The decentralized exchange (DEX) aggregator 1INCH has issued its own governance token.
Users of 1inch and Mooniswap DEX, founded by the same executives, will be rewarded with a kind of Christmas gift and will be able to influence issues such as fees, referral rewards and other management issues.
A token named 1INCH running on the Ethereum blockchain will be distributed across all wallets that previously interacted with 1inch (under certain trading conditions). The draw follows the approach taken by Uniswap, which unexpectedly organized a UNI token giveaway to former users in September (worth more than $ 1,000 at the time).
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Again, like Uniswap, 1inch is also announcing a liquidity mining program that will launch on December 26th for 1INCH liquidity providers.
Mooniswap, in turn, has just been renamed the 1inch Liquidity Protocol so that the team will unite all its startups under one brand, Sergey Maslennikov, a spokesman for 1inch, told CoinDesk.
Just as Uniswap's UNI airdrop has boosted the site's activity, CEO Sergei Kunz said the new token would help boost growth by 1 inch.
“With the right community incentives, we see a chance to get a critical mass of liquidity to surpass Uniswap,” Koontz told CoinDesk through an official.
1INCH tokenomics
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Kunz estimates that about 50,000 wallets will receive 6% of 1INCH in the first round of distribution. The current 1INCH supply is 1.5 billion tokens.
Among other things, holders of 1INCH tokens will be able to vote on the settings of the so-called Spread Surplus pool, which accumulates “leftovers” of swap transactions when the price of the replaced token changes during the transaction.
“Let's say a user exchanges some ETH for DAI and sees how much DAI he should receive. If during the processing of the transaction the price changes and the user needs to get more DAI for his ETH, this will be a surplus of the spread.
