The DeFi industry is booming sporadically, especially from the beginning of 2020. Technology is advancing beyond what people imagined it would become. The 1inch network recently launched its 1inch tokens on its new DeFi project. The token is a unique kind of token that is for governance and utility.
The new token is on the DeFi network and technology perfect for projects that need a quick and decentralized system for a fast response. The system doesn’t need permissions from intermediaries, so its functioning is direct. This token will assure optimal governance in protocols involved in all 1inch networks.
DAO will govern the network protocols
The rapidly growing technology’s biggest problem is creating a suitable governance model for a quick response. Tech experts have to find appropriate protocols to adopt to assure timely governance. That is why 1inch made a revolutionary move to adopt the DeFi tech, which allows the decentralized autonomous organization to take charge of the 1inch platform. Despite it being a new protocol, it is designed to be quickly understood and used by people who are not tech-inclined. The community can safely pick their preferred protocol to promote immediate and beneficial effects.
Instant governance collates the community’s vote to choose a protocol that will suit every individual’s needs. Every protocol of the firm will utilize the new adoption. The two forerunners in the adoption are the 1inch governance aggregation protocol and the liquidity protocol governance modules.
In the first protocol, stakers can vote in the settings of the said contract. Those stakers who use their 1inch tokens have a say in essential affairs like swap fee, price impact, and even referral rewards. The staking allows them to vote on the issues. It’s safe to note that the tokens are not monetarily valuable. The DAO will play a major role in ensuring a hassle-free transaction.
Conditions to qualify as a voter
Interested parties have to meet some comfortable conditions to qualify as a voter in the network. Interestingly, wallets that have had transactions with 1inch can receive some tokens. One of the requirements is that the interaction should have taken place before December 24.
Also, the wallet should have interacted with 1inch at least once before September 15 to qualify. They should have at least four transactions in total, which worths up to $20. The account does not need any action other than to wait for the platform to credit with tokens.
Few days before the new year, the platform’s team revealed six miniñg programs within the system would launch. The company also raised $12 million recently, with institutional pockets taking the lead in the funding. Institutional investors are taking a liking for the DeFi industry.
With billions of dollars locked into DeFi protocols, mainstream adoption is inevitable with time. The new funding was necessitated by the company’s need to expand in size and employees. With tokens’ launch, the network is expected to attract several new interested clients who would invest in the company and lead to the promotion of DeFi technology globally.