BancorDAO Whitelist 1INCH Proposal (2nd try)
This proposal is expected to appear on Snapshot for voting on Monday 31st May 2021 at 4:00 pm UTC.Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
TL;DR
- Proposal to whitelist 1inch Exchange 1INCH.
- Initial Co-investment of 200,000 BNT.
- There are no apparent security concerns that would prohibit whitelist status.
- There is no reason to doubt the legitimacy of the 1INCH project. The team is identified, co-founders are Anton Bukov and Sergej Kunz.
- The benefit to Bancor is clear. A 1INCH pool will bring trading volume and awareness to Bancor.
1INCH token address: 0x111111111117dc0aa78b770fa6a738034120c302
Project Website: https://app.1inch.io/
Top DEX pool is 1INCH / USDC on Uniswap with a $3.26m liquidity. A co-investment of 200k BNT would allow for a pool with around half the liquidity.
Token Security
1INCH does not have an elastic supply, or rebase mechanism. The 1INCH ERC-20 contracts do not have permissions that grant administrators unrestricted mint/burn capabilities.
1INCH is a capped-supply token with a total supply of 1.5 billion tokens and circulating supply of 167,512,372.31 1INCH. The top 15 contracts and addresses with the highest concentration of 1INCH tokens are the token vesting contracts, Binance, Houbi, OKEx and KuCoin wallets, and a wallet with 0.1107%.
Project
1inch is a decentralized exchange DEX aggregator, connecting several DEXes into one platform to allow its users to find the most efficient swapping routes across all platforms. In order for a user to find the best price for a swap, they need to look at every exchange — DEX aggregators eliminate the need for manually checking, bringing efficiency to swapping on DEXs.
DEX aggregators work by sourcing liquidity from different DEXes, meaning that they are able to offer users better token swap rates than they could find on any single DEX, in the shortest time possible.
1inch launched in August 2020 after a $2.8 million funding raise from Binance Labs, Galaxy Digital, Greenfield One, Libertus Capital, Dragonfly Capital, FTX, IOSG, LAUNCHub Ventures and Divergence Ventures.
In December 2020, 1inch raised another $12 million in Series A funding, led by Pantera Capital, with others including ParaFi Capital, Blockchain Capital, Nima Capital and Spartan Group. The funding round was conducted through a SAFT sale (simple agreement for future tokens).
In December 2020, 1inch launched its 1INCH governance token, and the 1inch Network began to be governed by a decentralized autonomous organization (DAO).
Tokenomics
The 1inch token launch was announced in August 2020. According to Kunz, “the 1INCH tokens are not intended to be securities […] or an investment. The 1INCH tokens are intended to be used for their consumptive purposes on the 1inch Network, the 1INCH token protocols, and other applications that third parties may develop utilizing the 1INCH tokens and/or the permissionless blockchain-based decentralized 1inch Network."
The 1inch token is used to stake and participate in the governance of 1inch protocols by all holders.
The circulating supply on 1inch as of its release day on Dec. 25, 2020 is 6 percent of the total issuance, as well as .5 percent for the first two weeks of the liquidity mining program. The current total supply of 1INCH is 1.5 billion tokens.
Of the total token supply, 30 percent was allocated to community incentives, and they will be passed out over the next four years in order to create an incentive for community members to be involved in protocol governance.
Over a four-year period as well, 14.5 percent of the total supply will make up the protocol growth and development fund, used to issue grants, bring on developers and repay any users due to unforeseen circumstances.
Community and Communication
1INCH is active on Reddit , Discord and Telegram. The 1INCH team also operates official Twitter, Youtube, LinkedIn and Medium accounts. Github activity is frequent.
The team’s official e-mail contact is [email protected].
Available Audits
The 1INCH ERC-20 token contract is a standard OpenZeppelin contract. The 1INCH contracts have been audited by Hacken, Certik and others.
Market and Trading Data
- 1INCH’s price at the time of writing is $2.77.
- All-time high: $7.84 (8th May 2021).
- All-time low: $0.767785 (29th December, 2021).
- Price 90 days ago: $4.53.
- 167,512,372.31 tokens in circulation.
- 1,500,000,000 maximum supply.
- The current market capitalization is $464,262,418.
- The 1INCH token is available on major exchanges, including Binance, Coinbase, Houbi, OKEx, Kucoin, Uniswap and Sushiswap.
- The 24-hour spot volumes range from $15,332 (SushiSwap) to $146,627,274 (Binance).