1INCH token
The 1Inch Foundation have launched 1INCH, the protocol’s governance and utility token.
The token can be claimed by any address that used the network before September 15th, did at least four trades, or did trades over $20.
1INCH will also be distributed to those who provide liquidity to six pairs; 1INCH-ETH, 1INCH-DAI, 1INCH-WBTC, 1INCH-USDC, 1INCH-USDT, 1INCH-YFI.
The token is already set to be listed on both Binance and Okex.
1Inch.exchange is a DEX aggregator, finding the best prices across multiple decentralized exchanges.
Instant Governance
1Inch identify that existing models are unable to respond quickly enough to the rapidly shifting DeFi market. To combat this they are introducing instant governance.
“a new feature that allows the community to vote for specific protocol settings under the decentralized autonomous organization (DAO) model, in a transparent, user-friendly and efficient way.”
How this system will operate and improve on existing designs isn’t made clear, but we do now there will be two types of governance.
Pool governance manages the swap fee, price impact fee and decay period (a unique feature to protect users from front-running) specific to each pool.
Factory governance manages parameters shared by all pools, as well as the referral reward and governance rewards.
Conclusion
1Inch seem to be committed to building out a strong decentralised community. 30% of the total token supply has been allocated to community incentives to be distributed over the next 4 years. 14.5% has also been allocated for grants to attract developers.
1Inch have some interesting new features, including reduced front-running with private transactions.
Let’s see how the community develops moving into the future.
Happy holidays from Decentralise!
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