Defi News: 1inch breaches key milestone of 1 million users on Ethereum (ETH)

1inch, a DEX aggregator platform has breached a key milestone on Ethereum (ETH) network earlier today. The popular Defi protocol announced that the number of 1inch users on the ETH network has reached 1 million, highlighting its popularity and use.

The major milestone for the 1inch network comes just within three weeks of its latest funding round when it rose $175 million in Series B funding round, taking its valuation to $2.25 billion. The DEX aggregator joined the growing list of crypto unicorns in the year that was dominated by all-around crypto adoption.

In 2021 crypto startups and projects raised more funds than all previous years combined and 1inch closed one of the latest funding round in the first week of December.

1inch makes key limit order changes and swap efficiency

1inch protocol has made key changes to its limit order launching the second version a couple of days back. The upgrade also saw a significant increase in efficiency for ETH swaps amid growing gas fee concerns. One of the most prominent features among the latest upgrade is the ability to facilitate gasless order placing to swap tokens into ETH. One of the developers explained how it works:

“A user can create a limit order to swap for ETH any token that they received in an airdrop or bought for fiat, as long as the token supports permits, even if their ETH balance is 0.”

Users who do not have any ETH will be able to trade with coins that support permissions. There are currently 112 similar tokens on Ethereum, 33 on BSC, and 15 on Polygon, according to 1inch, including USDC, AAVE, UNI, DAI, 1INCH, BAL, and others.

 1inch token has also shown resilience against the current market downturn and although it has seen a price correction like other altcoins, the depreciation is not as high as other coins. 1inch is currently trading at $2.33 with a 5% decline over the past 24-hours.