1inch.exchange Releases Governance Token DeFi Rate

1inch.exchange – the popular DEX aggregator – released their widely anticipated governance token yesterday and further distributed their tokens through an Uniswap-style airdrop that seems to have changed general crypto market sentiment for the better heading into the New Year.

1/ Delighted to announce that 1INCH Token is LIVE! 🌟

Learn more about the governance/utility token and the token architecture: https://t.co/6POyBLHmKO

⬇

— 1inch.exchange (@1inchExchange) December 25, 2020

The release of the new $1INCH token has been covered by all of crypto media from the anon Twitter influencers to more mainstream media figures like Ivan on Tech.

1inch token is also introducing the idea of instant governance whereby they hope to enable community members to easily participate, benefit and vote for various protocol settings without a high barrier of entry. Changes to protocol parameters are suppose take effect instantly rather than having to wait for lengthy voting periods. This new token gives holders governance power over all 1inch protocol products, as of now that is made up of Mooniswap (Liquidity Protocol) and 1inch.exchange (Aggregation Protocol) itself.

One important thing to note is that you may be eligible for some amount of tokens if you’ve ever traded on 1inch. The exact criteria for claiming eligibility can be found below. Previous 1inch liquidity providers will have also received additional tokens as part of the airdrop.

7/ 🐣Claiming your 1inch

* All wallets registered before December 24, midnight (UTC), will receive 1INCH tokens as long as they meet one of the following conditions:

* At least one trade before September 15 
OR 
* At least 4 trades in total 
OR 
* At least $20 in total volume.

— 1inch.exchange (@1inchExchange) December 25, 2020

Besides just airdropping tokens to users of the protocol, the 1inch team has revamped their tokenomics since they first introduced the idea of the 1inch token a few months ago.

There is also an accompanying liquidity mining program for the 1inch token that will commence on December 28th. Tokens will be distributed to users that provide liquidity to the following pairs:

  1. 1INCH-ETH

  2. 1INCH-DAI

  3. 1INCH-WBTC

  4. 1INCH-USDC

  5. 1INCH-USDT

  6. 1INCH-YFI

 

As of right now, 0.5% of the token supply is set to be distributed over the first two weeks of the mining program, rewards beyond that will be determined by governance. 30% of the total 1inch token supply has been allocated for ongoing community incentive.  Another 14.5%  of the token supply has been earmarked for a protocol development fund.

You view the various token distributions and their unlock schedule in the graphic below:

Image for post

 

Keep up with 1inch.exchange by following them on Twitter.

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