Hashflow’s Q1 metrics show room for improvement, here’s a detailed look

• Hashflow’s Q1 report revealed a shift in trading volume towards Ethereum, with 1Inch as the largest contributor.
• While trading volume was healthy, Hashflow’s TVL appeared stagnant, and HFT experienced significant price swings between highs and lows.

Hashflow, an Ethereum [ETH]-based decentralized exchange platform, has published its first quarter (Q1) report. The report shed light on its performance in terms of trading volume and on the growth of its native token HFT. 

Read Hashflow’s [HFT] Price Prediction 2023-24

Hashflow flows into the top 10 DEX

According to a Messari report, Hashflow’s trade growth rate during Q1 2023 decreased compared to the same period in 2022. The report indicated that the total trading volume for Q1 2023 was 1456, which was lower than the figure of 2525 for Q1 2022.

Metabase, a Hashflow explorer, reported that the platform’s 24-hour trading volume exceeded $24.5 million, while the seven-day trading volume was over $168 million.

Furthermore, the total all-time trading volume on Hashflow, as reported by Metabase, has surpassed $13.6 billion. This impressive all-time volume propelled Hashflow to be ranked among the top 10 decentralized exchanges (DEXs) by the Messari report.

Ethereum dominates Hashflow’s trading volume

Approximately 2,000 users have utilized Hashflow’s hybrid DEX daily in the past year, executing trades worth nearly $7 billion.

The platform’s total trading volume of $1.5 billion in Q1 2023 experienced a significant shift in composition compared to previous quarters. Over the past year, Ethereum represented 50% of the trading volume, with Binance Smart Chain [BSC] and Polygon [MATIC] accounting for 22% and 11%, respectively. 

Source: Messari

However, in Q1 2023, the trading share shifted to 65% for Ethereum, 13% for Arbitrum [ARB], and only 12% for Binance. Legal concerns about Binance and the ARB AirDrop likely influenced this shift.

Interestingly, the most significant contributor to Hashflow’s trading volume on the Ethereum network in Q1 was 1Inch. The platform accounted for approximately 83% of the platform’s trading volume on Ethereum during that period.

Around 3.5% of 1Inch’s total trading volume on Ethereum was directed towards Hashflow for trade execution in Q1.

Flat TVL was observed

Despite the impressive trading volumes on Hashflow, the platform experienced a different level of activity regarding its Total Value Locked (TVL).

According to DefiLlama data, Hashflow’s TVL has been relatively stagnant, if not declining. As of this writing, the TVL was slightly over $1.6 million, with a 24-hour TVL of $24.43 million.

Source: DefiLlama

State of the HFT token

At the time of writing, Hashflow’s native token (HFT) was trading at about $0.62 on the daily timeframe chart. The chart indicated a downward trend, as the price fell below its short Moving Average (yellow line) and was trading at a loss of nearly 1%.

The Relative Strength Index (RSI) showed that the token entered a bearish trend on 19 April and has remained in that trend since. The Bollinger band indicated the current high volatility of the token.

Source: TradingView

How much are 1,10,100 HFTs worth today?

Despite a healthy number of activities on the DEX, Hashflow’s native token has experienced significant fluctuations in the past week.

These fluctuations, coupled with the stagnant TVL, suggest that there still needs to be more trading volume on the platform to impact these metrics positively.