1Inch Investors Placing Long Bets Might Consider This Update

1Inch Network saw a gradual decrease in MAU (monthly active users) since Nov 2021 (Dune Analytics). The DeFi platform saw 94,263 MAU in July. That reflected a 52% drop from the ATH, registered nine months ago.

1Inch offers users the products: Limit Order Protocol, Aggregation Protocol, and Liquidity Protocol. Moreover, it’s deployable on several chains, including Arbitrum, Ethereum, Fantom, Gnosis, Avalanche, Polygon, and Optimism. Let’s check how the non-custodial decentralized exchange aggregator performed over the past few months.

Some Centimeters Short

1Inch Network saw the highest monthly active users of 196,570 in November 2021. The Network never saw such figures since its May 2019 launch. Meanwhile, the crypto market downturn of 2022 first half affected the 1Inch Network. That triggered declines in monthly active users. It had 94,263 users in July. 1Inch has seen 57,004 visitors so far this month.

Also, the Network saw weekly users peaking in 2021. Dune Analytics data shows 1Inch Network had 71,106 users between October 19 – 25. That represented the highest weekly users since the platform’s inception. However, the narrative changed, and the weekly user metric resorted to declines. 1Inch had 33,976 users over the past seven days.

Furthermore, the monthly transaction count on 1Inch maintained downtrends since November 2021, when monthly transfers hit 512,315 ATH. However, the metric had declined by 24% as of July 2022. The network has recorded 56,647 transactions so far in August.

There’s a Surge

Though 1Inch noted declines within the past few months, the network’s total revenue recorded steady growth. The revenue increased by 665.2% within the previous months, while the metric surged 26.9% within the past six months. The platform’s total revenue was $23.2 million by August 13.

Meanwhile, the platform’s native coin, 1INCH, gained 27% within the past 30 days. While writing these lines, the alternative token traded at $0.83. Nevertheless, 1Inch has seen volume/price divergence since July 29, suggesting buyers’ exhaustion.

Also, the overall crypto space flashed weakness during this publication. Bitcoin failed to challenge $25K, dropping to trade at $24,054 during this publication. That had most alts showing weakness after the latest upticks.

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