What is 1INCH token?
I missed out on the famous Uniswap airdrop; you guessed right, that still pains. Well, that’s in the past…for now. Uniswap’s airdrop was not only a smart marketing move for itself, but also for other related projects. Many similar protocols have gained a tangible number of new users since the Uniswap airdrop.
Watching the charts on cryptocurrency trackers for the past couple of weeks, a number of DeFi projects have enjoyed a long stay in the top gainers’ category; Uniswap’s UNI token and a relatively less popular token — 1INCH token. In the past thirty days, 1Inch token has tumbled over two times from its previous value. You’d have to let go of about $5 to purchase just one 1inch token. Well deserved? you’ll be able to answer that soon.
Déjà vu? Probably. Named after Kung fu legend — Bruce lee’s famous one-inch punch; 1Inch token is the native token of 1Inch exchange.
1Inch exchange is a decentralized exchange aggregator built on the ethereum network. It creates a Hub of decentralized exchanges, bringing available trading pairs from different decentralized exchanges together in one platform. Like every other decentralized exchange, 1inch presents its users an opportunity to swap their desired cryptocurrencies without sacrificing security.
Since its inception in the first quarter of 2019, 1inch exchange has reported over $10 billion dollars in trading volume, reporting an average of over $100 million dollars in daily trading volumes in the past thirty (30) days. With about 655 active trading pairs, 1inch exchange has amassed a large user base thanks to its numerous user-friendly features.
Just like Bruce lee’s One-inch punch, 1inch exchange places ‘efficiency’ at the top of its values. It employs optimization technologies to ensure a smooth running of its platform and avert issues popular with decentralized exchanges. The martial arts-oriented exchange provides a platform for its users to swap ethereum tokens, create liquidity pools and add liquidity to these pools. Users are also able to access a number of other financial services such as lending and yield farming on the decentralized platform. But this isn’t the most unique feature of this exchange.
In a very clever fashion, 1inch exchange offers a solution to ethereum network’s ridiculously high transaction fee. Using the ‘Chi gas token’, 1inch exchange allows user pay up to 50% less for transactions on the ethereum blockchain. It does this by trimming the properties of a transaction, reduce unnecessary details and hence the amount of gas required to push this transaction through the network. Just like ‘1Inch’ exchange, ‘Chi’ gastoken derives its name from the popular Asian combat art.
Read more about Chi gas token
1inch token is the utility and governance token of the 1inch exchange. It allows holders assess a number of exclusive benefits on the 1inch network. Launched in the third quarter of 2020, 1inch token was engineered to aid further growth of 1inch network. As 1inch network grows in relevance and utility, the 1inch token is also expected to grow in value.
1inch token not only powers the 1inch network but every other applications and third-party connections which utilizes the network’s facilities. Possession of the 1inch token is paramount to a user’s participation in decision polls and other governance activities on the 1inch network. 1inch token holders can also stake their holdings and enjoy an annual percentage yield of up to 60%.
There are currently over a hundred million 1inch token in circulation out of a total supply of one and half billion tokens. About 30% of the total supply is reserved for community incentive. A move which hopes to reward community participation and encourage community involvement in the project’s governance and all-round development. Over 14% have also been reserved to for developer rewards, grants and contingency reserve, percentage is currently locked and will be unlocked in the next four years.
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Thanks to an innovative team and community, 1inch network is set for exponential growth. 1inch token is expected to follow a similar trajectory as the utility token of this platform.
Back to our initial question. Is the current price justified? Personally, it’s a loud Yes. In 1inch exchange, the team has really built an amazing platform, desired utilities and a plausible growth plan. It is exciting what would come next for this amazing project and its native token.