The exchange has been rolling out a number of new features including gas refunds of up to 100% for users who stake 1INCH tokens.
This marks a highly successful period for the exchange with a number of positive developments helping to drive the platform forward. 1INCH token has recently listed on on Kraken and the site has rolled out a new graphical user interface for token swap functionality.
The company has also rolled out a scheme which allows users to receive a 100% refund on gas fees spent on the exchange.
“…to be eligible for monthly gas refunds, 1inch users need to stake 1INCH for the whole period between the first swap in a month to be taken into consideration and the day of the gas refund distribution itself.” 1inch explained in a Medium post on July 27th.
These potential catalysts can help explain why 1Inch has dominated CoinMarketCap’s trending list and rallied 34% over 7 days.
The amount that users can expect to receive as a refund will depend on the amount of 1INCH staked, with refunds also paid out in 1INCH tokens.
Staking of 100 1INCH tokens allows users to get a 25% gas refund
Staking of 1,000 1INCH tokens allows users to get a 50% gas refund
Staking of 10,000 1INCH tokens allows users to get a 75% gas refund
Staking of 100,000 1INCH tokens allows users to get a 100% gas refund
The refund program will last until 10M $1INCH mark is reached.
What is 1inch?
1inch is a Decentralized Exchange (DEX) and aggregator that provides the best rates by discovering the most efficient swapping routes across all leading DEXes. 1inch operates on both the Ethereum and Binance Smart Chain. Trading on 1inch utilizes liquidity across multiple exchanges to reduce slippage and provide users the best price available.
Where to find 1inch:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.