The 1INCH token facilitates multiple tokenomics, serving as governance token and a utility token.
The 1INCH token enables protocol governance, allowing 1INCH stakers to vote for and receive rewards. The token is applied in different capacities in the two existing protocols and will be used in the tokenomics of all new protocols released by the 1inch Network. 1INCH is a multichain token, currently available on Ethereum and on Binance Smart Chain (BSC) over a bridge.
UtilityCurrently, the main application of 1INCH as a utility token is in the 1inch Liquidity Protocol where it is used as a connector to achieve high-efficiency routing.
GovernanceThe 1INCH token is used to govern all of the 1inch Network's current and future protocols. It is utilized in the governance modules of the 1inch Aggregation Protocol and the 1inch Liquidity Protocol.
Multi-chainThe 1INCH token is currently available on Ethereum and Binance Smart Chain (BSC). The BSC integration was implemented over a bridge, with no extra token issuance.
Token unlock schedule
On the release day, 6% of the 1INCH token's total issuance of 1.5 bln was unlocked. The remaining tokens will be gradually unlocked over a four-year period through December 30, 2024.
30% of the total token supply will go to community incentive programs. Another 14.5% form the growth and development fund that will be used to issue grants and incentivize developers to build on 1inch protocols. The remaining tokens will go to backers and core contributors.