DeFi project 1inch launches governance token on Binance Smart Chain

The liquidity-aggregator of decentralized exchanges 1inch deployed the 1INCH governance token on the Binance Smart Chain (BSC), according to the project’s representatives.

According to them, users will be able to switch between the Ethereum and BSC blockchains, and will gain access to projects such as PancakeSwap, BurgerSwap, StreetSwap, Venus, StableSwap, JulSwap, BakerySwap and others.

The 1INCH token will serve as a bridge between the networks: assets sent to BSC are locked in Binance Bridge, and the corresponding amount of 1INCH becomes available on the BSC network.

A total of 10 million 1INCH have been issued on the network. Project representatives noted that the tokens are used as liquidity in Binance Bridge for transactions between Ethereum and BSC.

The team will launch a liquidity-mining program for BSC users on February 26 at 00:01 (UTC) in the BNB-1INCH pool. Over four weeks, 0.01% of the total supply will be distributed as rewards. The number of pools will subsequently be expanded.

The 1inch Liquidity Protocol, 1inch Aggregation Protocol, and staking functionalities will be available to Binance Smart Chain users.

Earlier in February 2021, 1inch distributed additionally governance tokens 1INCH to users, timing the airdrop to the Lunar New Year.

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