1英寸（1英寸）协议分析

作为大多数基于EVM的第1层链和2层汇总的领先DEX聚合器，1英寸的交易量与总体市场量基本上相关。

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:

所有协议和部署的每日总量总数从第三季度的3.509亿美元增加到42％的四分之一季度（QOQ）增加到4.978亿美元。该体积分布在三个方案中分布在10链上：以太坊，BNB链，多边形，基础，乐观，仲裁，雪崩，Gnosis链，幻想链，幻想和ZKSYNC时代。据报道1英寸宣布的卷。为了清楚起见，协议和链条定义如下：

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

*聚合协议：一个DEX聚合器，比较了来自多个DEX的价格，以找到用户令牌交换的最佳速率

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

*限制订单协议：使用户能够在多个DE​​X上放置和管理限额订单

* 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：结合聚合和限制订单协议，为用户提供高级交易选项，例如最佳价格路由以及同时在多个DE​​X上进行交易的能力

* 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：扩展融合以实现跨链原子掉期，并由竞争的解析器网络提供动力，这些竞争者满足了1英寸融合和融合+订单，并通过荷兰拍卖机制进行竞争

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.

在这三个协议中，汇总协议负责通过1英寸路由的大多数卷。在第四季度，汇总协议的每日平均数量从2.697亿美元增加到3.67亿美元。在汇总协议运行的10条链中，以太坊仍然具有大部分（66％）的体积。基地是第四季度（11％）的第二大连锁店，翻转仲裁，其市场份额从14％下降到10％，因为每日平均数量下降了100万美元至3800万美元。这三个连锁店共同占了聚合协议的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.

汇总协议的最高体积日发生在12月5日，这是一个高度波动的交易日，在加密货币市场上的清算近10亿美元，比特币首次跨越了100,000美元，并达到了104,000美元的历史最高水平，直到当天崩溃至近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，聚合协议上的执行目标集中在很大程度上保持不变。上个季度，所有量的57％是通过Uniswap v2/v3和曲线路由的，而第四季度为56％。液体于10月29日推出，市场份额最大，在该季度以每日最高的平均体积排名第六。在第四季度之前推出的DEX的市场份额最多（+420％），其次是Uniswap V2（+33.65％）。相比之下，UNISWAP V3，Curve，Pancakeswap和Dex在其他类别中共同衡量了第四季度的市场份额。

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.

每天的汇总协议平均交易从114,700增加到138,900。根据链，基地的每日交易最多，为47,300（比上一季度+24％）。 BNB Smart Chain的平均交易从上个季度开始最大的增长（+43％到30,200），因为它以第二高的总数翻转以太坊。自3月EIP-4844实施以来，由于网络的汽油费继续减少，以太坊的每日平均交易从23,00次增长了14％，这使得较小的贸易规模更加负担得起。

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.

每天的聚合协议中平均活动地址从53,000增加到66,100。在Messari跟踪的10个协议和部署中，BNB Smart Chain的日常活动地址为18,670。由于BNB智能链的聚合协议量相对较低（每天平均为1520万美元），BNB智能链上的大多数主动地址可能都是较小的零售用户。除仲裁之外，所有部署的聚合协议的所有部署都在第四季度的主动地址增加。

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.

与12月5日在第四季度最高的汇总日期相比，该限制顺序在12月30日的最高体积日为4.47亿美元的数量。在这一总数中，有98％来自以太坊的部署，这值得注意的是，以太坊在第四季度平均拥有所有限制订单协议量的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

限额订单协议的每日平均数量从8770万美元增加到52％，增加到1.39亿美元。在Messari跟踪的八个协议和部署中，七个QOQ的音量增加了