1inch launches new liquidity mining program
1inch Liquidity Protocol will also be upgraded to version 1.1, improving the governance procedure.
We are excited to announce a new liquidity mining program, which is coming alongside an upgrade of 1inch Liquidity Protocol to version 1.1.
The five following pools will participate in the new liquidity mining program, which starts on January, 9, midnight (00:00 UTC):
Under the new program, another 1% of the 1INCH token total supply will be distributed among providers of liquidity to the above pools in equal shares. The program will run for one month.
Meanwhile, 1inch’s previous liquidity program is successfully coming to an end, and, as of January, 7, its participants have collected as much as 7.5M 1INCH tokens, which corresponds to an average APY of 300%.
Simultaneously, the distribution of governance rewards has been in progress for about two weeks, with roughly 632k 1INCH tokens paid out to date.
The liquidity mining program is being launched alongside an upgrade of 1inch Liquidity Protocol to version 1.1.
At some point, we noticed a minor irregularity in the older version of 1inch Liquidity Protocol, which might have an impact on vote counting in DAO governance. In version 1.1, this has been fixed to make sure that all governance votes are counted correctly.
As the new protocol version will have new liquidity pools and liquidity mining contracts, to participate in the program, users will have to withdraw their assets from the previous incentive programs and migrate them to 1inch Liquidity Protocol version 1.1.
First, users should withdraw LP tokens from the previous liquidity mining program. See the example below:
- ‘Deposit’: stake LP tokens, received for providing liquidity to a specific pool.
- ‘Claim’: collect a reward in 1INCH tokens for liquidity mining.
- ‘Withdraw’: withdraw all or part of your LP tokens from liquidity mining.
- ‘Exit’: collect the liquidity mining reward in 1INCH and all your LP tokens in a single transaction.
To help you migrate LP tokens that have been withdrawn from the previous liquidity mining program to 1inch Liquidity Protocol version 1.1, we offer you migrators — sort of gateways allowing users to migrate their assets to the protocol’s new version using swap transactions.
To migrate your assets to the new version of the liquidity protocol in just one transaction, go to the 1inch swap interface, choose Liquidity Pool v1.0 of a specific pool in the ‘You Pay’ window. In the ‘You Receive’ window, choose Liquidity Pool v1.1 of the same pool. Don’t forget to take into account a potential transaction fee, so, you should have enough ETH available in your wallet. Click the ‘Swap’ button.
Migrators from Mooniswap, as well as Uniswap and SushiSwap will be available for users who want to migrate to 1inch Liquidity Protocol v1.1 from other protocols.