Pantera Capital funded 1inch launches Ethereum based DeFi token

  • DeFi platform 1inch has introduced a new governance and utility token 1INCH.
  • In doing so, the 1inch token will drive both the platform’s market maker protocol and DEX aggregator.

The DeFi market is one of the fastest growing areas of the crypto market. As of press time, there is more than $13.43 billion tied up in Ethereum DeFi applications. The historic all-time high could be reached on December 20, 2020, with a value of $14.06 billion. Analysts like Josh Rager have pointed out many times in the past that the DeFi market will be the future of the new financial system, which every investor should be sufficiently aware of.

1inch releases governance and utility token

A new project or token which could make a splash is 1INCH. The token will be used for the platform’s automated market maker protocol, as well as for its decentralized exchange aggregator service. According to the official announcement, the “Aggregation Protocol” governance module will allow stakers to vote on the distribution of spread surplus coins. These arise when the final price of a transaction carried out by the aggregator service is significantly larger than the one confirmed by the user.

Surplus coins are converted into 1INCH tokens via the “1inch Liquidity Protocol,” formerly known as “Mooniswap.” By using the Aggregation Protocol, stakers can, for example, vote on the swap fee, price premium fee, governance reward, or referral reward. In addition, a liquidity mining program will be launched for 6 new pools where 1INCH tokens can be generated using ETH, DAI, WBTC, USDC, USDT and YFI. Token supply will be 1.5 billion 1INCH, 30% of which is earmarked for community incentives over the next 4 years. 14.5% is reserved for the development fund, which will also be unlocked step by step over the next few years.

Pantera Capital on the Ethereum-based DeFi project

1Inch raised more than $12 million earlier this month in a funding round led by Pantera Capital. Pantera states that they see great potential in 1Inch and that the project will revolutionize the decentralized finance world. In particular, it is expected to greatly improve liquidity for connected decentralized exchanges and traders:

…with hundreds of DEXes and AMMs in the market, liquidity has fragmented across the digital asset ecosystem. For traders, this means that selecting the right DEX or AMM could have considerable impact on the prices of the selected token pair. On top of that, each DEX or AMM only covers a specific set of crypto pairs, and individual DEXes tend not to be interoperable with each other. Ultimately, traders are left craving a better solution.

1Inch has grown rapidly since its official launch last year in May and is now the third largest decentralized platform by trading volume (13.9%) behind Curve (14.3%) and Uniswap (39.6 market share). Cumulative trading volume since last year to date is more than $7 billion. In the last 24 hours, trading volume was just under USD 177 million.

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