1inch Launches an $84 Million Airdrop to Attract More Clients
1inch Exchange has initiated a big move to seize part of its rival Uniswap’s market share by wooing the latter’s users to embrace 1inch’s aggregator. The firm has started a move to airdrop a whopping $84 million to Uniswap users who must have met the requirements set out by the decentralized exchange aggregator.
In the airdrop, 1inch will share free cryptocurrencies to the eligible Uniswap users– a promotion and marketing strategy it adopts to gain additional clients in the crypto industry. In the said airdrop, the firm will share 1INCH tokens worth 6 million to eligible Uniswap users, while $9million will go to its community. Presently, the 1INCH token Is worth $5.5. If converted, the airdrop will be equivalent to $84 million.
Only UNISWAP Traders Who Have Never Traded on 1inch Will Benefit
The airdrop, however, comes with its terms and conditions. First, any beneficiaries of the 1INCH token must be traders that have been active on the UNISWAP platform for a minimum of 10 days. They must have traded for at least three times. The 1inch CEO, in his remark, stated that what the company is doing is a marketing campaign. He also said his company will soon extend its market base to those that are yet to use the services. These traders will be allowed to test the 1inch platform and see if they will become permanent users.
The exchange aggregator can access various exchanges. However, the protocols do not charge the same fees, so users may not find it easy to determine the most favorable deals. To determine the most profitable satisfactory price, 1inch frequently reroutes trades made by users through various protocols. Furthermore, the firm had decided to extend the benefits to users who couldn’t benefit from last December airdrop when an equivalent of $50 million was shared among users.
Users who couldn’t participate in the December Airdrop can Apply
The December airdrop is now around $504 million. However, some intending participants couldn’t qualify then. So, now, 1inch has decided to extend the terms to enable more people to benefit from the airdrop. In the previous one launched late last year, traders who would like to participate in the airdrop must have traded at least once before Sept. 15 last year. Also, they must have traded four times with a minimum of $20
The project is being supervised by the 1inch Foundation. In its address, the organization declared that it would share 6million of 1INCH tokens among Uniswap users because such traders have never used 1inch or Moonswap, its decentralized exchange.
Airdropping of cryptocurrencies refers to a promotional strategy whereby the company distributes tokens or coins to specified wallet addresses to launch enlightenment and campaign for a new digital currency. The firm will send a small amount to active users’ addresses either for free or as a reward for a job well done, like sharing posts by the company.
Crypto startups mostly use the airdropping strategy to create awareness of new products. Airdrop campaigns are usually launched on forums or websites, while eligible members must have crypto wallets to benefit from the distribution of airdrop.