Looking back on 5 years of innovation: 1inch in 2022

This series of posts follows each year of 1inch's journey to becoming a leading player in the Web3 space. In this fourth post, we dive deep into 2022 - a year of more successes and revolutionary solutions.

2022 saw significant expansion and a series of new releases, which kicked off in March with the launch of the 1inch Wallet for Android. This groundbreaking product offered users the 1inch dApp's main functionality along with multiple advanced features. Throughout the year, the 1inch Wallet received numerous updates and additions, including a Web3 browser, NFT support, HD Wallet support for enhanced privacy and Ledger Nano integration for offline crypto storage. Payment requests, live chat support and a 1inch news tab further improved the user experience. Furthermore, with the addition of Banxa, Sardine, Moonpay and Wyre to the earlier available fiat on-ramps, the 1inch Wallet on Android became one of the crypto wallets offering the greatest number of on-ramp options.

Expansion was a key focus in 2022, with the number of supported blockchains doubling to ten with the addition of Avalanche, Fantom, Gnosis Chain, Aurora and Klaytn.

Along with this growth, 1inch upgraded its core router and protocol. The 1inch Router advanced to version 5, reducing gas costs by at least 10% compared to other DEX offerings. Meanwhile, the 1inch Limit Order Protocol leaped to V3, growing into a major player responsible for about 40% of the DEX market.

To engage with the community and spread knowledge, 1inch launched the video series "DeFi Visions" on YouTube, featuring 26 interviews with top Web3 experts. This initiative brought valuable DeFi and Web3 insights to crypto enthusiasts.

Innovation continued with the introduction of new products. The 1inch RabbitHole, designed to shield users from front-running and sandwich attacks, addressed major challenges in DeFi that cause financial losses.

But the most significant release was scheduled for the end of the year. 1inch Fusion, a new standard for token swaps with its intent-based architecture, offered zero gas fees, swaps at the most favorable rates and MEV protection.

1inch also formed strategic collaborations with Travala.com, Unstoppable Domains and Oktagon MMA. We integrated with major Web3 players like Revolut, Optimism, Zerion, WOOFi, Wirex, Curve Finance, Trust Wallet, KuCoin Wallet, ONTO Wallet, Opium Network, Chainge Finance, iMe Smart Platform and Opera.

Meanwhile, the year was marked by significant milestones. In May, 1inch achieved a remarkable ATH of $2.2 bln in 24-hour volume, averaging $300 mln daily and capturing a 23.1% market share. By year-end, the total volume surpassed $285 bln (up 74.2% YoY), total swaps reached 35 mln (up 149.6% YoY) and total wallets grew to 5.9 mln (up 156.5% YoY).

2022 proved to be a phenomenal year for 1inch, characterized by innovative product launches, strategic partnerships and impressive growth across key metrics, setting a solid foundation for future success in the Web3 space.

Stay tuned for another chapter of the 1inch story!