1inch Foundation plans to distribute 10 million tokens to compensate for gas costs

The non-profit department of the decentralized exchange aggregator 1inch plans to give users more than $23 million from September 1.

In the announcement on Tuesday, the 1inch Foundation stated that it will start distributing 10 million of its native 1INCH to refund gas fees to users who hold tokens. The foundation intends to issue monthly refunds to those holding tokens at any time between the first exchange in a given month and the day when 1INCH is distributed.

At the time of launch, the price of 1INCH has risen by more than 15% in the past 24 hours, reaching $2.33, which means that the foundation may distribute more than $23 million in tokens. However, only users who pledge 100,000 1 INCH or more can get a full refund of the gas fee. The project also reported that for transactions that include “fast natural gas prices” and a tolerance for decline of 1% or more, at least 100 tokens are required to receive a 25% natural gas refund.

According to the foundation, it will continue to refund gas fees for users in accordance with the above terms until 10 million 1INCH tokens are distributed. The project stated that the original idea for such a plan came from community members through the governance forum of 1inch Network.

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1inch searches for the best price on multiple decentralized exchanges, Divide transactions into several pools Retrieve the maximum number of tokens in a single transaction. For large transactions using 1inch, a better exchange rate can sometimes be ensured through multiple exchanges, allowing users to recover part of the value from the gas fee. The aggregator also uses its Chi Gastoken (CHI), Designed to help users save Regarding gasoline charges. Tokens are minted when the gas price is low, and burned when the gas price is high.

Since reaching a record high of US$7.58 on May 8, the utility of 1inch and the price of governance tokens have fallen sharply.At the time of publication, the price of 1inch is about 2.30 US dollars, 24 hours trading volume More than 321 million US dollars.