The version on Polygon outperforms its counterparts on Ethereum and BSC
1inch Network, a DeFi solution for Polygon, Ethereum, and Binance Smart Chain, has seen a boost of activity across the board. Impressively, the Polygon version of the dapp attracted 117% more unique active wallets in seven days. This resulted in a volume boost of more than 80%, reaching upwards of $27 million.
The Polygon-based 1inch Network launched in May this year, and since then, it has had a steady user base. The platform allows users to swap between tokens and benefit from one of the best DeFi aggregators currently available. Additionally, thanks to the several integrated bridges, users can also swap tokens between chains.
Thanks to the recent boost in activity, 1inch Network is climbing the DappRadar Top Polygon Dapps Rankings for the week. Currently, the platform ranks third, outperforming big names in the industry like SushiSwap and ApeSwap.
1inch on Polygon outperforms Ethereum and BSC Versions
An interesting detail that stands out from last week’s performance is that the 1inch Network on Polygon beat its Ethereum and BSC versions. In terms of attracting new users to the platform, the Ethereum version records an insignificant 1% increase, while the BSC version shows an uptick of 25%.
This is an intriguing comparison, considering that other DeFi solutions like ApeSwap have seen a very different turn of events. While ApeSwap boosted its BSC userbase, it still remains relatively small on Polygon. 1inch, on the other hand, is reversing this trend and experiencing a surge of new users on Polygon.
Of course, these conclusions are based solely on measuring the magnitude of user acquisition in the past week. If we look at volume, 1inch is still lagging behind ApeSwap with $27 million. However, a steep rise in new users is always a good indicator. For the moment, 1inch might still be struggling to attract more substantial investors in terms of big volume transactions. However, the fact that the number of unique active wallets coming to the platform is growing is a positive indicator for its future.
DappRadar will continue monitoring 1inch Network’s performance across all chains, so stay tuned. If you’re looking for more information about the platform on the three different blockchains, check out the links below.