Monthly active users (MAU) on 1 Inch Network have gradually declined since November 2021, data from Dune Analytics revealed. In July, the total monthly active users of the all-in-one DeFi platform was 94,263.

This index represented a drop of 52% from its record nine months ago.

1Inch offers its users three product offerings: Liquidity Protocol, Aggregation Protocol and Limit Order Protocol. It is deployed in several chains, including: Ethereum, arbitration, Optimism, polygon, Avalanche, BNB chain, gnosis, and Phantom.

Let’s take a look at how this non-custodial DEX aggregator has fared in recent months.

A few centimeters short

Since the launch in May 2019, monthly active users on 1 Inch Network reached a record high of 196,570 last November.

However, with the first half of 2022 marked by a downturn in the overall cryptocurrency market, 1Inch was impacted as the index of users logged in per month fell.

In July, the platform registered a total of 94,263 users. This month 57,004 users have visited the network so far.

Source: Dune Analytics

Weekly active users on the network also peaked last year. According to data from Dune Analytics, between October 19 and 25, 1Inch saw 71,105 users, the most weekly users it had seen since launch.

Since then, weekly users on the network have declined. In the past week, the number of users on 1Inch stood at 33,976.

Source: Dune Analytics

In addition, the number of monthly transitions processed on the network had fallen since November last year, when it hit a record 512,315 monthly.

By July 2022, the total number of processed transactions had decreased by 24% (385,162 transactions). So far this month 56,647 transactions have been processed on the network.

Source: Dune Analytics

There is an advantage

Despite the declines recorded by 1Inch in recent months, the network’s overall revenue has grown steadily.

In the past month, sales increased by 665.2%. And in the past 180 days, sales were up 26.9%.

As of August 13, the network’s total revenue was $23.2 million.

Source: Token Terminal

As for the network’s native token, 1INCH, its price is up 27% in the past 30 days.

At the time of printing, the token switched hands at $0.83. However, since July 29, there has been a price/volume divergence, indicating buyer exhaustion.

Source: Santiment

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