1inch Announces Airdrop and Lists on FTX

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1inch Network went live on Dec. 25, the company announced on Twitter.

In a series of tweets, 1inch explained the basics of its Instant Governance feature and Aggregation Protocol. FTX tweeted that 1inch spots and futures are now open.

The 1INCH governance token will be sent out to wallets with previous exposure. Uniswap used this distribution mode for the launch of its UNI tokens in September 2020. 1INCH, similar to about 45% of decentralized solutions, runs on Ethereum.

1inch also stated that liquidity mining would begin on Dec. 28 for those providing liquidity via ETH, DAI, WBTC, USDC, USDT, and YFI. The company tweeted that distribution would be “0.5 percent of the 1inch token supply” through Jan. 10, 2021. The terms for claiming at the exchange were:

  • Wallet registered on the exchange before midnight on Dec. 24, 2020 (UTC)
  • One trade or more before Sep. 15, OR
  • Four trades or more, total, OR
  • Volume of at least $20

Enter the Agile

1inch’s founders designed the network to be very agile in the face of changing conditions. In a blog post, the company explains that its solution is called “instant governance.”

This lets governance token owners have a say regarding changes to the protocol in a Decentralized Autonomous Organization (DAO) environment. Working through a DAO model ensures transparency, efficiency, and ease of operation.

1INCH Governance Punch

1INCH holders will focus first on two basic governance issues. The company writes that the Aggregation Protocol collects “leftovers” from when trade execution gains a better rate than that quoted to the user.

While the designers implemented the DEX to provide the best prices possible, differences are likely. In a fast-moving market, a change, which the platform calls a Spread Surplus, could emerge.

Currently, the Spread Surplus goes to users who refer others to the network. However, 1INCH holders can change this.

The other governance issue at hand is the Liquidity Protocol. This is version two of the protocol, and the price impact fee is front and center. The fee grows to give an advantage to liquidity providers and 1INCH holders when volatility increases.

Governance token holders can adjust several features of the Liquidity Protocol. This includes fees for price impact and swaps, rewards for governance and referrals, and the decay period. The decay period is a way to affect the price spread after a trade. It acts as a safety measure to help traders avoid front-running attacks.

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