1inch 5 Years

Looking back on 5 years of innovation: 1inch in 2023

1inch Network-photo

by 1inch Network

• 3 min read

This final post in our series looks back on 2023, a year marked by further expansion and innovation in 1inch's ecosystem, highlighting our journey to becoming a leading player in the Web3 space.

 The 1inch ecosystem experienced remarkable growth in 2023, with the introduction of several groundbreaking products. The 1inch Developer Portal quickly established itself as an essential Web3 SaaS platform. The portal offers a suite of 1inch APIs  that can be integrated into various Web3 projects to leverage 1inch's innovative tech.

Another notable release was the 1inch Portfolio, a tool designed to monitor crypto asset performance across multiple DeFi protocols and wallets. Users can track asset performance  and analyze their investments with features like value evolution tracking, top token identification and PnL & ROI calculations.

As a foray into the realm of hardware devices, the 1inch Hardware Wallet was announced. It is a highly secure cold wallet with an E-ink display and camera, and its waiting list immediately attracted numerous interested users.

Expansion to more networks was another key focus. As the 1inch dApp added support for the zkSync and Base chains, the total number of supported networks reached 12. Meanwhile, 1inch Fusion extended its reach to six additional chains: Base, Optimism, Arbitrum, Avalanche, Fantom and Gnosis.

The 1inch Wallet saw numerous improvements, including smooth dApp linking with WalletConnect v2 and enhanced Ledger integration. New features such as Address book and asset views on all networks were also added. Android users gained access to the Portfolio feature and Fusion swaps, while iOS users benefited from cross-platform sync and Cloud Snapshots.

2023 was also marked by exciting campaigns and integrations with partners like Beefy, Lighter, Trust Wallet, BNB Chain, Revolut, WOOFi, Hashflow, Wintermute, Burrito Wallet and Tangem, among others, pushing Web3 adoption to new heights.

1inch's community engagement remained strong, with sponsorships of 32 events across 13 countries on 4 continents, support for 10 hackathons resulting in 229 project submissions, and hosting of 10 legendary 1inch parties.

Our achievements continued to grow impressively. The total number of swaps increased by 62% to over 33 mln, outperforming the overall DEX market's 19% decline. User growth soared 88% to more than 6.7 mln, significantly exceeding the DEX average of 9%. And the total volume reached an impressive $416 bln.

As we wrap up this retrospective, we have no intention to stop pushing boundaries and achieving new milestones. The momentum behind 1inch's growth shows no signs of slowing down, promising new achievements in shaping the Web3 future.

Stay tuned for more exciting news about 1inch updates!

1inch Network-photo

1inch Network

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