1inch Network Users Increased by 38%

In Q2, 2023, 1inch Network had significant growth. There are just under 5 million unique users overall.

1inch Network Users Increased by 38%

In a report on the DEX aggregator 1inch Network, Messari provided numbers demonstrating the platform’s impressive growth in Q2 2023. The report’s main highlights include the fact that its user base increased significantly over the previous quarter by 38%.

Having achieved significant development, 1inch Network was among the top DeFi performers in Q2 2023. Users as a whole totaled 3.56 million in the first quarter of 2023; in the second, this number increased substantially to 4.94 million. As a result, a 38% increase between the quarters resulted from that.

The Number of Daily Active Users of the Platform Also Increased

Also steadily rising, the number of daily active users peaked in June 2023 at roughly 65,000. The number of users of the Limit Order Protocol increased from 261,000 in the first quarter to 438,000 in the second, an increase of roughly 68%.

Increase in 1INCH Tokens

By other parameters as well, the second quarter for 1inch Network was successful. A rising number of users have staked on 1Inch V2, totaling 184 million 1INCH tokens. That is an increase of 20% from the previous quarter.

The most notable increase in Q2 occurred between May and June when the number of staked 1INCH tokens increased from 1.7 million to 29.9 million. This increase is due to the voting system known as 1Inch’s Unicorn Power.

Ethereum Still the Most Significant Network at 1inch Despite the Decline

The report’s finding that Ethereum‘s volume dominance has significantly decreased is another noteworthy finding. Even though it currently commands 71% of the overall volume on 1inch Network, it had a 10% reduction over the second quarter.