1inch monthly digest: August 2024

1inch is happy to present you the August digest of major news and updates.

Updates, news and integrations

Recently, 1inch Fusion demonstrated its superiority in gas efficiency, using up to 16% less gas than competitors and making it a top choice for cost-effective swaps. In the complex world of DEX swaps, where gas costs directly impact final prices, 1inch’s focus on reducing gas consumption stands out. Tests revealed that 1inch outperforms competitors in various scenarios, including limit orders, where gas savings reached up to 50%. Additionally, the 1inch Router proved more efficient, requiring up to 10% less gas for predefined swap routes.  

The latest Messari report showcases growth for 1inch in Q2 '24. Ethereum volume surged by 273%, daily trading volume increased by 12% and the number of transactions jumped by 59%. Additionally, activity on the Base network skyrocketed with a 280% increase. Messari, a leading provider of crypto market intelligence, highlights these metrics as key indicators of 1inch’s growing influence and efficiency in the crypto space.

Meanwhile, Nicegram, the advanced Telegram-based messenger featuring AI, Web3 Wallet and Business Tools, has integrated the 1inch Swap API to ensure the best swap rates. Plus, the Nicegram x 1inch contest is now live, offering a chance to win $1,000 USDC and other great prizes. Participate now – the contest ends on September 27!

In other news, 1inch launched a new post series on cross-chain swaps. The series kicks off by exploring the crucial role of interoperability in blockchain communication, followed by an in-depth look at how the intent-based approach simplifies and accelerates swaps. More insights and deep dives are on the way – don't miss out!

Events

On the events scene, two impactful X Spaces discussions highlighted key developments in DeFi. The first, hosted by TrustedVolumes, explored the next generation of DeFi, while the second, organized by Cointelegraph, examined the future of primary markets. Both events featured insights from top Web3 professionals, including 1inch experts.

Additionally, the full video of Sergej Kunz’s presentation on the future of scalability with restaking at Infra Day in Brussels is now available on YouTube. In this presentation, he delves into the rapidly developing field of restaking technologies and solutions, offering valuable insights from the event organized by Epic Web3.

Key stats

TOTAL: $524.2B in volume, 107.1M swaps, 17.4M wallets

1inch Fusion: $31.6B in volume, 3.5M swaps, 937.5K wallets

Ethereum: $400B in volume, 20.8M swaps, 3.6M wallets

BNB Chain: $46.8B  in volume, 30.3M swaps, 6M wallets

Polygon: $27.2B in volume, 24.7M swaps, 3.2M wallets

Arbitrum: $26.6B in volume, 11.4M swaps, 1.9M wallets

Optimism: $7.1B  in volume, 3.5M  swaps, 783.8K wallets

Base: $5.6B in volume, 9.2M swaps, 1M wallets

Avalanche: $8.5B in volume, 3.2M swaps, 699.6K wallets

Fantom: $1.5B in volume, 1.6M swaps, 170.7K wallets

Gnosis: $789.8M in volume, 2.5M swaps, 108.8K wallets

Stay tuned for more exciting news and announcements from 1inch!