1inch Launches New Liquidity Mining Program and Releases Liquidity Protocol 1.1

1inch is excited to announce a new liquidity mining program, which is coming alongside an upgrade of 1inch Liquidity Protocol to version 1.1 with improved governance procedure.

The five following pools will participate in the new liquidity mining program, which starts on January, 9, midnight (00:00 UTC):

• ETH – 1INCH
• ETH – DAI
• ETH – USDC
• ETH – USDT
• ETH – WBTC

Under the new program, another 1% of the 1INCH token total supply will be distributed among providers of liquidity to the above pools in equal shares. The program will run for one month.

Meanwhile, 1inch’s previous liquidity program is successfully coming to an end, and, as of January, 7, its participants have collected as much as 7.5M 1INCH tokens, which corresponds to an average APY of 300%.

Simultaneously, the distribution of governance rewards has been in progress for about two weeks, with roughly 582k 1INCH tokens paid out to date.

The liquidity mining program is being launched alongside an upgrade of 1inch Liquidity Protocol to version 1.1.

At some point, the 1inch team noticed a minor irregularity in the older version of 1inch Liquidity Protocol, which might have an impact on vote counting in DAO governance. In version 1.1, this has been fixed to make sure that all governance votes are counted correctly.

As the new protocol version will have new liquidity pools and liquidity mining contracts, to participate in the program, users will have to withdraw their assets from the previous incentive programs and migrate them to 1inch Liquidity Protocol version 1.1.

To help you with that, 1inch offers migrators – sort of gateways allowing users to migrate their assets to the protocol’s new version using swap transactions. Migrators from Mooniswap, as well as Uniswap and SushiSwap will be available for users who want to migrate to 1inch Liquidity Protocol from other protocols.

About 1inch

1inch is a decentralized exchange aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXs. Smart contract technology empowers this aggregator enabling users to optimize and customize their trades. Launched in May 2019 by Sergej Kunz, CEO, and Anton Bukov, CTO, 1inch has surpassed $9B in overall volume in just over 18 months. In November 2020, 1inch was updated to version 2 (intro video) which major highlights are Pathfinder, an API that contains a new discovery and routing algorithm, and an intuitive, user-friendly UI. In December 2020, the 1inch team released its upgraded Liquidity Protocol – an AMM (automated market maker) where LP (liquidity provider) earnings are dramatically increased by slowing down price changes to prevent arbitrage traders from earning up to 100% of the swap slippages. 1inch has already integrated support for top DEXs including Uniswap v1 and v2, Balancer, Curve, Kyber, SushiSwap, DODO, Oasis, and many more.

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