1inch, the DEX aggregator and one of the most useful DeFi products has released 1INCH, the governance and utility token. With the release of the token, the permissionless and decentralized network will now be governed by a DAO. Interestingly, 1INCH token will take DeFi governance to next level as the token will be used to govern all platform-specific network protocols.
To engage the crypto users, 1inch is distributing the governance tokens. According to the official blog, the wallets that interacted with the network until December, 24, will receive free 1INCH tokens. Furthermore, Tytan Inc. co-founder FomoHunt tweeted that he received 618 tokens. As per his tweet, the claimant needs to pay some gas fees to claim and retrieve the tokens.
If you don’t know how to claim your @1inchExchange tokens here’s a step by step
1: Go to https://t.co/oeX1rzlU4u
2: Connect the wallet you have used to make swaps on 1Inch exchange if you used it before Sep. 15th, or used it 4 times
3: Click the circled 1Inch logo
4: Claim pic.twitter.com/Fg7T5odScO
— Tytan Inc. (@Tytaninc) December 25, 2020
Conditions to receive free 1INCH tokens
To claim tokens, one must have made at least one trade before 15 September 2020. Or he must have made at least 4 trades or must have a total trade value of $20.
With the release of 1INCH (governance token), the network is launching a new instant governance feature. This provides a remedy to the inertia problem of existing DeFi governance models. Moreover, with the instant governance feature, the governance models will be able to adapt to protocol changes quickly. Basically, it will allow the community to vote for specific changes to the protocol using a decentralized autonomous organization (DAO) model. In such a model, every user vote matters.
Moreover, the token will find utility in all current and future protocols within the network.
1INCH makes it to Binance Innovation Zone
Furthermore, Binance Innovation Zone, the trading arena dedicated to new and innovative tokens has announced the listing of 1INCH. According to the official blog, the Innovation Zone will introduce two trading pairs for the token. These will be BTC and USDT.
— Binance (@binance) December 25, 2020
Interestingly, OKEx, one of the largest futures trading platforms has also introduced support for $1INCH. According to the official blog, margin trading, USDT-margined Perpetual Swap, and savings will be available.
Furthermore, at the time of press, $1INCH is trading closer to $2.57.
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