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!

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