Finally, this morning, the head transaction aggregator 1inch.exchange issued a coin.
Just like its logo, the company has advanced into the top three on the DEX market without issuing coins or mining. The company has two exchanges and a gas anchored platform currency, which is destined to "come up with a threat". .
First, three big houses announced their 1INCH token online in two hours, and OKEx has even opened up leverage and perpetual contracts. From the sidelines, 1INCH has jumped from a $ 0.1 open to $ 2.6, a nearly 25-fold 2-hour increase.
According to DeBank data , at press time, 24-hour transactions of the single 1 inch V2 platform totaled US $ 58 million, ranking fourth in the DEX market. Mooniswap24H, another exchange owned by the platform, had US $ 3 million in transactions and US $ 90 million locked in positions.
According to official sources, 1INCH's total supply is 1.5 billion, and today's initial issuance was 6% of the total issuance, plus 0.5% of the liquid mining plan, for a total of 6.5%.
1INCH will be used for the platform's automated market maker agreements and decentralized transaction aggregator services, and the “liquidity agreement” governance module will allow lenders and liquidity providers to vote on key agreement parameters, including price effect costs and Wage swaps, reward governance manage, recommendation award, breakdown time, etc. In addition, liquidity mining will be opened for 6 new pools, specifically 1INCH-ETH, 1INCH-DAI, 1INCH-WBTC, 1INCH-USDC, 1INCH-USDT and 1INCH-YFI.
To give back to the community, the official also announced that all wallets that have interacted with 1 inch before the midpoint of December 24, UTC time (8:00, December 24, Beijing time), as long as one of the following conditions is met, they will receive 1INCH token. Currency: There was at least one transaction before September 15th, or at least 4 total transactions, or at least $ 20 total.
In society, many "wool parties" have expressed their own advantages, which can be said to be another carnival after UNI and GRT. Click through to view the tutorial: Three simple steps to teach you to receive a 1 inch 1INCH governance token .
Distribution and use of 1Inch
According to the official announcement, 1INCH's total supply is 1.5 billion, and today's initial issuance was 6% of the total issuance, plus 0.5% of the liquid mining plan, for a total of 6.5%.
All the 1INCH distribution rules are as follows:
Let me talk about the two sections that will open at the end of this month-
30% is used for community incentives (opens in 4 years, opens for the first time on 31 December 2020, opens every six months);
14.37% used for project development funds (opened in 4 years, opened for the first time on 31 December 2020, opened every six months);
The rest will open at the end of next year:
30.83% allocated to investors (Supporters 1 point 18.83%, Supporters 2 points 12%) (opened in 2.5 years, opened for the first time on December 31, 2021, opened every six months);
22.5% allocated to 1 inch core team and prospective employees (opens in 4 years, opens for the first time on 31 December 2021, opens every six months);
2.3% allocated to consultants (opened for 4 years).
Number one transaction aggregator
Mooniswap based on AMM
Artifacts that save on Ethereum-Chi gas costs
Odaily Planet Diary: Investors in two 1-inch rounds are: first round, Binance Incubator leading investment, Galaxy Digital, Greenfield One and other participating institutions; second round, early December, PanteraCapital led investment, ParaFiCapital, BlockchainCapital, NimaCapital, SpartanCapitalSecurity and others followed suit.
Compared to the initial distribution plan announced by 1INCH in August, the final plan still has a lot of changes. The biggest change is that the stock of investors has increased significantly, and the initial circulation has dropped dramatically. 1 inch has not responded to this change.
alt = "1INCH airdrop hit and skyrocketed 25 times. Can you still take the bus if you haven't received coins?" />
The 1INCH distribution plan is scheduled for August
1INCH liquidity mining gameplay, new governance mechanism
Launched simultaneously with the token, there is also a 1 inch liquidity mining and governance mechanism.
In August this year, when it announced its currency issuance plan, 1inch also forked Uniswap, launched Mooniswap's AMM-based DEX platform and liquidity mining, and promised to allocate 2% of 1INCH to Mooniswap's initial liquidity provider, enabling Mooniswap a short-term upgrade.
