1INCH: A-Z of how the DeFi protocol fared in Q3; stats might be shocking

ambcrypto.com:

Impacted by the general decline in the cryptocurrency ecosystem, 1inch suffered a considerable blow to its trading volume and revenue in Q3, Messari found in a new report. 

Launched in May 2019, the 1inch Network is an all-in-one decentralized finance (DeFi) protocol housed within several blockchains, namely Ethereum, Arbitrum, Optimism, Polygon, Avalanche, BNB Chain, Gnosis, Fantom, Klaytn, and Aurora.

In its new report assessing the DeFi platform’s performance in Q3, Messari found that the total trading volume on 1inch fell by 45.5% between July and September.

Moreover, within that period, the total trading volume on its multiple deployments fell from $49.5 billion to $27 billion. Interestingly, despite the severe fall in total trading volume, Messari found that the total trades count remained flat on a quarter-on-quarter basis. 

Source: Messari

As for its financials, across its ten deployments, revenue recorded by 1inch in Q3 totaled $1.03 billion. Unfortunately, this represented an 84% decline from the $6.75  billion logged as revenue by the protocol in Q2.

Interestingly, in spite of the hardship foisted on the general cryptocurrency market due to the collapse of Terra and Three Arrows Capital, 1inch’s revenue grew by a whopping 92% in Q2. 

Source: Messari

During the bullish correction of the cryptocurrency market in July, while the price of many crypto assets grew consistently within the 31-day period, 1INCH’s price suffered severe volatility, data from CoinMarketCap showed.

It, however, managed a sharp rally in the last few days of July before closing the trading month at $0.79.

It continued on the uptrend to peak at $0.88 on 14 August. However, with the failure of the bulls to sustain the price rally, 1INCH spent the