Reflecting on 5 Years of Innovation: 1inch in 2022

Reflecting on 5 Years of Innovation: 1inch in 2022

July 4, 2024

DeFi

5 min

In 2022, 1inch continued its trajectory of innovation and growth, solidifying its position as a leader in the Web3 space. The year kicked off with the launch of the 1inch Wallet for Android in March, a groundbreaking product that brought the main functionalities of the 1inch dApp to mobile users, along with advanced features like a Web3 browser and NFT support. Throughout the year, the wallet saw numerous updates, including HD Wallet support for enhanced privacy and Ledger Nano integration for offline crypto storage. This was just the beginning of a year marked by significant expansions, strategic partnerships, and impressive milestones that set the stage for future success.

Major Product Launches and Updates

1inch Wallet for Android

March 2022 marked the debut of the 1inch Wallet for Android, a revolutionary product that extended the core functionalities of the 1inch decentralized application (dApp) to mobile users. This wallet was not just a simple extension but came packed with advanced features that set it apart in the crowded crypto wallet market. Among these features were a Web3 browser, NFT support, and HD Wallet support for enhanced privacy. Additionally, the wallet integrated with Ledger Nano, providing users with an option for offline crypto storage.

The wallet didn't stop evolving after its launch. Throughout the year, it received numerous updates that further enhanced user experience. These updates included payment requests, live chat support, and a dedicated 1inch news tab. The integration of multiple fiat on-ramps like Banxa, Sardine, Moonpay, and Wyre made the 1inch Wallet one of the most versatile crypto wallets available, offering a wide range of options for users to convert fiat to crypto.

Expansion of Supported Blockchains

One of the key focuses for 1inch in 2022 was expansion. The number of supported blockchains doubled, growing from five to ten. This expansion included the addition of Avalanche, Fantom, Gnosis Chain, Aurora, and Klaytn. By supporting more blockchains, 1inch significantly broadened its user base and enhanced its ecosystem's interoperability.

Core Router and Protocol Upgrades

In 2022, 1inch also made significant upgrades to its core router and protocol. The 1inch Router advanced to version 5, which reduced gas costs by at least 10% compared to other decentralized exchange (DEX) offerings. This upgrade made transactions more cost-effective for users, enhancing the overall user experience.

Simultaneously, the 1inch Limit Order Protocol was upgraded to version 3. This upgrade was a game-changer, as it grew to capture about 40% of the DEX market. The protocol's efficiency and reliability made it a preferred choice for many users, further solidifying 1inch's position in the Web3 space.

Community Engagement and Knowledge Sharing

DeFi Visions Video Series

To engage with the community and spread knowledge, 1inch launched the "DeFi Visions" video series on YouTube. This series featured 26 interviews with top Web3 experts, providing valuable insights into decentralized finance (DeFi) and Web3 technologies. The series was well-received by the crypto community and helped to educate and inform enthusiasts about the latest trends and developments in the space.

Innovative Product Introductions

1inch RabbitHole

Innovation continued with the introduction of new products designed to address major challenges in the DeFi space. One such product was the 1inch RabbitHole, which was designed to shield users from front-running and sandwich attacks. These types of attacks can cause significant financial losses, and the RabbitHole provided a much-needed solution to this problem.

1inch Fusion

Perhaps the most significant release of the year was 1inch Fusion, which was scheduled for the end of 2022. Fusion introduced a new standard for token swaps with its intent-based architecture. This architecture offered zero gas fees, swaps at the most favorable rates, and protection against miner extractable value (MEV) attacks. Fusion was a groundbreaking product that set a new standard for token swaps in the DeFi space.

Strategic Collaborations and Integrations

Key Partnerships

1inch formed several strategic collaborations in 2022, partnering with notable entities like Travala.com, Unstoppable Domains, and Oktagon MMA. These partnerships helped to expand 1inch's reach and integrate its services into a broader range of platforms.

Integration with Major Web3 Players

1inch also integrated with major Web3 players, including Revolut, Optimism, Zerion, WOOFi, Wirex, Curve Finance, Trust Wallet, KuCoin Wallet, ONTO Wallet, Opium Network, Chainge Finance, iMe Smart Platform, and Opera. These integrations enhanced the usability and accessibility of 1inch's services, making it easier for users to engage with the platform.

