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.
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.Token distribution
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.