1inch co-founder admitted that the team address received 363,000 1INCH airdrop tokens

2020-12-29 11:41

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1inch: The team forgot to exclude this address from the airdrop list.

Rhythm BlockBeats news, on December 29, in the Telegram group, some netizens questioned the DeFi aggregation protocol 1inch.exchange team to extract transaction fees from transaction fees, and suspected to issue airdrop tokens to their own addresses.

To this 1inch co-founder and CEO Sergej Kunz replied. They claimed that the transaction fee was obtained to maintain the server work, and the team got 363,000 1INCH tokens because they forgot to exclude the wallet address from the airdrop list.

1. Netizen Pepe de Gen: 1inch front end Is there a display of how much the user was charged?

1inch co-founder Sergej Kunz (hereinafter referred to as Sergej): We are not on the front end (display). And it's not a fee, it's an unexpected increase in the refund amount during transaction hours. DAO is profiting from referrers.

2. Netizen Valentin Mihov: So far there are Any information about 1inch charges?

Sergej: The UI team is working on a dashboard. We'll be seeing the data soon. The daily volume of the 1INCH-ETH pool brings nearly 8% yield to LPs, referrers, and 1inch token stakers!

3. Netizen ivangbi: How much money did the DAO get from it? And how many token holders?

Sergej:

3. Netizen ivangbi: 6% of $260,000?

Sergej : Yes, $16,000 in 24 hours. The following is the receiving address of 1inch governance fee: https://etherscan.io /address/0x4dfa40fdaa7694676899f8887a45603922609af4#code

This address is for receiving referral fees: https://etherscan.io/address/0x735247fb0a604c0adc6cab38ace16d0dba31295f#code

4. Netizen Luciano: What about this address? https://etherscan.io/tx/0 xf24227fc961a729c59fb041a04865e3fd9eda42e66ec377617c49c962e693de9, 0x68a17B587CAF4f9329f0e372e3A78D23A46De6b5 This address has been continuously receiving a large amount of referral fees and slippage fees generated by platform transactions .

Sergej: Wait, let’s see what’s in the aggregation protocol, the address 0x68 is obtained Referral fee:

5. Netizen Luciano: "Is this address yours? 0x68a17B587CAF4f9329f0e372e3A78D23A46De6b5 " This question was asked 4 months ago, and no positive response has been given so far, but it is still receiving a lot of referral fees and positive slippage fees. So you are saying that 0x68 is not the address you control, right?

(Rhythm Note: Positive slippage is positive slippage point means that the final execution price is better than the preset price.)

Sergej:< span style="font-weight: bold;">This is the recommended address of the 1inch team, yes. The team is responsible for the protocol's UI and earns recommender rewards based on DAO voting.

6. Netizen Luciano: They also take handling fees ? So basically any positive slippage is a transaction on the 1inch platform?

Sergej: To reiterate, the DAO decides how much to reward referrers and how much to reward stakers. I know @Luciano is biased against us, but a company with frontend and backend hosts running the Pathfinder algorithm should also be making some money to keep itself afloat. The team runs about 100 very expensive services to provide great and paid services. Referrer rewards are an option provided to the team to earn money and be able to cover fees.

7. Netizen Alejo: So the referrer's fee is a way to have a stable income to pay for the server?

Sergej: Yes. Listen, our servers are expensive. About 100 servers, each with 64 CPU cores and 128 GB RAM. Just calculate how expensive it is to run. And 1inch has 33 people to continuously improve the definition and development.

8. Netizen Luciano: I have to say by the way, 0x68 received 31,000 1INCH (this is one of the 50 wallets that received the most 1INCH tokens). (Rhythm Note: The wallet address actually received 363,000 1INCH tokens.)

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Sergej: So what? We have to test governance in production to avoid problems. The wallet made some interactions at 1inch. We forgot to exclude it from the airdrop list.