As part of the gas cost recovery program, the 1inch decentralized exchange aggregator will distribute 10 million 1INCH tokens to users of DeFi applications.
As stated by 1inch, on the first day of each month, users of the protocol will be partially refunded gas costs in 1INCH tokens. The first refunds will be made at the end of July and will last until the end of August.
High gas prices are an Ethereum problem that 1inch Network is trying to solve. The reimbursement program was offered by members of the 1inch community. Protocol users can participate in the program, blocking 1INCH tokens for staking for the entire period between the first swap.
Users who block 100 1INCH will receive a refund for gas in the amount of 25%, those who blocked 1,000 1INCH – in the amount of 50%, 10,000 1INCH – 75%, and if they block 100,000 1INCH, users can expect to receive 100% refund of gas costs.
In April, 1inch released an Apple iOS wallet that will give users the ability to transact on Ethereum and Binance Smart Chain. In February, it became known that the 1inch decentralized exchange aggregator would be launched on the Binance Smart Chain, and last December, 1inch launched a token to manage the protocol.
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