[1INCH] Collateral Onboarding Application
1. Who is the interested party for this collateral application?
This application is made by 1inch Foundation
2. Provide a brief high-level overview of the project, with a focus on applying collateral token.
1inch Network is a DEX aggregator and an automated market maker (AMM) that facilitates decentralized token swaps without the need for an order book at the most efficient rate. Anyone can quickly swap quickly among ETH and any other ERC-20 token, and anyone can earn fees by supplying any amount of liquidity into an existing pool or creating a new market. 1inch Liquidity Protocol algorithm allows profits that would otherwise be captured by arbitrageurs to be captured by liquidity providers.
Since the transition of the 1inch Liquidity Protocol to version 2 (an upgraded and rebranded version of Mooniswap AMM), TVL has risen significantly, from $100М to $1.5B (1,500% growth over a 2-month period). 1inch.exchange has achieved a great milestone of more than 1M in total swaps and the number of active wallets has continued to climb, reaching 170k.
Furthermore, 1inch Liquidity Protocol is blockchain agnostic. 1inch recently expanded to Binance Smart Chain. All features of the 1inch Liquidity Protocol are available to BSC users.
1INCH is an ERC-20 utility & governance token, and the 1inch Network is governed by a decentralized autonomous organization (DAO). 1inch is unique in that it provides instant governance for its users. This feature allows 1inch users to vote for specific protocol settings in the DAO model. The instant governance makes it easier for token holders to make changes to the protocol and circumnavigates many of the inefficiencies of many current DAO models.
Version 1.1 has improved the governance procedure on 1inch. Over the last 7 days, 1inch has collected more than $1M (237K 1INCH tokens) to be paid out as governance rewards to the community.
The circulating supply on 1inch as of its release day on Dec. 25, 2020, is 6% of the total issuance. The current total supply of 1INCH is 1.5 billion tokens.
Of the total token supply, 30% was allocated to community incentives, and they will be passed out over the next four years in order to create an incentive for community members to be involved in protocol governance.
Over a four-year period as well, 14.5% of the total supply will make up the protocol growth and development fund, used to issue grants, bring on developers and repay any users due to unforeseen circumstances.
3. Provide a brief history of the project.
Founded in May 2019, 1inch.exchange is the brainchild of engineers Sergej Kunz and Anton Bukov. Kunz and Bukov both have strong backgrounds in smart contract auditing.
The 1inch.exchange blueprint was created ahead of the ETHNewYork convention. During the event, the first medium viable product (MVP) was created for 1inch.exchange. This iteration aggregated liquidity from decentralized exchanges (DEXs) Bancor, Kyber and Uniswap.
4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
[Source Code]1inch Network · GitHub)
5. Link any available audits of the project. Both procedural and smart contract focused audits.
Audit 1 [November 13, 2020]
Audit 2 [August 11, 2020]
Audit 3 [August 12, 2020]
6. Link to any active communities relating to your project.
1INCH has a flourishing community of over 200,000+ members across multiple online channels, as well as more than 170,000+ active wallets and 48,000+ token holders.
7. How is the applying collateral type currently used?
1INCH is an ERC-20 utility & governance token, and the 1inch Network is governed by a decentralized autonomous organization (DAO). 1inch is unique in that it provides instant governance for its users. This feature allows 1inch users to vote for specific protocol settings in the decentralized autonomous organization (DAO) model.
8. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
The independent board of the 1inch Foundation from the Cayman Islands has released and issued 1INCH, governance and utility token. The 1inch Foundation intends to support the adoption of the 1INCH token via the permissionless and decentralized 1inch Network.
9. Where does exchange for the asset occur?
Binance, OKEx, Gate io, Huobi Global, DigiFinex, MXC, Uniswap (V2), KuCoin, Bilaxy, FTX, HitBTC, BitForex and more
24h volume fluctuates between $200M — $700M
10. (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.
Yes, we can share the U.S. and Cayman Islands legal opinion on the nature of the 1INCH token.
11. (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
12. (Optional) List any possible oracle data sources for the proposed Collateral type.
Smart contract address: 0x72AFAECF99C9d9C8215fF44C77B94B99C28741e8
(Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.