In the decentralized exchange (DEX) aggregator market, 1inch has made a significant comeback, as reported by The Block's Data and Insights newsletter. The platform now holds a 60% market share in May, a substantial increase from its low of 32% in March. This resurgence is largely attributed to its expansion to Solana, which was announced in late April.
The strategic move to Solana has been highly successful for 1inch. It has helped drive total DEX aggregator trade volume to an all-time high of $52 billion. 1inch alone captured $31.5 billion of that volume. This nearly doubles 1inch's market position within just two months.
This timing coincided with Solana's dominance in new token launches, where 86% of new tokens are still being deployed. 1inch's aggressive market share gains have come at the expense of competitors like CoW Swap, Kyber, Paraswap, and Curve. The success of 1inch's Solana strategy will likely force other aggregators to accelerate their own multi-chain expansion plans.