The 1inch.exchange protocol, a platform that consolidates decentralized exchanges and provides its own automated market maker, discards a new supply of its 1INCH tokens.
The Airdrop follows the first generation of the new Christmas tokens that were distributed to previous users of the aggregator. A common point of contention for the first airdrop was the exclusion of Mooniswap users and liquidity providers as the project’s AMM platform was replaced with a built-in 1-inch liquidity log.
The new Airdrop, which was already delivered at 5:00 p.m. UTC, will distribute tokens retrospectively to everyone who interacted with Mooniswap before December 24th. Approximately 4.8 million tokens will be distributed to 9,094 users of Mooniswap. This equates to 527 1 INCHES worth approximately $ 3,000. Another 3.57 million tokens were given out to 1,308 participants in a previous liquidity mining program in November. Eventually, 310,000 tokens were delivered to limit the number of order users and another 375,000 to users of smart contract wallets like Argent, Authereum, Gnosis, and Pillar – as long as they would have been eligible for first aviation if they had used regular wallets.
Ultimately, the project distributed 6 million 1-INCH tokens to particularly active Uniswap traders. To receive the Airdrop, traders must have interacted with Uniswap in at least 20 different days and have made at least three trades in 2021. In addition, the wallets must not have interacted with either 1 inch or Mooniswap in the past.
According to a 1-inch spokesperson, there are roughly 25,000 such addresses, each entitled to 240 tokens or $ 1,350 at current prices. The Airdrop wants to entice active Uniswap dealers to try 1 inch, the spokesman said. In order to claim the Airdrop, these users will need to connect their wallet to the protocol to familiarize them with the interface.
Airdrops for users of other protocols are not a new concept. BadgerDAO’s Airdrop, for example, gave tokens to DeFi power users – governance participants in various protocols, as well as to Minters and users of various Bitcoin (BTC) wrappers on Ethereum.
Normally, these air drops should properly sow the first token supplies so that only active participants in DeFi receive them. The air drop running through by 1 inch now has a specific purpose: to steal some Uniswap users.
Uniswap is no stranger to other protocols trying to undermine it. SushiSwap was born in an attempt to steal Uniswap liquidity as its income farming program specifically required the use of Uniswap pool tokens. The idea was that Uniswap liquidity providers would automatically migrate to SushiSwap, although in the end most of the capital economy SUSHI was brought by outsiders and the “vampire attack” probably strengthened Uniswap.
It is widely believed that the UNI drop of air that popularized the concept of rewarding previous users for basic actions was a response to the unsuccessful attack by SushiSwap. In an ironic twist of fate, Uniswap’s Airdrop game book is now being used against it by another competitor.