The 1inch DeFi platform team has released their own 1INCH token, which is already traded on the Binance cryptocurrency exchange.
The token will be used to operate both the platform’s automatic market maker protocol and its decentralized exchange aggregator. We will tell you who earned on it and how much.
Recall that the distribution of new tokens for users of the decentralized finance niche is not happening for the first time. The most famous of these is the UNI coin distribution from the Uniswap platform, which took place in September 2020.
Then the early users of the decentralized cryptocurrency exchange received 400 UNI for each address that interacted with the platform before September 1.
The cryptocurrency rate peaked in the $ 8.4 zone, that is, some users easily received about $ 3 thousand in cryptocurrency equivalent. And since they could conduct transactions on the exchange using several addresses, this amount could increase several times. More details about the features of the Uniswap platform along with various tricks of its use can be found in our detailed material.
How to make money on cryptocurrencies
The “Liquidity Protocol” control module will allow participants and liquidity providers to vote on the main parameters of the protocol. These include price influence fee, swap fee, governance fee, and referral fee. Some of these parameters will be adjusted for an individual liquidity pool, while others and default values will apply to all pools, Cointelegraph reports.
In addition, a liquidity mining program will be introduced for six new pools, combining 1INCH tokens with ETH, DAI, WBTC, USDC, USDT and YFI.
30 percent of the total 1.5 billion 1INCH token supply has been allocated to community rewards over the next four years. Another 14.5 percent is reserved for the protocol growth and development fund, which will also be unlocked over the next four years.
At the moment, the 1INCH token is trading at around $ 2.39. Immediately after listing on Binance, its value dropped to $ 1.32 for just a couple of moments, but then immediately began to rise.
Not only traders, but also users of the most decentralized exchange can make money on the new token. In honor of the launch of her own asset, she gave out 90 million 1INCH to those cryptocurrency lovers who previously made transactions on the platform. According to Dune, the largest recipient has become the proud owner of over 9.7 million tokens worth about $ 27.5 million at a peak price of $ 2.8 per token. Judging by the lucky cryptocurrency address, he has been involved in liquidity mining, providing loans and other interesting things from the field of decentralized finance for a long time. The address has also been active on the Uniswap and SushiSwap platforms.
In total, more than 55,200 addresses are eligible to apply for “free” 1INCH tokens, with more than half of the funds already taken from the airdrop. The average amount for each wallet is 1629 1INCH, that is, more than 4 thousand dollars. To qualify for the airdrop, you must have completed at least one transaction on the platform before September 15th. Users who have made a total of four trades or transactions of at least USD 20 by December 24 are also eligible to claim free tokens.
We believe this news once again proves the benefits of interacting with new products in their early stages of existence. However, if the user were simply exchanging coins for Uniswap and 1inch, his wallet would be several thousand dollars heavy. Of course, there are plenty of scammers in the DeFi industry, but you can’t do without it.
Therefore, we recommend looking for new platforms that seem promising and have the potential to change the industry. Obviously, their clients can receive a generous gift.