• To cover gas costs, the 1inch Foundation plans to distribute 10 million tokens

  • Starting September 1, the non-profit arm of decentralized exchange aggregator 1inch promises to give out more than $23 million to customers.

    The 1inch Foundation said on Tuesday that it would begin releasing 10 million of its native 1INCH coins in an effort to reimburse gas expenses to customers who stake the tokens. The foundation plans to compensate people who stake the token between the first trade in a given month and the day it distributes 1INCH on a monthly basis.

    The price of 1INCH has climbed more than 15% in the last 24 hours to $2.33 at the time of publication, implying that the foundation may distribute more than $23 million in tokens. Users who stake 100,000 1INCH or more, on the other hand, will receive full reimbursement of their gas prices. A minimum of 100 tokens is also required to receive a 25% gas refund for transactions including “rapid gas price” and a slippage tolerance more than or equal to 1%, according to the project.

    According to the foundation, it will continue to reimburse gas fees to customers under the criteria stated above until 10 million 1INCH tokens have been distributed. The concept for such a program came from community members via the 1inch Network’s governance forum, according to the organization.

    1inch looks for the best pricing on many decentralized exchanges and splits the deal into multiple pools to get the most tokens in a single transaction. Going through many exchanges for large trades utilizing 1inch can occasionally result in a better exchange rate, helping customers to recoup part of the value lost due to gas fees. The aggregator also makes use of its Chi Gastoken (CHI), which is designed to assist consumers to save money on gas. When the price of gas is low, the token is minted, and when it is high, it is burned.

    Since reaching an all-time high of $7.58 on May 8, the price of 1inch’s utility and governance token has dropped dramatically. The price of 1INCH is around $2.30 at the time of publication, with a 24-hour trading volume of more than $321 million.

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