Significant Milestones

Record-Breaking Achievements

The year was marked by several significant milestones for 1inch. In May, the platform achieved an all-time high (ATH) of $2.2 billion in 24-hour trading volume. On average, the platform handled $300 million in daily trading volume, capturing a 23.1% market share. By the end of the year, the total trading volume surpassed $285 billion, representing a 74.2% year-over-year increase. The total number of swaps reached 35 million, up 149.6% year-over-year, and the total number of wallets grew to 5.9 million, up 156.5% year-over-year.

Conclusion

2022 proved to be a phenomenal year for 1inch, characterized by innovative product launches, strategic partnerships, and impressive growth across key metrics. The achievements of the year set a solid foundation for future success in the Web3 space. As 1inch continues to innovate and expand, it remains a leading player in the decentralized finance ecosystem.

Stay tuned for another chapter of the 1inch story!

By incorporating additional SEO keywords such as "Web3," "decentralized finance," "crypto wallet," "blockchain technology," "DEX," "token swaps," and "DeFi innovations," this rewritten article aims to attract more user traffic from search engines. The detailed breakdown of 1inch's achievements and innovations in 2022 is designed to keep readers engaged and encourage them to read the entire article.

Share this article

contest

In 2022, 1inch continued its trajectory of innovation and growth, solidifying its position as a leader in the Web3 space. The year kicked off with the launch of the 1inch Wallet for Android in March, a groundbreaking product that brought the main functionalities of the 1inch dApp to mobile users, along with advanced features like a Web3 browser and NFT support. Throughout the year, the wallet saw numerous updates, including HD Wallet support for enhanced privacy and Ledger Nano integration for offline crypto storage. This was just the beginning of a year marked by significant expansions, strategic partnerships, and impressive milestones that set the stage for future success.

Major Product Launches and Updates

1inch Wallet for Android

March 2022 marked the debut of the 1inch Wallet for Android, a revolutionary product that extended the core functionalities of the 1inch decentralized application (dApp) to mobile users. This wallet was not just a simple extension but came packed with advanced features that set it apart in the crowded crypto wallet market. Among these features were a Web3 browser, NFT support, and HD Wallet support for enhanced privacy. Additionally, the wallet integrated with Ledger Nano, providing users with an option for offline crypto storage.

The wallet didn't stop evolving after its launch. Throughout the year, it received numerous updates that further enhanced user experience. These updates included payment requests, live chat support, and a dedicated 1inch news tab. The integration of multiple fiat on-ramps like Banxa, Sardine, Moonpay, and Wyre made the 1inch Wallet one of the most versatile crypto wallets available, offering a wide range of options for users to convert fiat to crypto.

Expansion of Supported Blockchains

One of the key focuses for 1inch in 2022 was expansion. The number of supported blockchains doubled, growing from five to ten. This expansion included the addition of Avalanche, Fantom, Gnosis Chain, Aurora, and Klaytn. By supporting more blockchains, 1inch significantly broadened its user base and enhanced its ecosystem's interoperability.

Core Router and Protocol Upgrades

In 2022, 1inch also made significant upgrades to its core router and protocol. The 1inch Router advanced to version 5, which reduced gas costs by at least 10% compared to other decentralized exchange (DEX) offerings. This upgrade made transactions more cost-effective for users, enhancing the overall user experience.

Simultaneously, the 1inch Limit Order Protocol was upgraded to version 3. This upgrade was a game-changer, as it grew to capture about 40% of the DEX market. The protocol's efficiency and reliability made it a preferred choice for many users, further solidifying 1inch's position in the Web3 space.

Community Engagement and Knowledge Sharing

DeFi Visions Video Series

To engage with the community and spread knowledge, 1inch launched the "DeFi Visions" video series on YouTube. This series featured 26 interviews with top Web3 experts, providing valuable insights into decentralized finance (DeFi) and Web3 technologies. The series was well-received by the crypto community and helped to educate and inform enthusiasts about the latest trends and developments in the space.

Innovative Product Introductions

1inch RabbitHole

Innovation continued with the introduction of new products designed to address major challenges in the DeFi space. One such product was the 1inch RabbitHole, which was designed to shield users from front-running and sandwich attacks. These types of attacks can cause significant financial losses, and the RabbitHole provided a much-needed solution to this problem.

