The Big Day: 1inch’s Token Launch
On Christmas day, while many were busy unwrapping gifts and eating cookies, decentralized exchange aggregator 1inch was giving away a whole lot more than just warm fuzzies. They announced the launch of their governance and utility token, 1INCH, alongside a massive airdrop of 90 million tokens to users who had previously traded on the platform. Talk about a jolly holiday surprise!
The Token Treasure: Who Got the Most?
According to data from Dune, one lucky recipient walked away with a staggering 9,749,686.003 tokens, worth around $27.5 million at its peak price of $2.8 per token. So, how does one get that lucky? Let’s just say, heavy trading and a sprinkle of good fortune play a role.
Yield Farming: Not Just for Show
An analysis of the wallet address that received the largest sum shows that this user is no novice to the game. The address has been buzzing with yield farming, backed by serious lending and loan collateral transactions. This trader has also been active on popular AMM platforms, like Uniswap and SushiSwap, clearly showcasing that if you want those sweet airdrop benefits, you might need to roll up your sleeves and get to work!
Claiming the Airdrop: Who’s Eligible?
For those wondering if they can still hop on the 1INCH wagon, take note! A whopping 55,200 addresses are eligible to claim these free tokens. More than half of the total token supply has already been claimed, with the average recipient taking home about 1,629 tokens. Furthermore, qualifying addresses were guaranteed at least 600 tokens. To be eligible, traders needed to have completed a transaction on 1inch before September 15th or executed four trades totaling at least $20 before Christmas Eve. Not a bad way to give back to loyal users!
The Market Dips and Rises
After its launch, 1INCH saw a spike of about 16% within a mere 24 hours, reaching trading prices of $2.9. Sadly, like that festive fruitcake that nobody wanted after the holidays, the price has since cooled down to around $2. Nevertheless, there’s no doubt the airdrop is just one way the platform is trying to keep its community engaged—oh, and it also recently raised a whopping $12 million backed by Pantera Capital just before this holiday launch!
Conclusion: The Gift That Keeps on Giving?
As trading environments evolve and airdrops become the new norm in crypto, it’s clear that platforms like 1inch are finding ways to keep users active and interested. Who knows what other surprises are in store for the New Year? But one thing is for sure, the crypto community will be watching closely!