In this tweet, although 1 inch does not list the token reward for Mooniswap LP, it should already be reserved in 30% of the community incentives. The tweet also clearly states that "liquidity providers announced earlier this fall will also receive 1INCH based on the first and second phases of liquidity mining."
New currency launched. To increase liquidity, the official also added 6 liquidity pools for 1INCH. They are 1INCH-ETH , 1INCH-DAI , 1INCH-WBTC , 1INCH-USDC , 1INCH- USDT and 1INCH-YFI .
According to the tweet, this incentive plan will last for two weeks, valuing 1INCH amounts to 0.5% of the total supply. Future liquidity mining plans will be decided jointly by 1INCH holders and community members.
In terms of governance, 1INCH will be used for governance of all current and future agreements in the network. The current agreement includes three items: 1inch.exchange, Mooniswap and Chi.
From the content and form of governance, 1inch seems to have formulated the principle of "flexibility, efficiency and broad coverage".
1inch divides the agreement content into two parts: aggregate transactions and liquidity mining, but both are similar, but governance content is different.
In theory, 1INCH holders can participate in governance through the Stake pledge, and LPs can participate through their LP Tokens. The voting weight is related to the number of locks.
In terms of aggregate transaction governance, users who wish to participate in governance can allocate a surplus spread (Spread Surplus). According to the tweet, when a user uses a transaction aggregator, when the execute price is slightly higher than the quoted price, it will result in a "surplus spread" for the platform. Part of the current surplus will go to "recommenders", but the official said this could be determined further through future administrations.
Liquid mining governance is divided into pool governance and mill governance.
Pool governance will include configuration of specific parameters for each batch, such as transaction costs, price impact costs and decay periods. Factory governance is responsible for parameters shared by all pools, such as default swap fees, default price impact costs, default decay period, referral rewards, and governance rewards.
What does 1 inch do and is it worth the investment?
1inch was born in mid-2019. This is the first to focus on decentralized aggregate transactions. In June this year, it released the Ethereum gas fee "currency", and launched the Mooniswap decentralized exchange in August. At the same time, it announced the issuance of 1INCH platform tokens and Open liquid mining (but not yet officially launched), and launched a 1-inch version of V2 in November.
In the last six months, with the DeFi boom, 1 inch has moved frequently, and its market share has also increased.
According to DeBank data, this year 1inch transaction volume jumped from US $ 320,000 to US $ 119 million, an increase of 370-fold.
In terms of market share, 1inch is basically the same as the beginning of the year, and is often among the top five in the DEX market, with a transaction share of around 10%. This is commendable in the context of this year's boom in DEX growth and transaction aggregation lines. The number of players on this track has grown from a handful of players last year to 30 today (the number is based on a certain scale), and competition is fierce. Apart from Uniswap, the market share of many established DEXs has decreased rapidly (such as Kyber Network, etc.), and 1inch's performance is not bad.
Due to the birth of a bunch of new projects and new gameplay such as this year's Uniswap SushiSwap fork project, even the top DEX platforms, transaction volumes and market share often undergo substantial changes. Currently, although the 1-inch transaction volume hovers in the fourth and fifth places, the number of its users has recently made a counterattack against SushiSwap.
As shown in the picture, after 1 inch V2 officially launched on November 4, 1 inch V2 users surpassed SushiSwap and gradually opened the gap. Even though the transaction volume is still incomparable to the "second" SushiSwap, 1inch V2 is no worse than SushiSwap in terms of user base and user perception. In addition, 1inch V2 will be issued soon, and it is not impossible to achieve a qualitative leap.
So, is there really any qualitative change to the 1 inch V2 compared to the V1 version?
Indeed it is. According to the official blog, the main highlight of the new version is the addition of the Pathfinder component, an API that includes discovery and routing algorithms. With this component, the 1 inch V2 quote response time has been reduced from 6 seconds to 0.4 seconds; page load time has been reduced from 5 seconds to 1 second; and API quote response time has been reduced from 5 seconds to 0.4 seconds.
