$84 Million airdropped by 1inch exchange to the Crypto Community.
The decentralized exchange collector tries to attract business from Uniswap, a competitor to one of 1inch’s services.
Just around the Lunar New Year, a decentralized exchange collector 1inch Exchange distributes free crypto once again in another seasonal marketing drive. The recent drop will distribute 6 million 1inch tokens to Uniswap users and $9 million to its community. Today, the token’s price is about $5.6, so the airdrop is around $84 million.
The 1inch Foundation, the nonprofit that supervises the project, stated that it would distribute 6 million 1inch tokens to Uniswap traders – those who have neither used 1inch nor its decentralized exchange, Mooniswap.
There are a couple of cautions: the 1INCH tokens will go to people who have traded on Uniswap for at least 20 days and have placed at least three trades this year. Bots are not allowed.
It’s a marketing drive, according to Sergej Kunz, 1inch co-founder and CEO, in a statement.
1inch is connected to different decentralized exchanges and decentralized finance protocols. Every protocol charges additional fees, and it’s confusing for users to work out how to acquire the best deal; 1inch reroutes its users’ trades to several protocols to try and get the best price.
1inch will also distribute more tokens to trades who slipped through the cracks in 1inch’s past airdrop in December: some 9 million 1inch tokens, worth around $50.4 million.
The Christmas airdrop is more extensive: 90 million 1inch, now worth about $504 million. But some wallets and liquidity pools weren’t eligible for the surprise airdrop, and now 1inch wants to set things right.
Conditions for receiving 1INCH tokens are still the same: at least one trade on 1inch before September 15, 2020, at least four trades, and a total trade value of $20.
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