Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
1inch said that there will be no vesting schedule and that its liquidity providers will be able to collect their rewards once the 1INCH token has been issued.
Decentralized exchange aggregator 1inch has launched the stage 2 of its liquidity mining program, with the rollout of increased incentives for its liquidity providers. According to a press release shared with Coinspeaker, the DEX aggregator launched this second phase of its liquidity mining program based on the feedback it got from its community members following stage 1 of the program.
Liquidity mining also known as yield farming is arguably one of the growing use cases for decentralized exchanges in which users provide liquidity to the exchange as a means to facilitate transactions ranging from trading to lending services while earning designated tokens in return. According to 1inch, the second stage of this liquidity mining program is set to incentivize early providers of liquidity to four selected Mooniswap pools including ETH-WBTC, ETH-USDC, ETH-DAI, and ETH-USDT.
The reward to be offered to the liquidity providers includes 1% of the 1INCH token supply which will be distributed among all providers upon the issuance of the token.
“To ensure maximal transparency of the awarding process, we are working on a dashboard that will display the precise amounts of awards earned by each user,” says Sergej Kunz, 1inch co-founder and CEO. “This feature will arrive once the 1INCH token has been released, and we’ll let you know as soon as it is active.”
1inch Liquidity Mining Reward for Stage 1 Still Intact
The reward from the stage 1 of 1inch’s liquidity mining program will not be eroded with the introduction of the reward from stage 2. In stage 1, 2% of the total proposed 1INCH was earmarked to be distributed among liquidity providers to such pools including ETH-USDC, ETH-DAI, ETH-LINK, ETH-SRM, ETH-USDT, ETH-WBTC, ETH-AMPL, ETH-renBTC, ETH-sBTC, ETH-LEND, USDC-HUSD, ETH-STAKE, AKRO-USDC, and a host of others.
1inch said that there will be no vesting schedule and that its liquidity providers will be able to collect their rewards once the 1INCH token has been issued. While there are veteran liquidity mining providers in the decentralized finance ecosystem today including but not limited to BitMax.io, the survival in the marketspace depends on the ingenuity of innovations that is churned out.
1inch’s liquidity mining and decentralized exchange aggregation model is one of the few innovative market providers today. The platform has seen its transaction volume skyrocketed up to $5 billion in the past year and its flexibility to integrate with other markets such as Uniswap, Balancer, Curve and so on seem to be increasing its popularity.