The 1inch platform launches its token

The 1inch platform launches its token and distributes the equivalent of $1,500 to selected users.

The 1inch decentralised exchange aggregator has just launched its governance token and has distributed 600 of them to some users via an airdrop. Are you eligible for this massive airdrop worth over $1,500? What are the eligibility criteria on Bitcoin Lifestle and how do you get your tokens back? We will explain the process to you.
The 1inch platform launches its token and distributes the equivalent of $1,500 to certain users.

The users of the 1inch decentralised exchange aggregator have just received one hell of a Christmas present. The platform has just launched today its governance token, the 1INCH.

This ERC 20 token gives its holders voting rights for the future of the protocol, notably to propose changes to fees, sponsorship rewards and governance rewards.

To reward its early users, the 1inch platform has therefore distributed tokens to those who meet certain conditions. Each eligible portfolio can receive 600 1INCH tokens, the equivalent of $1,600 at the time of writing this article. We explain this in more detail later.

Further 1INCH tokens will be distributed to users who provide liquidity for these 6 pools:

  • 1INCH-ETH
  • 1INCH-DAI
  • 1INCH-WBTC
  • 1INCH-USDC
  • 1INCH-USDT
  • 1INCH-YFI

Over the next 2 weeks a further 0.5% of the total supply of 1INCH tokens will be distributed to cash providers. Subsequent cash extraction programmes will be determined by 1INCH holders and community members.

Similar to Uniswap a few months ago, 1inch CEO Sergej Kunz believes that this new token will help accelerate the growth of the platform.

He adds in the official press release that approximately 50,000 portfolios will receive the 6% of the outstanding 1INCH token offer in the first distribution round. The current offer of the token is 1.5 billion units.

How do you get your 1INCH tokens back?

All wallets that have interacted with 1inch prior to December 24th will receive 1INCH tokens, but only if they meet one of the following conditions:

  • have completed at least one transaction before 15 September;
  • have completed a total of 4 transactions, even after 15 September;
  • have completed transactions for a total of at least $20.

If you meet one of these conditions, your portfolio is eligible to receive 600 1INCH tokens, or nearly $1,600 at the time of writing. The airdrop is obviously cumulative if you have several portfolios that have interacted with 1inch.

To claim your tokens, go to 1inch, connect your wallet to it and then click on the platform logo in the top right corner:

Then click on the „Check“ button to check if you are eligible for the airdrop. If so, you can then click on the „Claim“ button and receive your 1INCH tokens.