1inch Monthly Digest: May 2024

The 1inch Network is happy to present you the May digest of major news and updates.

Updates, news and integrations

On May 19, 1inch celebrated its fifth birthday. We've had a remarkable journey, evolving from a hackathon project to a leading player in the Web3 space. 

Since our launch at the ETHGlobal hackathon in New York City, 1inch has proudly stood as one of the toughest, boldest and hardest-hitting projects in the Web3 space, truly embodying our name inspired by Bruce Lee's iconic punch. But we never rest on our laurels - more accomplishments await!

Also in May, we inaugurated 1inch Fusion 2.0, which offered users significant savings on crypto swaps.

In the 18 months since its launch, 1inch Fusion has allowed users to swap tokens across various networks without paying gas fees, while providing access to liquidity across the entire crypto space and offering protection from maximal extractable value (MEV). This breakthrough piece of technology sees all swaps executed by resolvers - professional and verified traders competing with each other for the right to execute swaps and therefore offering users the most favorable rates.

With 1inch Fusion 2.0, order settlement is 10%-35% cheaper than it was in the previous version - depending on the token and amount. Compared with competitors' offerings, 1inch Fusion 2.0 is roughly 10% more efficient.

Meanwhile, in May, the first users received their virtual 1inch Cards, powered by Crypto Life, and started to use them, getting the best of both worlds, traditional finance and DeFi. 

In May, we also introduced a few notable integrations with the likes of HOT Protocol, Aspis and Shido.

Events

On May 7, 1inch co-founder Anton Bukov participated in the fireside chat ‘Tokenized Money: Is There A Developing Consensus?’ at Dubai FinTech Summit.

In early May, Incrypted hosted a stream with 1inch co-founders Sergej Kunz and Anton Bukov who discussed 1inch 2.0, cross-network swaps and a potential for futures trading.

Key stats

Total: $489.2B in volume, 93.4M swaps, 15.7M wallets

1inch Fusion: $26.7B in volume, 3M swaps, 852.8K wallets 

Ethereum: $375B in volume, 18.5M swaps, 3.2M wallets

BNB Chain: $45.6B in volume, 27.1M swaps, 5.5M wallets

Polygon: $26.6B in volume, 23.6M swaps, 3M wallets

Optimism: $6.4B in volume, 3M swaps, 699.1K wallets

Base: $3.6B in volume, 3.9M swaps, 728.9K wallets

Avalanche: $8B in volume, 2.9M swaps, 664.1K wallets

Fantom: $1.5B in volume, 1.5M swaps, 162K wallets

Arbitrum: $21.9B in volume, 9.4M swaps, 1.7M wallets

Gnosis:  $668.4M in volume, 2.4M swaps, 96.2K wallets

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