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Decentralized Exchanges (DEXs) are some of the most powerful representations of smart contracts, and 1inch Network (1INCH) is one of the pioneering protocols in this space. In its most recent update, 1inch unveiled its new major milestone, the attainment of 1.4 million users on the Polygon network.
We've reached new heights! 🎢 #1inch now has 1.4 million users on the #Polygon network.— 1inch Network (@1inch) February 20, 2023
Just remember, folks, don't get too dizzy from all the #DeFi rollercoaster action! 🤪
📊 Check out our dashboard: https://t.co/iWL4B94GdZ@0xPolygon #1inchCommunity pic.twitter.com/j7MGHfJZIn
Despite being a multichain price aggregator, 1inch was originally built on the Ethereum protocol. However, the exchange is now hosted on multiple protocols, including Polygon, Arbitrum, Fantom, BNB Chain and Avalanche, among others.
The recent ecosystem update has notably stirred an upshoot in the price of the trading platform's native token. At the time of writing, 1INCH is up by 5.74% over the past 24 hours and by 19.32% in the trailing seven-day period. This current growth trend has added to the positivity surrounding the DEX, shoring up its growth in the year-to-date (YTD) period to 65.21%.
Investor excitement around the progress on the 1inch protocol is also showcased in the versatility of the token burn activities on the Ethereum chain. As revealed, a total of 541 ETH units worth $1.73 million were burnt over the past seven days. This figure represents a 40.8% growth from the prior week.
Keeping up with competition
Despite being a pioneering decentralized exchange, 1inch is lagging behind its peers, including Uniswap, SushiSwap and PancakeSwap, with respect to ecosystem growth, transaction volume and general community development.
The current ecosystem milestone stems from the protocol's efforts to keep up with the competition through scheduled protocol upgrades and programs to drive community participation across its hosted bridges, among others. While the BNB Chain remains its biggest protocol, 1inch is courting steady growth across all of the networks within its ecosystem.
With the current growth curve, 1INCH is on track to hit a $0.7 growth cap by the weekend.