A few days ago, a massive distribution of tokens of the 1INCH exchange took place, which at the peak of their value reached $ 2.80. Coins were handed out to users who used the platform before a certain date or for a certain amount.
It was these conditions that became the precondition for the story of one cryptocurrency lover who, due to an unfortunate coincidence of circumstances, did not receive almost $ 1.8 million in crypto.
Recall that in September, another decentralized exchange Uniswap held its airdrop of UNI tokens, which many called an “economic incentive” from the sphere of decentralized finance. Then, to receive 400 coins, you had to use the platform until September 1, 2020, that is, to be a relatively old user of the exchange.
A feature of the distribution was that the reward was awarded to the address, and not to a single user. Accordingly, if a trader worked through the MetaMask platform, but also swapped coins that were on the hardware wallet, he could receive twice as much funds. Moreover, the number of wallets is unlimited.
Immediately after this event, some traders decided that a similar initiative could be expected from other new platforms. In this regard, they undertook to conduct transactions on exchanges in order to appear in the list of early users. Alas, this plan did not work for one of the enterprising users.
How to make money on cryptocurrencies
The user under the nickname timoharings became an active 1inch trader after the UNI airdrop. He created approximately 500 MetaMask wallets to boost trading volumes on a decentralized platform in the hope of a new distribution of coins. As you can see, the distribution still happened, but the crypto enthusiast’s plan did not work: he did not have enough $ 3 for the volume of transactions on each wallet to receive tokens.
A large number of wallets were created precisely in order to increase the final reward.
Recall that one of the conditions for the distribution of 1INCH was the trading volume on the exchange until a certain period of time. More precisely, traders had to complete trades of at least $ 20 in order to receive tokens. The volume of transactions on each Timoharings wallet reached only $ 17, which meant that he lacked a few dollars for each transaction to receive almost two million in reward.
Considering the relatively high fees on the Ethereum network, timoharings spent at least $ 8K to pay for transactions on the 1inch exchange. One of his main wallets still received coins, but they barely covered all the costs of a large-scale operation, according to Cointelegraph. The crypto enthusiast himself admits that the missed two million is, of course, a “sad experience”, but he is ready to move on and look for new ways to make money on the crypt.
We have checked the actual data. As it turned out, the 1inch token is not doing well yet. Today the coin is trading at 94 cents, while its peak was fixed at $ 2.91 four days ago. The trading volume over the past 24 hours is $ 88 million, which is quite a lot for a new project with a capitalization of $ 70 million.
Here is a graph of the cryptocurrency rate for all time.
All-time 1inch token price chart
We think that the trader’s situation turned out to be quite funny. On the one hand, it is a shame that the cryptocurrency lover lacked only a few dollars to receive the award and the title of millionaire. At the same time, it is important to note that the blockchain asset industry provides incredible earning opportunities.
That is, if there is a desire, understanding of the situation and free funds, proactive traders are able to amass a huge fortune, which may last for the rest of their lives.
Therefore, we recommend starting to understand the blockchain and other components of the cryptocurrency niche. The latter is still at an early stage of its development, which means there will still be enough earning opportunities for everyone. In addition, top assets like Bitcoin and Ethereum are now much more powerful than they were three years ago.