The 1inch Aggregation Protocol routes users' trades through the most efficient path for a token swap and aggregates multiple non-custodial exchanges.

The 1inch Network unites multiple decentralized protocols built on Ethereum and other blockchains. This dashboard tracks the 1inch Aggregation Protocol, which is a non-custodial DEX aggregator. 1inch was founded by Sergej Kunz & Anton Bukov and launched in 2019.

The 1inch Network is governed by 1inch DAO – a decentralized autonomous organization. Voting on the DAO is performed through the 1INCH token, a governance token, that was initially distributed to the community of 1inch Network users in late 2020. They currently do not take a cut of the total trading fees paid by traders (revenue). 1inch's investors include ParaFi Capital, FTX Exchange, Pantera Capital, etc.

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# 1inch Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is measured as the average trading volume generated per unique user over a fixed 24-hour window. It is calculated as total daily trading volume divided by active users (daily), reflecting whether the DEX is used by institutional (high) and/or retail (low) traders. Data is aggregated from all 1inch router versions (V1-V6).

## 2. Data sources

- **Blockchain events**: `Swapped` events from `Mooniswap`, `OneInchExchange`, and `AggregationRouterV3` contracts, `OrderFilled` and `OrderFilledRFQ` events from `AggregationRouterV4` and `AggregationRouterV5` contracts, ERC-20 `Transfer` events, and function calls from `AggregationRouterV3`, `AggregationRouterV4`, `AggregationRouterV5`, and `AggregationRouterV6` contracts are parsed, covering Ethereum, Arbitrum, Base, Avalanche, and seven other chains
- **External data**: End-of-day price feeds for traded assets and asset metadata including decimal precision are utilized

## 3. Step-by-step calculation

### Component A: Trade data extraction

- **Purpose**: Collect all 1inch trades from blockchain events and function calls
- **Logic**: Trade data is extracted from multiple sources per chain. For events, `Swapped` events from `Mooniswap`, `OneInchExchange`, and `AggregationRouterV3` contracts, and order-related events from `AggregationRouterV4` and `AggregationRouterV5` contracts are captured. For function calls, swap functions, order filling functions, and specialized functions like clipper swaps and Uniswap V3 integrations from `AggregationRouterV3`, `AggregationRouterV4`, `AggregationRouterV5`, and `AggregationRouterV6` contracts are processed. A timestamp, transaction hash, user address, asset addresses, and asset amounts are included in each trade record. Null asset addresses are handled by converting them to wrapped native assets specific to each chain using mapped wrapped native asset dimensions.
- **Key fields**: `block_timestamp`, `user_address`, `token0_address`, `token1_address`, `token0_amount`, `token1_amount`, `business_line`, `version`

### Component B: Volume USD conversion

- **Purpose**: Convert raw asset amounts to USD trading volumes
- **Logic**: For each trade, raw asset amounts are first corrected by dividing by the appropriate decimal precision from asset metadata. Corrected amounts are then multiplied by end-of-day USD prices for both assets in the pair. To prevent price manipulation, the lesser of the two USD values is selected. Filtering is also applied to exclude denylisted assets and trading pairs with limited price feed support.
- **Key fields**: `trading_volume`, `timestamp`, `token0_amount`, `token1_amount`

### Component C: Daily volume aggregation

- **Purpose**: Sum trading volumes by day with manipulation filters
- **Logic**: All trades are aggregated to daily totals by truncating timestamps to day boundaries. A one billion USD daily volume limit per asset pair is applied to filter out wash trading and price manipulation attempts. Only volumes below this threshold are included in the final trading volume metric.
- **Key fields**: `timestamp`, `trading_volume`

### Component D: Daily active user counting

- **Purpose**: Count unique users who traded each day
- **Logic**: From the same trade data, unique user addresses are identified per day by extracting the transaction initiator address. Active users (daily) are aggregated using distinct counting across the dataset. All users who executed any type of trade on any 1inch contract version or chain are included in the daily active user calculation.
- **Key fields**: `user_dau`, `timestamp`, `user_address`

### Component E: Average volume calculation

- **Purpose**: Calculate the average trading volume per user
- **Logic**: The daily trading volume and daily active user metrics are joined on timestamp to ensure matching daily periods. Total daily trading volume is divided by active users (daily) using safe division, which returns null for days with zero active users to prevent division by zero errors.
- **Key fields**: `trading_volume_avg_per_user`, `timestamp`, `trading_volume`, `user_dau`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Average trading volume (per user)

Trading volume divided by daily active users.

1inch1INCH

Average trading volume (per user)

Average trading volume (per user)

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