Popular decentralized exchange (DEX) aggregator 1inch Network has partnered with crypto card developer Baanx and payment giant Mastercard to develop a Web3 debit card. The card will allow users to perform a variety of transactions, including payments for online services, physical purchases, and card withdrawals. Withdrawals are limited to supported ATMs compatible with crypto-to-fiat transactions.
1inch Debit Card
1inch introduced this product to accommodate the everyday crypto user seeking additional payment and financial choices. This application is beneficial for individuals accustomed to traditional transaction methods and looking for a straightforward way to use cryptocurrencies. In an interview, 1inch co-founder Sergej Kunz shared:
“1inch currently has a large user base for swaps, limit orders, and developer usage. To bring in those less experienced with cryptocurrencies, we introduced the 1inch card. This option allows individuals accustomed to traditional payment methods using debit cards and crypto assets to join our platform.”
According to Simon Jones, the Chief Commercial Officer at Baanx, the company aims to give ordinary users more control over their finances, particularly in spending, trading, or lending digital assets through both traditional and crypto sectors. Baanx aspires to make this possible in over 160 million locations globally. Christian Rau, Mastercard’s Senior Vice President of Crypto and Fintech Enablement, shares the same perspective.
Using Rau’s words, “The 1inch Card bridges the gap between the Web2 and Web3 worlds effectively by utilizing Mastercard’s advanced technology and guidelines.”
1inch Q4 2023 Performance
A recent study conducted by Messari, a crypto market intelligence platform, uncovered that 1inch experienced a substantial gain in market influence and trading volume during the last quarter of 2023. The study showed that 1inch’s executed volume for the quarter reached an impressive $30 billion. As a result, it captured a commanding 63% share of the Ethereum decentralized exchange (DEX) aggregator market. The escalating figures suggest a growing fascination with 1inch and DEX aggregators as a whole.
According to Messari’s analysis, the introduction of new features like 1inch Fusion and the Limit Order Protocol (LOP) significantly contributed to the surge in transaction activity on the platform. In particular, transactions using Fusion increased by a noteworthy 66% during Q4. Additionally, the report highlighted that LOP saw a remarkable increase of 90% in terms of volume during the same period. For the first time since Q1 2023, LOP facilitated over $6.4 billion in trades.
In Q4, the proportion of trades on Uniswap V3 and V2 that involved 1inch grew by 8 percentage points for the former and 3 percentage points for the latter. As a result, the total volume on both versions of Uniswap reached $10 billion, up from $5.6 billion in Q3.
In Q4 2023, 1inch’s market share grew by approximately 6 percentage points compared to the 59% recorded in Q3. Based on Messari’s data, only CoW Swap experienced a similar growth, but it captured just 11% of the Ethereum aggregator volume during this period. ParaSwap and 0x held 11% and 10% of the market share respectively.
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2024-04-08 19:42