Cryptocurrencies

1inch launches its governance token – Cryptocurrencies

1inch token

The new token of 1inch is 1 inch away from being successful? The project recently raised $ 12 million with assistance from Pantera Personal-Financial.com. With the 1INCH token, the governance of the 1inch network is now in the hands of a DAO.

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The birth of a little thumb

According to a press release dated December 25, 2020, 1inch launched a governance and utility token.

The token 1INCH will be used for both the platform’s market-maker protocol and its DEX aggregator service.

The aggregation module will allow stakers to vote on the distribution of tokens Spread Surplus.

These are created when the execution rate of a transaction is higher than that confirmed by the user.

The surplus will be distributed between the referent and the remuneration related to governance, in a proportion chosen by the DAO.

Excess tokens will be converted into tokens 1INCH, through the liquidity protocol.

Commissions and programs, please !

The liquidity protocol module will allow stakers and liquidity providers to decide on its main parameters.

These include among others the impact commission, swap commission and governance reward.

Some of these settings are managed at an individual pool level, and others will apply to all pools.

A liquidity program will be introduced for 6 pools and will associate the tokens 1INCH at theEther (ETH), the DAI, the Wrapped Bitcoin (WBTC), theUSD Coin (USDC), the Tether (USDT) and theYearn Finance (YFI).

30% of the total token supply 1INCH has been allocated to community incentive programs for the next 4 years and, 14.5% will be earmarked for the Protocol’s Growth Fund.

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6% of the total offering will go into circulation on launch day and 0.5% during the first 2 weeks of the cash extraction program which was scheduled to start on December 26, 2020.

1inch has sown the small stones for cryptophiles to find their way back to the uses, allocation rules and other important elements relating to his new token. All wallets that interacted with 1inch until December 24, 2020, midnight UTC, received 1INCH if they registered a trade before September 15, 2020 OR at least 4 trades in total OR trades with a total value of $ 20 . The future will tell if the community will give more blue thumbs than red thumbs to this new 1inch baby.

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