1inch Airdrops its Tokens on Christmas; Price Soars 1,445% After Binance Listing
DEX aggregator 1inch Network launched its token on Christmas and nearly 58 million 1INCH tokens have been claimed already.
Decentralized exchange (DEX) aggregator 1inch celebrated Christmas by launching its token and airdropping it to all of its users.
The network will now be governed by a DAO 1inch Foundation that released the governance and utility token.
Back in September, DEX Uniswap also airdropped UNI tokens to each of its users. Much like it, 1inch tokens were airdropped to all the wallets that interacted with the platform until December 24.
The current total supply of the token is 1.5 billion, out of which 30% is allocated to community incentives which will be distributed over the next four years. 14.5% of the supply, unlocked over a 4-year period goes to the protocol growth and development fund.
You are qualified to receive 1inch tokens if you had at least one trade before Sept. 15 or at least 4 trades in total, or for a total of at least $20.
Liquidity providers will also receive their free tokens based on the liquidity mining program. During the first two weeks of the current incentive program, liquidity providers will receive 0.5% of the 1INCH token’s total supply.
Additionally, if you provided liquidity to any of these six pools, 1INCH-ETH, 1INCH-DAI, 1INCH-WBTC, 1INCH-USDC, 1INCH-USDT, and 1INCH-YFI, you are also eligible for free tokens.
As of now, 57,894,541 1INCH tokens have been claimed by 16,652 wallets, as per Dune Analytics.
— Mike Novogratz (@novogratz) December 25, 2020
With this step towards a more decentralized network, 1inch Network has taken the approach of “instant governance” where the community can participate, benefit, and vote for specific protocol settings.
The token will be used in all current and future protocols within the network. It starts with Aggregation Protocol governance which enables the token stakers to vote on Spread Surplus settings. As for Liquidity Protocol Governance, its key feature is the price impact fee which grows with price slippage.
“All voting will be done with the 1INCH token, which has no financial value,” states the 1inch team in the official announcement.
However, the token is currently worth $2.78, as per Coingecko.
1inch token recorded a jump of 1,445% in its price to climb above $3 after the leading spot exchange Binance announced its listing today against BTC and USDT.
— CZ Binance (@cz_binance) December 25, 2020