The DeFi project 1inch Network announced a distribution of 10 million native tokens starting September 1 to reimburse users’ gas costs, according to a press release.
The idea was proposed by community members on the protocol governance forum.
To participate, users must lock 1INCH in staking from the first transaction through the day the tokens are issued.
In the web app or the iOS version, holders of native tokens must select transactions with Fast gas price and a slippage tolerance of at least 1%.
Trades executed with other parameters are not eligible for the distribution.
The reward calculation works as follows:
- From 100 1INCH, a 25% refund of gas costs is available;
- From 1,000 1INCH — 50% of costs;
- From 10,000 1INCH — 75% of costs;
- From 100,000 1INCH — 100% of gas costs.
Users will begin receiving tokens on the first day of each subsequent month.
The program will run until the full distribution of 10 million 1INCH.
In July, 1inch Network announced the launch of its own stablecoin in partnership with the ICHI platform.
Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions