DeFi protocol, 1inch has announced its plans to distribute 10 million 1inch tokens as a refund for gas charges. The distribution limit is 10 million 1inch tokens totaling $22 million.
The community members of the protocol planned this initiative to refund the gas bills users pay when they trade on the DEX aggregator. A DEX aggregator sources liquidity from different decentralized exchanges (DEXs) and enables crypto traders to find the lowest cryptocurrency prices through a single dashboard.
The company announced that any user who staked through its app will be refunded their gas charges on the first day of every month.
According to the briefing, token users will need to stake 1inch for the whole period in order to qualify for the refund.
Different levels of staking will allow for certain levels of refund. Users who staked 100 1inch tokens will be returned 25% of gas fees. Users who staked 1000 1inch tokens will be returned 50% of gas fees. Users staking 10,000 tokens will receive up to 75% of gas fees and similarly, 100,000 token users will receive a full 100% refund on their gas charges.