1INCH Set to Distribute 10 Million INCH to Community Members

News • 2021/07/28 • by

Key Takeaways

1INCH to distribute 10 million INCH tokens

Not all Tokens are eligible for distribution

100 1 INCH will entitle you to a refund of 25% of the cost of gas.

Community members put forward this idea in the protocol management forum. To participate, users must block 1INCH staking during the period from the first trade to the token accrual date.
In the web application or iOS version, native token holders must choose transactions with Fast gas price parameters and Slippage tolerance> = 1%.

However, it's worth knowing that not all tokens would be eligible to be distributed. The project specifies that tokens locked with other parameters wouldn't be distributed. 1inch means that the total amount of 10 million 1INCH gas fee refunds will only be issued while stocks last, and only users who have selected parameters such as "Fast Gas Price" and "Slippage ≥1%" in the 1inch DApp are eligible for gas fee refunds.

The salary calculation system is as follows: The amount starting from 100 1 INCH will entitle you to a refund of 25% of the cost of gasoline; from 1000 1 INCH half the cost; from 10,000 1 INCH - 75% of the cost; from 100,000 1 INCH all the cost of gas.

To hasten the process, 1inch funds will ensure that users start receiving tokens on the first day of each subsequent month. The plan will continue until the full distribution of 10 million 1 INCH.
As a reminder, 1inch Network announced in July that it would partner with the ICHI platform to launch its stable block.

Do you think this move by 1inch foundation would propel more trust amongst the community or not?