In general, this component ensures the best exchange rate for 1 inch swap transactions and greatly reduces transaction response times.
Another feature of Pathfinder is that it provides two options for "maximum return" and "lowest gas cost" transaction preferences.
If the user selects the previous option, complex routing will be used for transactions to ensure that the user gets the best exchange rate. In the "lowest gas cost" option, exchange transactions are carried out at market rates, which do not require separation between different exchanges or complicated routes, allowing users to pay the lowest possible gas costs.
Mooniswap is a 1-inch DEX fork of Uniswap, released in August this year.
However, it was not until the official announcement of the currency issuance in August that the number of Mooniswap users increased significantly. It is now approaching 1 inch orders, but transaction volume is far from offsetting.
Mooniswap's daily trading volume is currently around US $ 5 million, which is about 1/10 of 1 inch V2.
The main objective of the current 1inch financing round is to expand the team (currently there are 28 people) and launch new products and new agreements.
Kunz said, "We will soon announce a product roadmap for the next two years, including a light and highly gas-efficient limit order agreement as well as an enhanced liquidity agreement."
Saving on gas has always been the coveted long 1 inch wish. In June this year, 1inch released Chi, the "future currency" for Ethereum gas charges. After nearly half a year of practical operation, 1inch says that the token can save half the user's gas costs. If these tokens are used during peak transaction fees the experience can be imagined.
The origin of the name Chi is quite interesting.
The name 1 inch comes from assassin Bruce Lee's fist, which is a short and strong 1 inch fist, denoting "the world of martial arts, only fast is not broken". 1inch hopes to use this name to reflect platform efficiency. Dan Chi, the Chinese name "Qi", is what the team believes is the basis of Bruce Lee's ability to strike an inch. Therefore, Chi, or a token that reduces gas costs, is an essential part of the user experience for 1 inch.
The reasons for the cost saving of Chi gas are very similar to those of storage tanks. For example, Dongting Lake serves as a storage tank for the Yangtze River. It can divert flooding when the Yangtze River is flooded, and can also be supplied when the Yangtze River is dry.
Chi is based on another upgrade of Ethereum's GasToken contract .
GasToken is basically an ERC20 Token that marks the cost of gas, allowing users to buy and sell directly. In normal times, when gasoline prices were low, users could purchase and store it properly, then use it when prices were abnormally high.
So, why can this GasToken be stored?
In smart contract development on Ethereum, gas consumption is determined based on your data storage in the chain.
When gas prices are low, Gastoken encourages users to create or print GST1 / GST2 tokens in contracts. Currently, Gastoken will use the funds provided by users to store data / create contracts at a lower cost. When gas prices skyrocket, users use or consume GST1 / GST2, and Gastoken gets network rewards, or gas refunds, by deleting data or contracts, thus realizing lower price gas consumption.
Chi is optimized based on the Gastoken GST2 version. Users can optimize transaction costs on the chain by casting when gas costs are low, and crushing when gas costs are high. Compared to Gastoken, Chi saves 1% of casting costs and increases efficiency by 10% during crushing.
Efficiency comparison between CHI and Gastoken, source: 1 inch
1inch has also built a tool for Chi that allows developers to integrate Chi into any contract with a few lines of code.
There are three ways for regular users to earn Chi, one by throwing directly into Etherscan, another using 1 inch of Chi Minter, and they can also be purchased immediately at 1 inch and Uniswap.
The price of Chi represents the trend of gas prices, as seen from the chart below, the price of Chi has dropped 85% compared to its peak. So, would you be willing to buy petrol at a low price if you needed it?
From the perspective of investment and currency speculation, Chi is a token that is issued and destroyed according to use, has no issuance restrictions and is closely related to gas prices, looking like a transparent market with other currencies. It's completely different, but what's even more interesting is that it's probably one of the few "gas" that can be fried.