The 1INCH governance token, launched by the decentralized exchange aggregator 1inch, has officially been released. If you interacted with the 1inch platform before a specific deadline, you might be eligible to claim these tokens. This guide explains the eligibility criteria and provides clear instructions on how to check and claim your tokens.
Understanding the 1INCH Token Airdrop
The total initial supply of the 1INCH token is 1.5 billion. The airdrop was designed to reward early and active users of the 1inch protocol.
To be eligible, your wallet must have interacted with the 1inch exchange before UTC midnight on December 24th (8:00 AM Beijing Time, December 24th). Furthermore, you had to meet at least one of the following three conditions:
- You conducted at least one transaction on the platform before September 15th.
- You conducted a total of four or more transactions on the platform.
- Your total transaction volume on the platform was at least $20.
If you meet these criteria, your wallet is eligible to receive a certain amount of 1INCH tokens.
Step-by-Step Guide to Claiming 1INCH Tokens
Follow these steps to check your eligibility and claim your tokens.
1. Connect Your Wallet
Navigate to the official 1inch exchange website. Click on the "Connect Wallet" button located in the top right corner of the interface. You will then be prompted to select and connect a supported Web3 wallet, such as MetaMask, WalletConnect, or others.
2. Check for Token Eligibility
Once your wallet is successfully connected, click on the 1inch logo on the website. This action will open a drop-down menu or a new page. Look for and click the "Check" button. The system will then verify your wallet address against the eligibility criteria.
3. Claim Your Tokens
If you are eligible, the interface will display the amount of 1INCH tokens you can claim. You will then see a "Claim" button. Click this button and confirm the transaction in your connected wallet, which will include paying the associated network gas fee. After the transaction is confirmed on the blockchain, the tokens will be sent to your wallet.
The Role of the 1INCH Governance Token
The 1INCH token is primarily a governance token, giving holders a say in the future development and parameters of the 1inch protocol. Governance is exercised through two main modules:
- Pool Governance: This allows stakeholders to vote on parameters specific to individual liquidity pools. These parameters include transaction fees, price impact fees, and the decay period for swaps.
- Factory Governance: This governs parameters that are shared across all liquidity pools on the platform. This includes default swap fees, default price impact fees, default decay periods, referral rewards, and the rewards distributed for participating in governance.
Staking 1INCH tokens in the governance module grants users voting power to influence these settings.
Frequently Asked Questions
What if I interacted with 1inch but didn't get any tokens?
The airdrop had strict eligibility requirements based on interaction time and usage (number of transactions or total volume). If your wallet activity did not meet at least one of the three specified conditions before the deadline, you would not be eligible for the initial airdrop.
What can I do with my 1INCH tokens after claiming them?
Beyond holding, your primary use for 1INCH tokens is to participate in platform governance by staking them to vote on proposals. You can also trade them on various supported centralized and decentralized exchanges.
Are there any risks to claiming the tokens?
The main risk is the cost of the gas fee required to process the claim transaction on the Ethereum blockchain. Always ensure you are on the official 1inch.exchange website to avoid phishing scams.
How is the value of the 1INCH token determined?
Like most crypto assets, its value is determined by market supply and demand on exchanges. Initial price discovery began once the token was listed on major trading platforms.
Can I still qualify for an airdrop if I missed this one?
This specific airdrop was a one-time event for early users. However, the 1inch protocol and other DeFi projects often have ongoing liquidity mining or future incentive programs. 👉 Explore more strategies for finding potential airdrop opportunities.
Where can I securely trade or hold my 1INCH tokens?
After claiming them to your personal wallet, you can choose to self-custody or move them to a reputable exchange that supports 1INCH trading pairs for liquidity. Always prioritize security when selecting a platform.