Blockchain analytics firm Messari's Q3 2022 report showed that the DeFi protocol's total transaction value fell 45.5% from July to September. But, this doesn't seem like a problem. Since, the network remains solid and continues joining new chains and increasing accessibility to users.
On October 17, Messari, a blockchain analytics company, released their Q3 2022 report. According to the report, the total volume of Defi Protocol transactions dropped 45.5% between July and September, from $49.5 billion to $27 billion. In addition, total revenues of $1.03 billion of 1inch were down 84% from the $6.75 billion recorded in the agreement in Q2.
The data presented is given by messari
Despite this, 1-inch deployments on Arbitrum and Optimism Layer-2 scaling solutions have increased in all major metrics while surpassing all other chain. This makes it more accessible to users.
Specifically, on the volume of transactions, 1 inch processed 4.6 million transactions in Q3 2022, which equates to Q2. In terms of chain transactions, Ethereum represented over 84% of the total volume of 1-inch protocol transactions and consistently maintained its dominant position. Polygon and BNB Chain ranked second and third respectively. According to reports that Q3 is Q3 as of 2021.
In terms of users, the total number of users of 1inch in Q3 increased 2.4% to 2.2 million users, with an average daily user count of about 23,500 addresses, the same as last quarter. Most people use the Polygon network, then Ethereum and BNB Chain.