On December 25th this Christmas, 1inch, a decentralized transaction aggregation platform, distributed gifts to its users with a wave of airdrops. According to the interaction activity with the platform, the amount of governance token 1INCH that users can receive varies.
A Weibo big V revealed that it received about 100,000 1 INCH through multiple wallet addresses. Based on the price of 2 US dollars after the asset went online, the big V received more than 1 million “red envelopes.”
“Sure enough, all the money comes from the wind,” a user expressed envy. Some users who have missed Uniswap and 1inch airdrops in succession began to plan ahead, rush to use other DeFi protocols, and lie on the way to the next “red envelope rain.”
Some players provided clues that users can select protocols that have not yet issued governance tokens according to the TVL (lock-up amount) ranking of projects on the DefiPulse website. “Generally speaking, the higher the TVL protocol, the more valuable governance tokens are. , The “red envelopes” issued are also bigger.”
1inch distributes token rewards to users according to the degree of interaction, making “use is king” the rule for obtaining DeFi “red envelopes”. The gameplay of “Red Envelope Rain” started from Uniswap, and then climaxed from 1inch. This method not only increased the distribution channels of governance tokens to the DeFi world, but also stimulated the potential traffic of DeFi applications.
From the data on the chain, after 1inch issued governance tokens, the number of active addresses increased significantly. The wealth effect is bringing traffic to it, and the rain of red envelopes has aroused users’ interest in DeFi applications and forced them to enter the application to experience it.
1inch airdrop and big V get a million yuan red envelope
Following Uniswap’s first airdrop management token UNI, the decentralized transaction aggregation platform 1inch.exchange also followed this model and distributed “benefits” to its own users.
On December 24, the rating agency ICO Drops was the first to capture 1inch’s dynamics. It stated on the social platform that it looks like 1inch is issuing governance tokens. The next day, the news spread by word of mouth from users and spread to external communities. “Come on for airdrop” became an eye-catching “slogan.”
A few hours later, participants confirmed the news of 1inch’s issuance and airdrop of governance token 1INCH. Some users who have received “money” posted screenshots on social media. Another action that has attracted attention is that the mainstream crypto asset trading platform began to list 1INCH.
At 9:15 am on December 25th, OKEx launched 1INCH; Huobi completed its listing at 10:55, and Binance opened the 1INCH trading market at 1 pm on the same day. Just like when UNI was launched last time, various exchanges not only competed for online speed, but also introduced incentives to attract the inflow of 1INCH and its users.
OKEx announced that all 1INCH trading pairs will implement a 0 handling fee discount within one month; Huobi has held a recharge reward event. Users who successfully recharge 1INCH from an external address to the platform will share a total of 20,000 USDT token rewards.
According to data from Huobi Global, after 1INCH opened at 0.1 USDT, it rose to 2.95 USDT, with a maximum increase of 2850%. The currency price is soaring. Whether it is 1inch users who are eligible for airdrops or curious investors, they are silently calculating the value of this red envelope.
On Huobi, 1INCH opened at 0.1USDT, with a maximum increase of 2850%
Official information shows that the total issuance of 1INCH is 1.5 billion. 30% of the total supply will be used to ensure network security and maintain its functions (unlocked in 4 years), and 22.5% will be distributed to the core team of 1inch and future employees (unlocked in 4 years) ); 21% for ecological construction (unlocked in 4 years, part of 1INCH is used for liquid mining plan); 19.5% is allocated to investors and shareholders (unlocked in 2.5 years); 5% is allocated to consultants (unlocked in 4 years); 2% is allocated to the early liquidity provider of Mooniswap, its automated market maker product (unlocked for 1 year).
For all wallets that have interacted with 1inch before 0:00 UTC on December 24th (8:00 on December 24th, Beijing time), as long as 1inch has been used to generate a transaction before September 15th, or at any time You can receive 1INCH if you generate at least 4 transactions, or use 1inch with a transaction amount of at least $20.
Judging from the airdrop receiving situation disclosed by multiple users, the amount of 1INCH received by each user is different. Someone claimed to have received 860 pieces, calculated at US$2 each, equivalent to RMB 11,180; Wan Hui, the founding partner of Primitive Capital, revealed on Weibo that she has about 50 addresses, with an average of 2,000 1 INCH each. Press 2. In US dollars, she can get a huge red envelope worth about 1.3 million yuan.
In the comment area, some users said “so sour”. Many people envied, “The strong wind blows over 1 million, making money is as easy as breathing.”
Red envelope rain drainage users’ enthusiasm for “treasure hunting” surges
Compared with Uniswap’s method of airdropping 400 UNIs to each eligible address, 1inch divides the distribution weight based on the user’s interactive activity, and gives more rewards to active users.
Another sudden wave of “heavenly windfall” caused many investors who did not get the airdrop to break their thighs. On December 26, 1inch introduced 6 liquid mining pools, pairing the governance token 1INCH with ETH, DAI, WBTC, USDC, USDT, and YFI. Users can obtain 1INCH by providing liquidity, which adds to users An entrance to obtain governance tokens.
1inch liquidity mining page
Others have summed up their experience and lessons, claiming that they are ready to use the DeFi protocol that has not yet issued governance tokens, in order to catch up with the next wave of “red envelope rain.” Someone has posted a notice that users can use the decentralized aggregation exchange Matcha, the decentralized leveraged exchange dYdx, DeFi asset management platform InstaDapp and other projects to conduct a “treasure hunt”.
Some players also gave an ambush clue that users can choose an agreement that has not yet issued governance tokens for interactive experience based on the TVL (lock-up amount) ranking of the project on the DefiPulse website. “Generally speaking, the higher the TVL agreement, the more valuable governance tokens, and the greater the red envelopes issued.”
From Uniswap to 1inch, the form of distribution of DeFi protocol airdrop governance tokens has stirred up waves of users exploring and participating in DeFi. Insiders believe that this tradition is likely to continue and become another major feature of the DeFi world.
In fact, although airdrops look like money, they actually bring great exposure to the project, which in turn stimulates the influx of traffic.
According to Etherescan data, as of 3 pm on December 25, a total of 8041 addresses held 1INCH, an increase of 89% from the previous day. According to the user tracking of 1inch V2 (including early 1inch) by DappRadar, the average number of addresses interacting with 1inch in a single day this year is about 485, and the peak value of interactive addresses in a single day is about 1523. The overall transaction frequency is not high. But after the issuance of 1INCH, the data has been significantly improved. According to the operation rules of other agreements, it is predicted that the number of users will further increase after the liquidity mining starts.
The DeFi protocol airdrop governance tokens have formed an obvious “carrying stock” effect. As DeFi itself also has the characteristics of Lego combination, the traffic growth of a single project is conducive to bringing users to other agreements. Judging from the reaction of investors who missed the airdrop, FOMO sentiment is accumulating, and the successive red envelopes have forced users to enter the DeFi world to a certain extent, which has promoted the expansion of DeFi funds.
This airdrop carnival also revealed the demand and flow of DeFi protocols. And users also understand a truth, “use is king” is the rule to get “red envelope”. Under this rule, no matter how large the amount of funds is, if the DeFi protocol is not used, it will not be the first to seize the protocol’s governance token dividend. Without governance tokens, there will be no governance rights.
After the last wave of heat wave of DeFi, it has caught up with the new long-term of the encrypted asset market, and it seems that the imagination of the market is growing. Honeycomb Finance also reminds participating users that when FOMO sentiment increases, the safety audit and systemic risk assessment of the project still cannot be relaxed.
