Posts in category: DeFi News

The 24-hour trading volume for decentralized exchange (DEX) aggregator 1inch has set a new all-time high (ATH), with it surging to a staggering $7.26 billion on 9 June. This milestone has sparked speculation of an impending “DeFi Summer,” echoing the 2021 boom.

The volume surge in 1inch coincides with a stark spike in the broader crypto market activity, with Bitcoin marching towards a new all-time high and Ethereum (ETH) continuing its bullish momentum.

As per Dune analytics data, the 24-hour volume for 1inch currently sits at $4.52 billion, with its cumulative trading volume hitting $649.60 billion today. It has executed 113,762 transactions in the past 24 hours.

Hints for DeFi Summer?

Various users are aligning 1inch’s this milestone with potential DeFi Summer, where DeFi market activity peaks and surpasses volumes on centralized crypto exchanges. The 2021 DeFi Summer saw decentralized exchanges and aggregators, including 1inch, command over 80% of on-chain volume, driven by yield farming and emergence of new protocols.

With DeFi’s market share at 20.5% and daily DEX volume at $12.8 billion, analysts see parallels—boosted by growing institutional adoption and retail FOMO.

Most of the top wallets on Pump.fun and PumpSwap are bots, according to on-chain researcher Adam. In a post shared on X, Adam said, “Turns out 93 out of the top 100 pumpfun/pumpswap wallets are bots.” This finding has stirred curiosity among meme coin traders across the DeFi space.

Adam added that simple bot filters are now being tested and may be used during the rumored airdrop. This airdrop has not been confirmed yet but Adam teased that, “Someone, somewhere who knows someone and something have confirmed a PUMP airdrop, according to some sources.”

Adam pointed out some wallets that seem to be humans in the mix. Two wallets—owned by @Cupseyy and @TheMisterFrog, have reportedly traded over $100 million in volume. Around 785 wallets traded over $10 million, and nearly 12,000 wallets moved more than $1 million each. Over 121,000 wallets crossed the $100K mark, while 3.7 million wallets hit at least $1,000 in trades.

This surge in activity has raised questions about fairness and airdrop rewards. In past token launches, bots and whales often grabbed the lion’s share of tokens.

Moreover, Pump.fun has been busy lately. The site peaked in activity this June, drawing in users and high volumes. But much of that volume could be fake. These top wallets often stay active for more than 18 hours a day. This is not regular for humans and it is a pattern that can only be linked to bots.

Just a few days ago, the project is also planning to launch a native token. This aims to raise $1 billion at a $4 billion valuation, according to a previous report, So far, it is still tokenless and is focusing on its core meme coin launchpad. It’s unclear how bots may affect token plans or user rewards.

Pump.fun brings in about $2.13 million in fees daily. It stays among the top five revenue earners on Solana. PumpSwap, its trading partner, hit $73 million in volume after a 25% jump in a single day. Even with this spike, 99.1% of tokens never leave their starting phase.

The leading decentralized exchange (DEX) aggregator, 1inch Network, has introduced its new “Pathfinder” algorithm, promising to revolutionize token swaps on decentralized exchanges. This development enhances swap efficiency, with it improving swapping rates by up to 6.5% and reducing gas costs.

The development comes at a time when DeFi platforms are under pressure to offer competitive advantages amidst rising user expectations and market fragmentation.

As per the official blog post, the new algorithm is designed to find more efficient token-swapping paths while consolidating swap steps and maximizing use of concentrated liquidity. This makes classic swaps faster and more profitable, as well as maintains gas efficiency.

“The new Pathfinder enables users and integrators to maximize the value of every trade, offering up to 6.5% better swap rates and cutting gas costs even further,” says Sergej Kunz, co-founder of 1inch. “This upgrade sets a new standard and drives the industry towards true adoption, improving the experience for all.”

The move holds much significance, as 1inch recently hit a record high daily trading volume of $7.26 billion on 9 June. It holds the crown for one of the most used DEX aggregators in the history of decentralized finance.

By aggregating liquidity from various sources, 1inch ensures users benefit from the best possible swap paths. Even a 6.5% improvement in rates can translate to significant gains for users, especially in a market where small efficiencies can lead to substantial financial advantages.

VivoPower, a company listed on NASDAQ (VVPR), has announced a partnership with Flare to use $100 million worth of XRP to generate yield on its treasury holdings. This is a part of the firm’s new plan to focus on XRP for their financial strategy.

Using Flare’s FAssets system, VivoPower can now use XRP in decentralized finance (DeFi) to earn profits through a tool called Firelight and then put those profits back into buying more XRP.

This is the first time a big company has used XRP this way in DeFi, making it a significant step. The firm will also hold Ripple’s RLUSD stablecoin to ensure stability and regulatory compliance in its digital treasury. CEO Kevin Chin stated the collaboration transforms XRP into a “compounding engine” for shareholders, maximizing treasury productivity.

Flare co-founder Hugo Philion described FAssets as a secure bridge for institutions to tap DeFi, amplifying XRP’s utility beyond the XRP Ledger (XRPL), which has reliably processed over 3.3 billion transactions since 2012. It is supported by Saudi Prince Abdulaziz bin Turki bin Talal Al Saud. The prince has led a $121 million funding round. Further, it is guided by former Ripple Asia leadership. The firm’s move shows a strong institutional confidence in XRP and Flare.

It also highlights that the firm strongly believes in XRP and Flare’s potential. Their partnership follows the XRPFi standard, which aims to make steady profits, follows clear rules, and keeps investments safe for big companies. Flare’s system got a boost with $90 million in new funds from a stablecoin called USDT0, making it a key platform for using XRP in decentralized finance (DeFi).

VivoPower’s approach could encourage other big companies to use XRP for things like digital assets and international payments. By leading the way in managing crypto for its treasury, VivoPower is showing other public companies how to use blockchain in their financial strategies, supported by global investors and XRP experts.