1inch Routes $800 Billion in Trades but Still No Profit
1inch has routed over $800 billion (approximately 1.072 trillion won) in cumulative trades but has yet to generate any profit. Co-founder Sergej Kunz stated on a podcast on July 28, "We have not made a profit yet." 1inch is an aggregator that suggests trading paths by comparing liquidity and prices across various decentralized exchanges (DEXs). According to its official blog, it connects 13 networks and over 400 DEXs. As of July 28, the cumulative swap volume was $809 billion (approximately 1.084 trillion won). The gap between trading volume and revenue is related to the aggregator's fee structure; increasing fees incentivizes traders to use DEXs directly, while lowering fees makes it difficult for large trading volumes to translate into revenue. Kunz diagnosed that the DeFi market is not yet large enough to extract value. To enhance liquidity utilization, 1inch launched the shared liquidity protocol 'Aqua,' and the Aqua whitepaper presents the design background aimed at solving the issue of existing liquidity being dispersed across multiple pools and trading pairs. According to an analysis commissioned by 1inch, 85% of the concentrated liquidity among major DEXs in the first half of 2026 is reported to be underutilized.
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