1英寸（1英寸）協議分析

作為大多數基於EVM的第1層鍊和2層匯總的領先DEX聚合器，1英寸的交易量與總體市場量基本上相關。

The total daily average volume across all protocols and deployments grew 42% quarter-over-quarter (QoQ) from $350.9 million in Q3 to $497.8 million in Q4. This volume was distributed across three protocols—Aggregation, Limit Order, and Fusion—operating on 10 chains: Ethereum, BNB Chain, Polygon, Base, Optimism, Arbitrum, Avalanche, Gnosis Chain, Fantom, and zkSync Era. Volumes are reported as they were announced by 1inch. For clarity, the protocols and chains are defined as follows:

所有協議和部署的每日總量總數從第三季度的3.509億美元增加到42％的四分之一季度（QOQ）增加到4.978億美元。該體積分佈在三個方案中分佈在10鏈上：以太坊，BNB鏈，多邊形，基礎，樂觀，仲裁，雪崩，Gnosis鏈，幻想鏈，幻想和ZKSYNC時代。據報導1英寸宣布的捲。為了清楚起見，協議和鏈條定義如下：

* Aggregation Protocol: A DEX aggregator that compares prices from multiple DEXs to find the best rate for users’ token swaps

*聚合協議：一個DEX聚合器，比較了來自多個DEX的價格，以找到用戶令牌交換的最佳速率

* Limit Order Protocol: Enables users to place and manage limit orders on multiple DEXs

*限制訂單協議：使用戶能夠在多個DE​​X上放置和管理限制訂單

* Fusion Mode: Combines the Aggregation and Limit Order protocols to offer users advanced trading options, such as optimal price routing and the ability to trade on multiple DEXs simultaneously

*融合模式：結合聚合和限制訂單協議，為用戶提供高級交易選項，例如最佳價格路由以及同時在多個DE​​X上進行交易的能力

* Fusion+ Mode: Extends Fusion to enable cross-chain atomic swaps and is powered by a network of competing resolvers who fulfill 1inch Fusion and Fusion+ orders and compete via a Dutch auction mechanism

* Fusion+模式：擴展融合以實現跨鏈原子掉期，並由競爭的解析器網絡提供動力，這些競爭者滿足了1英寸融合和融合+訂單，並通過荷蘭拍賣機制進行競爭

Of the three protocols, the Aggregation protocol is responsible for the majority of volume routed through 1inch. In Q4, daily average volume on the Aggregation protocol increased 37% QoQ from $269.7 million to $369.7 million. Of the 10 chains on which the Aggregation protocol operates, Ethereum still had the majority (66%) of the volume. Base was the second largest chain in Q4 (11%), flipping Arbitrum, whose market share declined from 14% to 10% as daily average volume fell by $1 million to $38 million. Together, these three chains accounted for 87% of the volume on the Aggregation protocol.

在這三個協議中，匯總協議負責通過1英寸路由的大多數卷。在第四季度，匯總協議的每日平均數量從2.697億美元增加到3.67億美元。在匯總協議運行的10條鏈中，以太坊仍然具有大部分（66％）的體積。基地是第四季度（11％）的第二大連鎖店，翻轉仲裁，其市場份額從14％下降到10％，因為每日平均數量下降了100萬美元至3800萬美元。這三個連鎖店共同佔了聚合協議的87％。

The highest volume day on the Aggregation protocol occurred on December 5, a highly volatile trading day with nearly $1 billion in liquidations in crypto markets as Bitcoin crossed $100,000 for the first time and reached an all-time high of more than $104,000 before crashing to nearly $90,000 that same day.

匯總協議的最高體積日發生在12月5日，這是一個高度波動的交易日，在加密貨幣市場上的清算近10億美元，比特幣首次跨越了100,000美元，並達到了104,000美元的歷史最高水平，直到當天崩潰至近90,000美元。

In Q4, the execution destination concentration on the Aggregation protocol remained largely unchanged. Last quarter, 57% of all volume was routed through Uniswap V2/V3 and Curve, as opposed to 56% in Q4. Fluid, which launched on Oct. 29, had the biggest gain in market share finishing the quarter with the sixth-highest daily average volume. Of DEX’s launched prior to Q4, Maverick’s market share increased the most (+420%) followed by Uniswap V2 (+33.65%). In contrast, Uniswap V3, Curve, PancakeSwap, and DEX’s collectively measured in the Other category all lost market share in the fourth quarter.

在第四季度，聚合協議上的執行目標集中在很大程度上保持不變。上個季度，所有量的57％是通過Uniswap v2/v3和曲線路由的，而第四季度為56％。液體於10月29日推出，市場份額最大，在該季度以每日最高的平均體積排名第六。在第四季度之前推出的DEX的市場份額最多（+420％），其次是Uniswap V2（+33.65％）。相比之下，UNISWAP V3，Curve，Pancakeswap和Dex在其他類別中共同衡量了第四季度的市場份額。

Daily average transactions on the Aggregation protocol increased by 21% from 114,700 to 138,900. By chain, Base had the most daily transactions at 47,300 (+24% from last quarter). BNB Smart Chain saw the biggest increase in daily average transactions from last quarter (+43% to 30,200) as it flipped Ethereum for the second-highest total. Daily average transactions on Ethereum increased 14% from 23,200 as gas fees on the network have continued to decrease since EIP-4844 was implemented in March, making it more affordable for smaller trade sizes.

每天的匯總協議平均交易從114,700增加到138,900。根據鏈，基地的每日交易最多，為47,300（比上一季度+24％）。 BNB Smart Chain的平均交易從上個季度開始最大的增長（+43％到30,200），因為它以第二高的總數翻轉以太坊。自3月EIP-4844實施以來，由於網絡的汽油費繼續減少，以太坊的每日平均交易從23,00次增長了14％，這使得較小的貿易規模更加負擔得起。

Daily average active addresses on the Aggregation protocol increased 25% from 53,000 to 66,100. Of the 10 protocols and deployments that Messari tracks, BNB Smart Chain had the most daily active addresses at 18,670. With Aggregation protocol volumes relatively low on BNB Smart Chain (daily average of $15.2 million in Q4), most active addresses on BNB Smart Chain were likely smaller retail users. All deployments of the Aggregation protocol except Arbitrum saw an increase in active addresses in the fourth quarter.

每天的聚合協議中平均活動地址從53,000增加到66,100。在Messari跟踪的10個協議和部署中，BNB Smart Chain的日常活動地址為18,670。由於BNB智能鏈的聚合協議量相對較低（每天平均為1520萬美元），BNB智能鏈上的大多數主動地址可能都是較小的零售用戶。除仲裁之外，所有部署的聚合協議的所有部署都在第四季度的主動地址增加。

In contrast to the Aggregation protocol, which saw its highest volume day in Q4 on December 5, the Limit Order protocol saw its highest volume day on December 30, with $447 million in volume. Of this total, 98% came from the Ethereum deployment, which is notable given that Ethereum had an average of 87% of all Limit Order protocol volume in the fourth quarter.

與12月5日在第四季度最高的匯總日期相比，該限制順序在12月30日的最高體積日為4.47億美元的數量。在這一總數中，有98％來自以太坊的部署，這值得注意的是，以太坊在第四季度平均擁有所有限制訂單協議量的87％。

Daily average volume on the Limit Order protocol increased 52% from $87.7 million to $132.9 million. Of the eight protocols and deployments that Messari tracks, seven saw a QoQ increase in volume

限額訂單協議的每日平均數量從8770萬美元增加到52％，增加到1.39億美元。在Messari跟踪的八個協議和部署中，七個QOQ的音量增加了