What is the 1inch token (1INCH)?
The 1inch token (1INCH) is a utility token issued by the 1inch Foundation, a decentralized finance (DeFi) protocol.
The 1INCH token is used to power the 1inch network and incentivize users to use the platform. The token was launched in May 2020 and has since become one of the most popular DeFi tokens in the market. The 1INCH token is an ERC-20 token built on Ethereum and is used to pay for transaction fees on the 1inch platform.
It also serves as a governance token, allowing holders to vote on protocol changes and upgrades. Additionally, it can be used as collateral for lending services, staked for rewards, or traded on various exchanges. The total supply of 1INCH tokens is capped at 10 billion tokens, with 5 billion of those tokens allocated to liquidity mining rewards over the next five years.
The remaining 5 billion tokens are held by the foundation and will be used for development, marketing, operations, and other initiatives.
