Through its Delegation Incentive Program, the 1inch foundation has set aside a large portion of its native token to incentivize delegators. According to a blog post today, the foundation made avail 10 million $1INCH to reward the delegation of 1inch stakes Unicorn Power to resolvers.
The recent development is in line with the project’s quest of aiding users to swap assets on its platform without attracting network charges, via it’s Fusion mode. Recall that last December, 1INCH initiated its Resolver Incentive Program to cover resolvers’ gas charges.
Consequently aiding users’ that staked their 1INCH token to receive Unicorn power. With that, they can vote on prominent network polls or delegate it to other resolvers to gain more delegation rewards.
More so, the Fusion mode aids resolvers to fill Swap orders. As stipulated, resolvers refer to professional market designers that pay for applicable network fee but earn profits through arbitrage trading. With the mode, 1inch aims to offer a new approach to DeFi transaction models.
On weekly basis, the network distributes 250,000 1INCH tokens to resolvers in an attempt to incentivize Unicorn power delegation. Subsequently, the resolvers then utilize the fund to incentivize stakers that gave them Unicorn power.
Sidenotes on 1INCH
Lately, the network initiated different features to advance it’s services to users. On January 19, 1inch launch its multi-coin hardware. As revealed, the project is nearing its last developement stage and itll become available for public use later this year. The project manifested due to a grant from the network’s foundation.
Some notable features about the wallet is its ability to aid transparent transaction signing, against blind signing provided some devices. Also, 1inch’s hardware wallet is structured to protect users against hacks and theft. Through this feature, users will receive offline call data analysis if any transaction has been compromised.
Worth noting that 1inch network provides a synergy between decentralized protocols to aid lucrative, fast and secure operation space among DeFi solutions. Likewise, the solution is a next-generation automated market maker (AMM) that safeguards users against front-running attacks. The DAO of 1inch network utilizes $1INCH as its native token, according to CoinCodex, the coin is presently trading at $0.5333.