The extended gas refund program is now available to yet more users
The 1inch Foundation maximizes the accessibility of the gas refund program by eliminating the entry barrier related with 1INCH staking and compensates for July in accordance with the expanded terms.
The 1inch Foundation is happy to share the expansion of the 1inch Gas Refund program. Compensation is available to all users who swap tokens on the Ethereum network through the 1inch dApp or iOS/Android mobile versions. Since the moment, the 1inch Foundation distributed the first 10 mln 1INCH tokens as gas refund, the basic principle of meeting the program requirements applied to users who have staked from 100 1INCH tokens.
Extended terms of the 1inch Gas Refund Program make it accessible to all users who completed transactions on Ethereum, enabling them to get the reward. Now 1inch users will benefit from the program regardless of staking less than 100 1INCH tokens. To get a 5% gas refund, users don’t need to stake at all.
The 1inch Gas Refund program expansion has boosted its popularity as more and more users embrace the terms and requirements while claiming for gas compensation. The number of participating users’ wallets has increased to 34,939, which exceeds 26 times an amount before the terms’ current update.
The terms update as follows:
- users staking zero 1INCH receive a 5% gas refund;
- users staking any amount less than 100 1INCH receive a 10% gas refund;
- users staking 100 1INCH or more receive a 25% gas refund;
- users staking 1,000 1INCH or more receive a 50% gas refund;
- users staking 10,000 1INCH or more receive a 75% gas refund;
- users staking 100,000 1INCH or more receive a 95% gas refund.
Note that the point related to a 95% gas refund for staking of 100,000 1INCH applies only to tokens staked in August.
Another handy improvement is opening users’ access to detailed information about the compensation amount and the number of awarded transactions performed since June 2022.
How to get the gas refund for July
The 1inch Foundation has already compensated the gas cost of transactions executed in July. Users will receive a refund according to the following program policy:
- the staking of zero 1INCH yields a 5% gas refund;
- the staking of less than 100 1INCH yields a 10% gas refund;
- the staking of 100 1INCH yields a 25% gas refund;
- the staking of 1,000 1INCH yields a 50% gas refund;
- the staking of 10,000 1INCH yields a 75% gas refund;
- the staking of 100,000 1INCH yields a 100% gas refund.
One of the major conditions for the program compliance is to perform transactions on Ethereum only through the 1inch dApp or iOS/Android mobile versions.
Gas compensation is limited to $10,000 in 1INCH tokens monthly per person. Using automated exchange tools through the mentioned interfaces is prohibited. Wallets that violate the terms of the program will automatically be excluded from the compensation.
The compensation category is determined for each transaction by the minimum value of two parameters. The first one includes the number of staked 1INCH tokens at the transaction moment. The second shows a permanent balance of staked 1INCH tokens starting from the transaction moment until the end of the month.
After meeting the easy requirements of the program, users only have to claim a refund with a single click. A step-by-step guide will help you benefit more by staking 1INCH tokens.
Stay tuned for more exciting announcements and updates from the 1inch Network!