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Home Latest News Defi In trade volumes, the DeFi exchange 1 inch hits $10 billion

In trade volumes, the DeFi exchange 1 inch hits $10 billion

Decentralized exchange traded more than $222 million in only a day

The 1INCH Decentralized Exchange (DEX) aggregator traded more than $10 billion in lifetime trading volumes, it said in a Monday tweet.

The aggregator was established in 2019 and as per Crunchbase, raised millions of dollars in funding rounds from VCs and DeFi investors. It has since become one of the biggest adoption stories in crypto space—with tens of thousands of users using its service every day.

According to cryptoslate.com, using its smart routing liquidity aggregator tools, 1INCH connects a large number of decentralized and centralized platforms to minimize slippage and discover the best user price. The Ethereum community benefits substantially from such a synergetic effect of its smart contract. 

As per the tweet, yesterday, 1INCH reached $10 billion in lifetime volumes with $1 billion coming from that in the past week alone. On Monday, over $222 million was also traded on the exchange, the tweet said.

The volumes are expected to come from the higher rates that 1 inch will bring to traders using its website. Whenever such a swap request is made, every DEX service is automatically inspected by 1 inch servers, thus bringing efficiency to DEX swapping.

This enables 1 inch, in the shortest time possible, to have the best token swap rates found on any single DEX. Such a move tends to save time for traders, and is helpful when it comes to making fast moves or adapting to market reversals.

The aggregator was established in 2019 and as per Crunchbase, raised millions of dollars in funding rounds from VCs and DeFi investors. It has since become one of the biggest adoption stories in crypto space—with tens of thousands of users using its service every day.

According to cryptoslate.com, using its smart routing liquidity aggregator tools, 1INCH connects a large number of decentralized and centralized platforms to minimize slippage and discover the best user price. The Ethereum community benefits substantially from such a synergetic effect of its smart contract. 

As per the tweet, yesterday, 1INCH reached $10 billion in lifetime volumes with $1 billion coming from that in the past week alone. On Monday, over $222 million was also traded on the exchange, the tweet said.

The volumes are expected to come from the higher rates that 1 inch will bring to traders using its website. Whenever such a swap request is made, every DEX service is automatically inspected by 1 inch servers, thus bringing efficiency to DEX swapping.

This enables 1 inch, in the shortest time possible, to have the best token swap rates found on any single DEX. Such a move tends to save time for traders, and is helpful when it comes to making fast moves or adapting to market reversals.

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