The 1inch Foundation will distribute 10 mln 1INCH to the DeFi community as gas cost refunds
The 1inch Foundation has made a decision to compensate gas costs to the 1inch DEX aggregator’s users.
The 1inch team is thrilled to announce that on September 1, 2021, the 1inch Foundation will begin the distribution of 10 mln 1INCH tokens as gas consumption refund to Ethereum users who will stake 1INCH through the 1inch dApp. Initially, the idea of such a gas refund program was proposed by the 1inch community members through the 1inch Network’s governance forum.
The spent gas amount will be refunded in 1INCH tokens at the beginning of each subsequent month. The first refund distribution for the end of July and August staking will take place on September 1. The 1inch Foundation has developed a simple system: to be eligible for monthly gas refunds, 1inch users need to stake 1INCH for the whole period between the first swap in a month to be taken into consideration and the day of the gas refund distribution itself. The amount of staked 1INCH tokens is also important as:
- 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 current refund program will run until the 10 mln 1INCH mark is reached. Please, note that only transactions with such parameters as ‘fast gas price’ and ‘slippage tolerance >= 1%’ chosen in the 1inch dApp (either web or iOS versions) are eligible for refunds.
The Aug. 5, 2021 update of the program’s conditions following the EIP1559 activation:
Since the fee model has been changed, only the base fee amount is subject to refund. The gas price lower or equal to “fast” is not a restriction anymore*.
Moreover, the violation of community rules by increasing the activity of unscrupulous users will result in automatic disqualification.
The Sep. 6, 2021 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.
The Oct. 5, 2021 update of the refund program’s rules:
The 1inch Gas Refund Program now covers failed swaps.
The Nov. 4, 2021 update of the refund program’s rules:
The maximum amount of gas refund to one person is limited to 25K 1INCH tokens per month.
The May 7, 2022 update of the refund program’s rules:
The maximum amount of gas refund to one person is limited to $10K in 1INCH tokens per month.
Stay tuned for more exciting announcements and updates from the 1inch Network!