1inch Cumulative Volume Hits $809B but Protocol Still Unprofitable

The gap between $809 billion in cumulative volume and persistent unprofitability is the real story here: in DeFi, throughput has never been the same thing as revenue, and 1inch's own co-founder is now saying so out loud. That reframes the aggregator's pivot toward infrastructure like Aqua as a search for a business model rather than a product expansion, with token incentives still doing the work of attracting liquidity. The open question is whether shared-liquidity infrastructure can eventually convert usage into fees, or whether subsidized day-one deposits remain the industry's default growth mechanism.