2023: the year in review
In this post, we are looking back at 2023, highlighting the 1inch Network’s major achievements.
Although last year wasn’t easy for the DeFi industry, 1inch was able to achieve significant community growth, roll out new tech and boost swap volumes.
The total number of swaps increased by 62% to over 33 mln, compared with the overall 19% decline in the DEX segment. Meanwhile, the user growth figure soared by 88% to more than 6.7 mln, eclipsing the DEX market’s average of 9%.
2023 didn’t turn out to be a very good year for Ethereum, as the total number of transactions on the blockchain dropped by 7% to 381 mln and the user number fell by 14% to 37.2 mln.
However, 1inch’s stats on Ethereum were quite the opposite. The number of swaps increased by 70% to 6.5 mln, corresponding to $83 bln in volume, while the user base grew by 30% to reach 1.1 mln.
One of our flagship products, the 1inch Wallet, saw major upgrades in 2023. In a move to become more efficient and user-friendlier, the wallet got a Ledger integration, seamless contact management with Address Book, a quick view of assets across all network balances and smooth dApp linking with WalletConnect v2.
Other advanced features included complete asset performance overview in Portfolio, effortless 1inch Fusion swaps on Android, cross-platform files and Cloud Snapshots for iOS.
Last year’s major milestone was the July launch of the 1inch Developer Portal. In the first six months of operation, it already became an essential Web3 SaaS platform for developers.
So far, 12 APIs have been deployed on the platforms, which supported 9 bln API calls, welcomed over 15,000 developers and onboarded over 160 partners. In addition, the 1inch Developer Portal became essential for in-house operations.
Last year, we also launched the 1inch Portfolio, an innovative tool that allows you to manage assets in multiple wallets across all chains. In the first six weeks following the release, over 100,000 wallet addresses used the tool, while the number of requests of the 1inch Portfolio API exceeded 30 mln.
We also continued with our mission of spreading word about DeFi in a bid to foster wider adoption of crypto and DeFi projects. To that end, 1inch sponsored 32 events in 13 countries across four continents. We offered bounties at 10 hackathons, to which 229 projects were submitted. Last but not least, we hosted 10 legendary 1inch parties.
At the end, we would like to say a big thank you to the 1inch fam. Together, we were able to hit major milestones, and we are now expecting sustainable development and tech advancement in 2024.
Stay with us, as 1inch is working on new achievements!