The 1inch Foundation extends the gas refund program
The 1inch Foundation has decided to continue to compensate gas costs to the 1inch DEX aggregator’s users.
It’s been a while since the 1inch Foundation announced the distribution of 10 mln 1INCH tokens as gas consumption refund to Ethereum users who are staking 1INCH through the 1inch dApp. This activity became quite popular among users:
- over 30% of the past week’s swaps are eligible for refund;
- each month, roughly 1 mln 1INCH tokens were distributed as gas refunds;
- 86% of 1INCH tokens slated as gas refund have already been claimed.
Based on the above, the 1inch Foundation decided to allocate another 10 mln 1INCH tokens to continue the program. The terms remain as follows:
- staking of 100 1INCH allows users to get a 25% gas refund;
- staking of 1,000 1INCH allows users to get a 50% gas refund;
- staking of 10,000 1INCH allows users to get a 75% gas refund;
- staking of 100,000 1INCH allows users to get a 100% gas refund.
The new refund program will run until the 10 mln 1INCH mark is reached. Also, to be eligible for monthly gas refunds, a 1inch user needs to stake 1INCH for the entire period between their first swap of the month and the day of the gas refund distribution.
The maximum amount of gas refund to one person is limited to $10K in 1INCH tokens per month. Any attempts to surpass this limit will be monitored and penalized by excluding all wallets involved in the fraud activities from the program.
Finally, do not forget to claim your 1INCH tokens every month: take a look at our short how-to article in the Help Center. Basically, all you need to do is click “Claim” here:
The July 20, 2022 update of the refund program’s rules:
Please, note that only transactions made through the 1inch dApp (either web or mobile iOS/Android versions) are eligible for refunds. Any use of automated tools for swaps is not allowed.
Stay tuned for more exciting announcements and updates from the 1inch Network!