1Inch Network (1INCH): Here’s Why Price is Suffering Despite Network Growth

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1Inch Network made substantial strides over the past quarter as it witnessed a quarterly revenue surge. Moreover, data from crypto analytic provider Messari shows the crypto registered an uptick in overall transactions completed on the platform in 2022 Q2.

Sergej Kunz of Tezos said 1Inch comprises composable DeFi (decentralized finance) instruments that are intrinsically interrelated. As an absolute DeFi network, its product offerings, Limit Order Protocol, Aggregation Protocol and Liquidity Protocol, run across various chains, including Arbitrum, Ethereum, Fantom, Gnosis, BNB Chain, Avalanche, Polygon, and Optimism.

An Inch Higher than the Previous Quarter

According to the report, the 1Inch platform noted an 8% network volume growth to $47 billion in the previous quarter. Its network volume hovered at $44 billion in Q1. With more than $42B, 89% of the overall network volume emerged from the platform’s Limit Order and Aggregation Protocols on the ETH chain.

Messari observed that the 1Inch blockchain processed 4.2M transactions (in the previous quarter) in its four leading chains, with Polygon leading the pack. Polygon accounted for 52% of all processed transactions. The MATIC chain’s total transactions surged 35% in the second quarter. Meanwhile, overall transactions processes on BNB declined.

Also, Messari noted that unique users on the platform declined by 12% from Q1’s 2.3 million to Q2’s two million users. Polygon surpassed BNB as the leading protocol with most 1INCH users, as 46% of unique users came from the former.

Concerning the overall revenue 1Inch network recorded in the past quarter, Messari stated that the platform generated $6.7 million in Q2 revenue, doubling the previous quarter’s $3.3 million. The blockchain generated about 42% of overall revenue on May 11 and 12, coinciding with UST’s debacle.

1Inch Beyond Zero

The platform’s native 1INCH noted a 62% slump during the timeframe under review. The asset’s price plunged to $0.71 from $1.87 within the 3-month phase. Moreover, the alt hovers 90.94% beneath its $7.87 ATH as it trades around May value areas.

Also, the asset’s market cap dropped by 49% in that period, declining to June 30 at $391.51 million from $777.32 million on April 1.


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