Key notes
- 1inch Network announced that it has surpassed a record $500 billion in volume on the Ethereum network since its launch in 2019.
- The milestone figure differs from other platforms, with DeFiLlama showing total volume of ~$235 billion, while some Dune dashboards report over $716 billion.
- The milestone comes as 1inch faces increasing competition from rivals like CoW Swap and questions about the value build of its token.
DeFi protocol 1inch Network, a decentralized exchange aggregator (DEX), has announced that it has achieved a major volume milestone, routing $500 billion in transactions on the Ethereum network since its founding in 2019. The team shared the update on X on October 8.
$500 billion routed via 1inch on Ethereum.
A major milestone – and only halfway to $1 trillion.
We continue as 1” pic.twitter.com/oKhCFVManV
— 1inch (@1inch) October 8, 2025
The announcement adds to a complex picture of the protocol’s overall activity. On July 15, the project announced that it had exceeded $700 billion in total swap volume across all chains. These self-reported numbers contrast with various third-party analytics platforms. For example, data from DeFiLlama shows a cumulative volume of approximately $235 billion across all blockchains.
Meanwhile, a dashboard on Dune Analytics reports a total trading amount of more than $716 billion. The differences are likely due to different start dates and data aggregation methodologies. Coinspeaker has reached out to the 1inch team for clarification but has not yet received a response.
Competition and economic headwinds
Image source: DUNE Analytics
The milestone comes as 1inch continues to lead the DEX aggregator market in total volume and moves in an increasingly competitive market. While 1inch is the established leader, other protocols are gaining popularity. For example, reports from January 2025 showed that CoW Swap captured over 26% of the market share on Ethereum. As new models such as the rise of dark pools on Solana show, competition in the DeFi landscape remains fierce.
In addition to market competition, the protocol faces economic questions regarding its native token and governance structure. While the 1INCH 1 INCH $0.26 24-hour volatility: 3.6% Market capitalization: $360.17 million Vol. 24h: $21.00 million token has a value capture mechanism, it is indirect and has been a point of frustration for many holders.
According to the protocol’s documentation, users must lock their tokens to receive “Unicorn Power,” which can then be delegated to solvers who share the arbitrage profits. The community’s core complaint is the disconnect between this system and the actual trading costs of the protocol. Rewards are dependent on the success of third-party solvers, not the trading volume of the platform, decoupling the value of the token from the success of the protocol.
These concerns are not new to the project. Discussions within the governance forums as early as 2022 indicate that there are debates over using the DAO’s coffers to directly reward strikers. These proposals faced resistance from community members who argued that the DAO first needed a self-sustaining revenue model to avoid depleting its funds.
These long-standing concerns are reflected in the current state of the 1inch DAO, which has a coffers of approximately $10.9 million. With 1inch Labs’ funding reportedly cut two years ago, the question of its long-term viability remains unresolved. The protocol also suffered a security lapse in March 2025, when an exploit resulted in a $5 million loss.
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