On Christmas Day, the decentralized Exchange Aggregator Service 1inch released its governance and utility token. As part of the launch, the platform sent 90 million 1-INCH tokens to users who had previously traded on the exchange.
According to on-chain analytics provider Dune, the highest recipient of the free token distribution received 9,749,686,003 tokens worth around $ 27.5 million at the maximum price of $ 2.8 per token.
An examination of the address with the greatest initial claim reveals significant income farming with many lending and loan collateral provision transactions. The address was also active on AMM (Automated Market Maker) platforms such as Uniswap and SushiSwap.
In total, over 55,200 addresses are eligible to claim the free 1-INCH tokens, with more than half of the coins already claimed, according to Dune. The average token amount via these addresses was approximately 1,629 tokens, with qualified addresses being guaranteed at least 600 tokens.
To qualify for the Airdrop, a merchant must have completed a transaction on the platform before September 15th. Users who have made a total of four trades or transactions worth at least $ 20 before December 24th can also claim the free tokens.
1INCH rose 16% in just 24 hours at a trading price of $ 2.9 but has since fallen to around $ 2. The Airdrop event comes shortly after the project that successfully raised $ 12 million in a funding round supported by Pantera Capital in early December.