1inch (1INCH) has rewarded the loyalty of its users by giving them tokens worth 100 million US dollars for Christmas. But that wasn’t a reason to celebrate for everyone.
The Decentralized Finance (DeFi) project 1inchis an aggregator for decentralized exchanges (DEX). The decentralized exchange uses smart contracts and splits a single transaction across several exchanges. Simply put, the platform uses the liquidity of a large number of decentralized exchanges and thereby optimizes trades.
In the past three months alone, the capital that has flowed through 1inch’s aggregator has exceeded a daily trading volume of over 100 million US dollars several times
The 1inch team announced on December 25ththat it will distribute a total of 90 million 1inch tokens to users of the Bitcoin System platform.
The initial token offer is therefore six percent, as there are a total of 1.5 billion 1-inch tokens that are gradually coming onto the market. Just like DEX Uniswap , 1inch wants to promote the decentralization of the project through the airdrop.
DeFi project 1inch causes Ethereum fees to skyrocket
As a result of the air drop and the associated token claiming process, the Ethereum transaction fees shot up.
The 1inch airdrop is one of the events that most influenced Ethereum fees this year
They now have over 30,000 walletsOver 70 million 1-inch tokens claimed, which are currently equivalent to more than 80 million US dollars. Only 21 percent of those eligible for Airdrop have not yet withdrawn their tokens. Here you can find out whether your wallet was also eligible for an airdrop.
A 23 year old German misses $ 1.8 million
But not everyone was happy about the airdrop. The German DeFi user Timo Haring tells on Twitter that he tried to create over 500 Metamask wallets in the run-up to the airdrop in order to qualify for the airdrop. To do this, he completed a transaction at 1 inch with every single wallet. However, not a single one of the wallets received authorization for the Airdrop. That was because the transaction amount he traded on 1inch was too low.
If @timoharings had only used $ 20 instead of $ 17 per trade, it would now have been $ 1.8 million richer. Total Haring during his project on the DeFi platform for its own account Paid $ 8,000 in Ethereum transaction fees.
He carried out every single transaction on the 500 Metamask wallets manually and expected a total return of 250,000 US dollars.