‘In the next three to five years, the DeFi industry will grow
It’s only been two years since its founding, but decentralized exchange (DEX) protocol 1inch Network has already surpassed $85.8 billion in cumulative trading volume. At a May 2019 hackathon in New York City, 1inch co-founders Anton Bukov and Sergej Kunz developed a prototype DEX aggregator that became the basis of the network. DEX aggregators are platforms that source liquidity from multiple DEXs, thereby providing better token swap rates with less slippage.
The network has a 57.40% market share in the DEX aggregator industry and well over 820,000 users. According to CoinMarketCap, 1inch Exchange is the eighth-largest DEX in the world, with a trading volume of $277 million in the past 24 hours.
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