The DeFi user currently controls about 11% of the 1INCH token supply after the exchange token distribution event.
On Christmas Day, the decentralised exchange aggregator, 1inch, launched its governance and utility token. As part of the launch, the platform released 90 million 1INCH tokens to users who had previously traded on the exchange.
DeFi 1inch platform launches governance and utility token
According to data from the chain analysis provider, Dune, the largest recipient of the free token distribution received 9,749,686,003 tokens worth about $27.5 million at the maximum price of $2.8 per token.
An analysis of management with the highest initial demand shows significant yield farming activity with a large number of loan and loan guarantee supply transactions. Management has also been active on automated market maker (AMM) platforms such as Uniswap and SushiSwap.
The DeFi 1inch protocol closes a $12 million financing round led by Pantera Capital
In total, more than 55,200 addresses are eligible to claim the free 1INCH tokens with more than half of the coins already claimed according to Dune. The average sum of tokens in these addresses was approximately 1,629 tokens with insured qualified addresses of at least 600 tokens.
To qualify for airdrop, the trader must have completed a transaction on the platform before September 15th. Users who have executed a total of four trades or transactions valued at at least $20 before December 24 are also eligible to claim the free tokens.
Traditional crypto custodians increase security to meet institutional demand
1INCH rose by 16% in just 24 hours with a trading price that reached $2.9, but has since dropped to around $2. The airdrop event comes on the heels of the project that successfully raised $12 million in a Pantera Capital backed financing round in early December.