1inch Network DeFi All you need to know

The 1inch Foundation compensated gas costs to 1inch dApp users in August

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by 1inch Network

• 1 min read

The 1inch team is thrilled to announce that gas cost refunds for those who used the 1inch dApp on Ethereum in August have been successfully paid out.

A total of 155,500 1INCH tokens has been transferred to the smart contract to be claimed by users who met all the conditions of the gas cost refund program. Here you will find step-by-step instructions on how to claim your tokens as the August gas cost compensation.

How to get a gas cost refund in September

If you missed the opportunity to get a gas cost refund in August, you can still qualify for it in September.

Earlier, the 1inch Foundation announced the distribution of 10 mln 1INCH tokens to the DeFi community as gas cost refunds. The program will run until this amount is fully distributed and remains live in September.

To get a refund, you need to stake 1INCH tokens. The amount of staked 1INCH tokens is also important as:

  • the staking of 100 1INCH enables users to get a 25% gas refund;
  • the staking of 1,000 1INCH enables users to get a 50% gas refund;
  • the staking of 10,000 1INCH enables users to get a 75% gas refund;
  • the staking of 100,000 1INCH enables users to get a 100% gas refund.

Here is a step-by-step guide on how to stake your 1INCH tokens from the desktop client, and here are instructions for iOS app users.

In addition to staking 1INCH, you need to meet the following requirement: only transactions with the ‘slippage tolerance >= 1%’ option selected in the 1inch dApp (either web or iOS versions) are eligible for refunds.

You can read more about the gas refund program in our recent blog post.

The Sep. 6 update of the refund program’s rules:

  • There is no longer a requirement regarding slippage tolerance.
  • In addition, gas refunds now apply to several more types of transactions: token approve, provide and remove liquidity, claim refunds and rewards, staking and limit order cancellation.

Now go and claim your gas cost refunds!

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