Categories
Daily Crypto News

DeFi trader scores over $20 million in 1INCH token Christmas airdrop

Defi trader
DeFi trader scored over $20 million in 1INCH token

On Christmas day Defi trader scored over $20 million in 1INCH token, decentralized exchange aggregator service 1inch has released its governance and utility token. As part of the launch, the platform airdropped 90 million 1INCH tokens to users who had previously traded on the exchange.

Defi trader get a free token

According to data from on-chain analytics provider Dune, the highest recipient of the free token distribution received 9,749,686.003 tokens that were worth about $27.5 million at the peak price of $2.8 per token.

An examination of the address with the largest initial claim shows significant yield farming activity with a lot of lending and loan collateral supply transactions. The address also has been active on automated market maker (AMM) platforms like Uniswap and SushiSwap.

Read also:- Why the chainlink price target is $200+ in the coming days

In total, over 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 token sum across these addresses was about 1,629 tokens with qualified addresses assured of at least 600 tokens.

To qualify for the airdrop, a trader must have completed a transaction on the platform before Sept. 15. Users who executed four trades in total or transactions valued at least $20 before Dec. 24 are also eligible to claim the free tokens.

1INCH was up by 16% in just 24 hours with a trading price reaching $2.9 but has since dropped off to around $2. The airdrop event is coming on the heels of the project successfully raising $12 million in a Pantera Capital-backed funding round earlier in December.

Source: COINTELEGRAPH

5 Things to Consider Before Investing in Cryptocurrency

5 Things to Consider Before Investing in Cryptocurrency There is no question that cryptocurrencies have established a new investing sector. With the value of digital currencies such as Bitcoin over ...
Read More

Tax on Cryptocurrency In India – Complete Guide 2022

Wondering how taxation on crypto works in India? How much do you have to pay tax on cryptocurrency in India? How 1% TDS is levied on crypto? Don’t worry we ...
Read More

New Cryptocurrency Bill Advances to Senate in Brazil

A new cryptocurrency bill was approved by the Chamber of Deputies of the Brazilian Congress last week, and is now awaiting review by the Senate for approval. The project, if ...
Read More

USDC Sees Native Launch on Avalanche

USDC, the second leading stablecoin by market cap, has been launched on the Avalanche blockchain as a native token. Previously, users wanting to get USDC in Avalanche had to bridge ...
Read More

Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs

On December 16, the blockchain-based lending platform Nexo announced the firm has launched a non-fungible token (NFT) lending desk. While the company offered crypto-backed loans using tokens like bitcoin and ...
Read More
Share with Others

Leave a Reply

Your email address will not be published. Required fields are marked *