1inch Fusion

Perhaps the most significant release of the year was 1inch Fusion, which was scheduled for the end of 2022. Fusion introduced a new standard for token swaps with its intent-based architecture. This architecture offered zero gas fees, swaps at the most favorable rates, and protection against miner extractable value (MEV) attacks. Fusion was a groundbreaking product that set a new standard for token swaps in the DeFi space.

Strategic Collaborations and Integrations

Key Partnerships

1inch formed several strategic collaborations in 2022, partnering with notable entities like Travala.com, Unstoppable Domains, and Oktagon MMA. These partnerships helped to expand 1inch's reach and integrate its services into a broader range of platforms.

Integration with Major Web3 Players

1inch also integrated with major Web3 players, including Revolut, Optimism, Zerion, WOOFi, Wirex, Curve Finance, Trust Wallet, KuCoin Wallet, ONTO Wallet, Opium Network, Chainge Finance, iMe Smart Platform, and Opera. These integrations enhanced the usability and accessibility of 1inch's services, making it easier for users to engage with the platform.

Significant Milestones

Record-Breaking Achievements

The year was marked by several significant milestones for 1inch. In May, the platform achieved an all-time high (ATH) of $2.2 billion in 24-hour trading volume. On average, the platform handled $300 million in daily trading volume, capturing a 23.1% market share. By the end of the year, the total trading volume surpassed $285 billion, representing a 74.2% year-over-year increase. The total number of swaps reached 35 million, up 149.6% year-over-year, and the total number of wallets grew to 5.9 million, up 156.5% year-over-year.

Conclusion

2022 proved to be a phenomenal year for 1inch, characterized by innovative product launches, strategic partnerships, and impressive growth across key metrics. The achievements of the year set a solid foundation for future success in the Web3 space. As 1inch continues to innovate and expand, it remains a leading player in the decentralized finance ecosystem.

Stay tuned for another chapter of the 1inch story!

By incorporating additional SEO keywords such as "Web3," "decentralized finance," "crypto wallet," "blockchain technology," "DEX," "token swaps," and "DeFi innovations," this rewritten article aims to attract more user traffic from search engines. The detailed breakdown of 1inch's achievements and innovations in 2022 is designed to keep readers engaged and encourage them to read the entire article.

Want to see why this token scored 92/100?

Related Articles

See all articles

DeFi Giants Assemble: Thorchain (RUNE), Ether.fi (ETHFI), Jupiter (JUP), And ETFSwap (ETFS) Set To Take Over

The decentralized finance (DeFi) sector is witnessing a transformative shift as major players like Thorchain (RUNE), Ether.fi (ETHFI), Jupiter (JUP), and ETFSwap (ETFS) lead the charge. ETFSwap (ETFS) is particularly notable for its innovative approach to tokenized ETF trading, bridging centralized and decentralized finance. With a successful presale and advanced features like AI-powered trading tools and rigorous security measures, ETFSwap is poised to outperform its competitors. Meanwhile, Thorchain (RUNE) continues to enhance its cross-chain capabilities despite recent market challenges, Ether.fi (ETHFI) focuses on Ethereum staking, and Jupiter (JUP) benefits from PayPal's PYUSD stablecoin launch. Collectively, these DeFi giants are set to redefine the market landscape.

Breaking News: YieldNest Merges PrimeETH into its Anticipated ynLSD Product

YieldNest, a pioneering liquid restaking protocol, has announced a merger with PrimeStaked’s token, PrimeETH, into its anticipated ynLSD product. This strategic move enhances YieldNest's technological capabilities and offers PrimeStaked users superior DeFi solutions. Supported by prominent angel investors and leveraging EigenLayer's advanced infrastructure, YieldNest aims to revolutionize decentralized finance by becoming a leading liquidity management and yield optimization platform. The ynLSD product will optimize yields using tokens like OETH, allowing users to stake assets while retaining liquidity for other DeFi activities. Additionally, ynUSD will offer competitive yields on USD-denominated assets. YieldNest's vision includes evolving into a Decentralized Autonomous Organization (DAO) for decentralized governance, ensuring transparency and stability through an independent risk team and top-tier auditors. The merger promises various incentives for PrimeETH adopters, including airdrops and NFTs, marking a significant step towards YieldNest's ambitious goals in the DeFi space.

See all articles