{"id":80149,"date":"2023-06-13T15:18:17","date_gmt":"2023-06-13T12:18:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80149"},"modified":"2025-09-11T15:06:28","modified_gmt":"2025-09-11T12:06:28","slug":"1inch-dao-to-allocate-2-million-for-hardware-wallet-production","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/1inch-dao-to-allocate-2-million-for-hardware-wallet-production\/","title":{"rendered":"1inch DAO to allocate $2 million for hardware wallet production"},"content":{"rendered":"<p>The DeFi project&#8217;s community of 1inch Network backed a proposal to allocate $2 million to start hardware wallet production for the ecosystem.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">? New <a href=\\\"https:\/\/twitter.com\/1inch?ref_src=twsrc%5Etfw\\\">@1inch<\/a> Proposal Voting Alert: [1IP-30] 1inch Hardware Wallet production completion <br \/>?\ufe0f Vote &#038; join the discussion: <a href=\\\"https:\/\/t.co\/WUEDdiPXi7\\\">https:\/\/t.co\/WUEDdiPXi7<\/a> <a href=\\\"https:\/\/twitter.com\/hashtag\/DAO?src=hash&#038;ref_src=twsrc%5Etfw\\\">#DAO<\/a> <a href=\\\"https:\/\/twitter.com\/hashtag\/DeFi?src=hash&#038;ref_src=twsrc%5Etfw\\\">#DeFi<\/a><\/p>\n<p>\u2014 1inch DAO (@1inchDAO) <a href=\\\"https:\/\/twitter.com\/1inchDAO\/status\/1666772356038049792?ref_src=twsrc%5Etfw\\\">June 8, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n\\n\\n<\/p>\n<p>Nearly 99% of those who voted were in favour of the allocation.<\/p>\n<p>\\n\\n<\/p>\n<p>In January, project representatives said that the 1inch Hardware Wallet <a href=\"https:\/\/forklog.com\/en\/news\/1inch-team-to-release-hardware-crypto-wallet\">is in the final stages<\/a> of development.<\/p>\n<p>\\n\\n<\/p>\n<p>An independent team is developing the product, having received a $175,000 grant from the 1inch Foundation in 2022. It has now moved to the alpha-testing stage of an engineering prototype.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh5.googleusercontent.com\/vGVKFs_hPSpPzS07KLCQMxCtTdWBd4j8uV76rxJiAEZpvDJzuKPuae3ckRwtPDzsT1Io9AANQI7lieLJPpmB1dZksgUsF45z15TIB2-9HPdW404hqr0KvsUDeGF5z6lTiJWeQ_9nAAbedxYMnJvtTcU\\\" alt=\\\"1inch DAO \u0432\u044b\u0434\u0435\u043b\u0438\u0442 $2 \u043c\u043b\u043d \u043d\u0430 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u0441\u0442\u0432\u043e \u0430\u043f\u043f\u0430\u0440\u0430\u0442\u043d\u043e\u0433\u043e \u043a\u043e\u0448\u0435\u043b\u044c\u043a\u0430\\\"\/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: 1inch.<\/figcaption><\/figure>\n<p>\\n\\n\\n\\n<\/p>\n<p>Among the key features cited by the developers are:<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<ul class=\\\"wp-block-list\\\">\n<li>security through open-source software (users can audit and reprogram the firmware, verify authenticity, and more);<\/li>\n<li>enhanced integration with the 1inch app;<\/li>\n<li>the Multi-seed option, which enables creating and controlling multiple wallets with different seed phrases;<\/li>\n<li>a fully isolated device with the ability to connect via QR code or NFC;<\/li>\n<li>transparent transaction signing with a full breakdown of operations and call data analysis.<\/li>\n<\/ul>\n<p>\\n\\n\\n\\n<\/p>\n<p>The team expects to move to commercial wallet production, international certification, and the formation of a distribution network in the third to fourth quarter. Among the main cost items of the allocated funds they identified:<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<ul class=\\\"wp-block-list\\\">\n<li>device production and component procurement \u2014 $600 000;<\/li>\n<li>development funding (including salaries) \u2014 $490 000;<\/li>\n<li>testing of technical characteristics and certifications \u2014 $110 000;<\/li>\n<li>trading licenses, regional approvals and other legal costs \u2014 $120 000;<\/li>\n<li>setting up sales and supply channels \u2014 $250 000.<\/li>\n<\/ul>\n<p>\\n\\n\\n\\n<\/p>\n<p>Funding will also go toward reimbursing operating expenses, marketing, security assessment, partnerships, integration, and other aims.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u00abWe will provide <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-dao-decentralised-autonomous-organisation\">DAO<\/a> with exhaustive documentation on request at any point along our path. This report will detail how the funds are used, guaranteeing that every dollar is spent on delivering a high-quality product in the interests of the 1inch DAO and the ecosystem\u00bb, the team said.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier in February, 1inch Network <a href=\"https:\/\/forklog.com\/en\/news\/1inch-network-to-integrate-with-web3-wallet-burrito-wallet-from-bithumb\">integrated<\/a> <a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3<\/a>-wallet Burrito Wallet from the Korean cryptocurrency exchange Bithumb.<\/p>\n<p>\\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DeFi project&#8217;s 1inch Network community backed a proposal to allocate $2 million to start hardware wallet production for the ecosystem.<\/p>\n","protected":false},"author":1,"featured_media":80150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1487,961],"class_list":["post-80149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-1inch","tag-hardware-wallets"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80149"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80149\/revisions"}],"predecessor-version":[{"id":80151,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80149\/revisions\/80151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80150"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}