1inch DeFi Exchange Hits $10 Billion In Trading Volume: Report

1inch DeFi Exchange has just hit $10 billion in trading volume with the exchange trading over $222 million in the previous day alone so let’s take a closer look at our crypto news today.

1inch Defi exchange hits $10 billion in trading volume as per the tweet on Monday. The aggregator was founded in 2019 and raised millions of dollars in funding the rounds from VCs and DeFi investors according to the data from Crunchbase. Since then it has gone on to become one of the biggest adoption examples in the crypto space with thousands of users using the service every day.

$10B total volume! 🥳🚀 $222M in the last 24h! $1B in the last 7 days! 1inch community is getting stronger and stronger! 💪🏋️‍♀️ Congratulations to every community member! 🔥🌈🦄#1inch #DeFi pic.twitter.com/vYtNYfTX4N

— 1inch.exchange (@1inchExchange) January 11, 2021

Using liquidity aggregator tools like smart routing, the exchange connects a huge number of decentralized and centralized platforms while trying to minimize slippage and to find the best price for the users. This effect is actually quite beneficial for the ETH community and it’s doing wonders so far. According to the tweet, the 1inch exchange reached a lifetime volume of $10 billion a day ago and $1 billion of that came from the past week itself. Monday recorded $222 million traded on the exchange as per the exchange. The volumes likely came from superior prices that the exchange provides to traders that use the platform. When a swap request is made, 1inch automatically scans every DEX service which brings more efficiency to swapping on DEXs.

This allows 1inch to provide the best token swap rates and to provide the shorters time possible. This move helps save time for the traders which is important when it comes to making faster moves on a fast-reacting market reversal. Recently, the DEX launched Mooniswap which is an automated market maker as well as issuing its own crypto. The former was forked from Uniswap with the current leading DEX having plans of launching new features to limit the losses for liquidity providers by lowering the profit-margin by a five-minute time delay.

On the other hand, the 1inch token is a governance utility token that brings about an instant governance tool which is a great feature that allows the community to vote for specific protocol settings under the DAO model in a fast, and efficient way. The token which was airdropped to 1inch users in 2020, benefits like a decay period as well and gives governance rewards and referral rewards with an easy to vote procedure.