DeFi project 1inch to launch new liquidity mining program

The liquidity aggregator from decentralized exchanges, 1inch, will upgrade the 1inch Liquidity Protocol to version 1.1 to improve governance procedures and will launch a new liquidity mining program, ForkLog representatives said.

The new program will start on January 9 at 00:00 UTC for providers of five pools:

• ETH — 1INCH
• ETH — DAI
• ETH — USDC
• ETH — USDT
• ETH — WBTC

During its run, a further 1% of the total issuance of the 1INCH token will be distributed. The program will operate for one month.

According to the statement, the previous liquidity mining program is nearing completion, and as of January 7 its participants had gathered more than 7.5 million 1INCH, which equates to an annualised yield of around 300%.

Also, governance rewards have continued to be distributed over two weeks — to date, about 582,000 1INCH have been paid, the project team noted.

The update to the 1inch Liquidity Protocol is intended to fix a “small bug” that could affect vote counting in the DAO governance.

“Because the new protocol version will have different liquidity pools and mining contracts, participants in the program will need to move their assets from previous incentive programs and transfer them to 1inch Liquidity Protocol version 1.1,” the statement said.

As noted earlier, the project released the governance token 1INCH in late December, with a total supply of 1.5 billion coins. In the same month, 1inch closed a funding round of 12 million, which was led by Pantera Capital.

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