFi protocol fell 45.5% from July to September. However, the network remains in a solid position as it continues to join new chains and increase accessibility for users.

On October 17, blockchain analytics firm Messari released its 1inch defi protocol Q3 2022 report. According to the report, the total transaction volume of the DeFi protocol fell 45.5% from July to September, from $49.5 billion to $27 billion. Additionally, 1inch’s total revenue of $1.03 billion was down 84% from the $6.75 billion recorded in the deal in the second quarter.

Even so, 1-inch deployments on Arbitrum and Optimism Layer-2 scaling solutions grew in every key metric while outperforming every other chain. This helps it increase accessibility for users.

Specifically in terms of transaction volume, 1inch processed 4.6 million transactions in Q3 2022, equal to Q2. In terms of on-chain transactions, Ethereum accounted for more than 84% of the 1inch protocol’s total transaction volume and consistently maintain its dominant position. Polygon and BNB Chain ranked second and third respectively. According to reports that Q3 is Q3 as of 2021.

In terms of users, the total number of users of 1inch in Q3 increased 2.4% to 2.2 million users, with an average daily user count of about 23,500 addresses, the same as last quarter. Most users use the Polygon network, followed by Ethereum and BNB Chain.

Overall, 1inch has maintained its position as a leading DEX aggregator after attracting more users during the bear market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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