1Inch investors making long bets can consider this update
Monthly active users (MAU) on 1Inch Network have declined gradually since November 2021, data from Dune Analytics revealed. In July, the total monthly active users on the all-in-one DeFi platform stood at 94,263.
This index represented a 52% decline from the all-time high recorded nine months ago.
1Inch offers its users three product offerings: Liquidity Protocol, Aggregation Protocol, and Limit Order Protocol. It is deployed across several chains, including Ethereum, Arbitrum, Optimism, Polygon, Avalanche, BNB Chain, Gnosis, and Fantom.
Let us take a look at how this non-custodial DEX aggregator has fared in the last few months.
Since its launch in May 2019, monthly active users on 1Inch Network clinched an all-time high of 196,570 last November.
However, with the first half of 2022 marked by a downturn in the general cryptocurrency market, 1Inch was impacted as the platform’s index of users logged per month declined.
In July, the platform registered a total of 94,263 users. So far this month, 57,004 users have visited the network.
Source: Dune Analytics
Weekly active users on the network also peaked last year. According to data from Dune Analytics, between 19-25 October, 1Inch saw 71,105 users, the most weekly users it had seen since launch.
Since then, weekly users on the network have dropped. In the past week, the count of users on 1Inch stood at 33,976.
Source: Dune Analytics
Moreover, the number of monthly transitions processed on the network had declined since last November, when it recorded an all-time high total monthly transactions of 512,315.
By July 2022, total transactions processed had fallen by 24% (385,162 transactions). So far this month, 56,647 transactions have been processed on the network.
Source: Dune
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