Total trading volume surpasses $1 billion mark, 1inch Exchange officially confirms token issuance rumors
According to data, fueled by the craze for liquidity mining, the total trading volume of the decentralized exchange 1inch exchange has reached a milestone of $1 billion, with a recent significant increase in the number of users. In addition, the official team has confirmed in the community that the 1inch Token will be issued shortly.
Table of Contents
1inch exchange Trading Volume Surpasses $1 Billion
According to blockchain data platform Dune Analytics, the decentralized exchange 1inch exchange has reached a milestone with a total trading volume of $1 billion in less than a year since its launch. The official team celebrated this achievement on Twitter, sharing the joy with users.
We are one year old and already achieved half of the billion-dollar volume. Big thanks to the #DeFi community for that! We are thrilled to present our brand new promo video for onboarding new people to 1inch. ๐๐ฆ๐๐ฅณ#DeFi pic.twitter.com/ClFPanWflH
โ 1inch Network (@1inch) June 26, 2020
1inch exchange is a liquidity aggregator that integrates various decentralized exchange protocols. In simple terms, 1inch combines the liquidity of platforms such as Kyber Network, Uniswap, Curve, Oasis, Bancor, and 0x. When users place orders on the platform, the protocol of the platform will allocate the trades to the different platforms mentioned above to match the best trade price with as low gas fees as possible. Although 1inch exchange may not be as familiar to the general public, it enjoys a high reputation among more experienced users.
Liquidity Mining Drives Platform Growth
Data from Dune Analytics shows that 1inch exchange has achieved a trading volume of $200 million in just the past seven days, and the user base has also experienced significant growth recently. It can be inferred that 1inch exchange's ability to surpass the $1 billion trading volume mark in less than a year is closely related to the recent popularity of liquidity mining.
Tokens like Comp, BAL, MTA, and YFI in the DeFi space have driven the adoption and user base of decentralized exchanges, especially with the liquidity mining mechanisms of MTA and YFI, where most token liquidity is locked in specific liquidity pools. Therefore, despite these tokens being listed on centralized exchanges, liquidity is still better on decentralized trading platforms, providing growth opportunities for 1inch exchange.
Issuance of 1inch Token
On the other hand, rumors about the issuance of the 1inch Token by 1inch exchange have been circulating in the market for some time, and the official team has confirmed this news multiple times in the Discord community. However, specific details about the issuance mechanism and token are still pending further official announcements.
