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DeFi platform 1inch Rolled Out Governance And Utility token

By Jenny Aurora | January 6, 2021
G20 Established Regulatory Foundation for Accepting Crypto Payments

The developers design the DeFi platform 1inch is reportedly making a governance and utility token available, which is eligible for both its  automated market maker protocol, and DeFi exchange aggregator service. 

Specifically, the “Aggregation Protocol” governance module will reportedly support voting features, regarding distribution of Spread Surplus coins, for stakers. 

The coins are reportedly generated as soon as the final rate for a transaction confirmed by the user is less than the ones undertaken via the aggregator service. 

The proceeds are reportedly divided between the referrer and the governance reward, where the DAO will be tasked with selecting the proportion dedicated to each. Previously, the governance reward will be set to zero.

The conversion for Spread surplus coins into 1INCH tokens will reportedly be carried out through the 1inch Liquidity Protocol, which was initially referred to as Mooniswap. 

The “Liquidity Protocol” governance module will reportedly enable voting features across major protocol parameters for stakers and liquidity providers. These reportedly cover price impact fee, swap fee, governance reward, referral reward and decay time.

The governance for numerous of these parameters will reportedly be conducted on an individual liquidity pool basis, whereas others, and default values, will apply to all pools.

Furthermore, a liquidity mining program will reportedly be rolled out for 6 new pools, pairing the 1INCH tokens with ETH, DAI, WBTC, USDC, USDT and YFI.

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