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1inch Token Launched, Exchange Warns of “Scam” Airdrops

1inch Exchange Launches Token, Warns of “Scam” Airdrops
  • 1inch launched its own native token after a successful $12M funding weeks ago.
  • Also, 1inch launched a liquidity mining program for 6 pools from December 26.
  • However, the team has warned the DeFi community regarding “scam” airdrops.

Decentralized exchange (DEX) aggregator 1inch launched its own native token 1INCH following a successful $12M funding earlier this month. According to the announcement, 1INCH will function both as a governance and utility token.

Users who used the 1inch platform before December 24 have started receiving the token. However, they need to have made at least one transaction before September 15. If not, then they need to have recorded at least 4 trades or that which totaled at least $20.

The team assured the community:

This is the first iteration of 1inch governance. The more users that are onboarded, the more efficient and transparent the governance process will become.

Aside from the token launch, 1inch also launched a liquidity mining program for 6 pools from December 26. Namely, these are 1INCH-ETH, 1INCH-DAI, 1INCH-WBTC, 1INCH-USDC, 1INCH-USDT, and 1INCH-YFI. Additionally, users can get 1INCH by providing liquidity to these said pools.

However, the team has warned the DeFi community regarding heinous activities including “scam” airdrops. Apparently, users will only receive 1INCH based on the methods mentioned above.

1INCH has a current total supply of 1,500,000,000 tokens. It recently gained buzz after Binance immediately listed it on its exchange. At the time of writing, each 1INCH token is worth $1.44, according to CoinGecko.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.