1inch Exchange Launches Second Liquidity Program; 1% Of Total Token Supply To Be Rewarded
1inch exchange set to reward 1% of total 1inch tokens to liquidity providers (LPs) on its platform over the course of the month. The exchange also announced new governance improvements with the launch of its upgraded Liquidity Protocol v.1.1.
Less than a month following the 1inch exchange airdrop, liquidity providers on the decentralized exchange (DEX) are set to be rewarded in the coming month in a “new liquidity mining program.” According to the exchange statement, liquidity providers from five pools, namely ETH-WBTC, ETH-1INCH, ETH-DAI, ETH-USDC, and ETH-USDT, will be rewarded 1% of the total 1inch token supply for supplying liquidity over the next month, starting January 9.
The rewards will be distributed equally to all the liquidity pools in equal shares; the statement further reads.
Back on Christmas Day 2020, every wallet that had interacted with 1inch till 24 December was awarded an airdrop of the 1inch tokens – the price rising close to 1500% once the token launched on Binance. The previous liquidity program, which ended on January 7, was a success with over 7.5 million 1inch tokens distributed to liquidity pools – realizing a 300% APY.
In the summer of 2020, the decentralized finance (DeFi) market exploded to a near parabolic state birthing along with governance tokens and yield farming. However, as Bitcoin took its strides towards setting new all-time highs, the DeFi ecosystem slowed down, but there is a recurring interest in the field as BTC and ETH prices stabilize.
The total supply of 1inch tokens stands at 1.5 billion 1inch tokens, meaning 15 million tokens will be distributed across the five pools. This represents double the first amount disbursed to 1inch exchange users.
The DEX also announced the launch of its new 1inch Liquidity Protocol v.1.1 that includes several bug fixes and new liquidity products for users to participate in. While the older program is still effective, users will need to transfer their assets and incentives to the newly upgraded platform to participate in the new program.
Could this be the start of the second DeFi craze?