A decentralized cryptocurrency exchange (DEX) aggregator, 1inch.exchange, has launched the 1INCH token, a governance and utility token. The developers say they have implemented an "instant governance" model that will allow all members of the community to vote. The 1INCH token will be used in all existing and future protocols as part of the 1inch Network. The first of these were the aggregation protocol and liquidity protocol management modules.
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All wallets that interacted with 1inch before December 24 can receive 1INCH tokens if one of the following conditions is met: have at least one transaction before September 15, at least four transactions, or trades for a total of at least $20.
The current total supply of the 1INCH token is 1.5 billion. The initial circulation supply on the release day will be 6% of the total issuance plus 0.5% during the first two weeks of the liquidity mining program. 30% of the total token supply has been allocated to community incentives, and they will be unlocked and distributed over the next 4 years, an official announcement says.
Also, on December 28, a new mining program with six pools will be launched with the following pairs: 1INCH-ETH, 1INCH-DAI, 1INCH-WBTC, 1INCH-USDC, 1INCH-USDT and 1INCH-YFI.
Earlier in December, 1inch.exchange announced a closure of a $12 million funding round led by Pantera Capital and other institutional investors, including ParaFi Capital and Nima Capital.
The raised funds will be used to develop a variety of 1inch products, hire new employees and expand the project's vision into new markets.
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