The DEX aggregator 1inch plans to give away 10 million 1inch coins to its users from September 1. Notably, many cryptocurrencies saw both highs and lows in the first half of the year 2021. Likewise, 1inch coin also witnessed its ATH of $7.58 on May 8, but the current trading price has dropped to $2.18.
The 1inch Foundation announced on Tuesday that it plans to give 10 million 1INCH coins in an effort to repay users who stake the tokens for gas-fees. Moreover, the foundation intends to issue monthly refunds to everyone who stake the tokens. The platform gives for those who stake between the first swap of the given month and the day it distributes.
1Inch’s Project on Refunding Gas-Fee
According to 1Inch, the firm has planned to refund gas-fee until it reaches 10M 1Inch tokens. However, the rewards that users receive depend on the amount of 1Inch token staked. Staking 100 1INCH for the month will result in a 25% refund, staking 1000 will result in a 50% refund, staking 10,000 will result in a 75% refund. Additionally, if one stakes 100,000 or more will receive a refund for entire gas fees.
1Inch’s main product is the DEX aggregator. That is, it searches a few decentralized exchanges for the best prices and redirects its customers’ trades between them to ensure they are getting the best prices. Besides, users can use 1Inch for larger trades which sometimes ensures a better exchange rate when going through multiple exchanges. It also allows users to regain some of the value lost due to gas-fees.
At the time of writing, the trading price of 1Inch is $2.18 and was up 0.35% in the past 24-hours. Although, 1Inch reached its all-time high in Q2, 2021, now it has fallen to the ground.
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