1inch co-founder admits the team received 363,000 1INCH airdrop tokens

BlockBeats
2020-12-29 12:35:52
Collection
We forgot to exclude it from the airdrop list.

This article is from BlockBeats (ID: BlockBeats)
On December 29, in a Telegram group, some users questioned the DeFi aggregation protocol 1inch.exchange team for taking fees from transaction costs and allegedly distributing airdrop tokens to their own addresses.
In response, 1inch co-founder and CEO Sergej Kunz addressed the matter. They stated that the fees collected from transactions are to maintain server operations, and the team received 363,000 1INCH tokens because they forgot to exclude that wallet address from the airdrop list.

  1. User Pepe de Gen: Does the 1inch frontend display how much fees are charged to users?
    1inch co-founder Sergej Kunz (hereinafter referred to as Sergej): We do not display it on the frontend. Moreover, this is not a fee; it is the unexpected increase in refund amounts during the transaction time. The DAO profits from the referrer.
  2. User Valentin Mihov: Is there any information about 1inch fees so far?
    Sergej: The UI team is working on a dashboard. We will soon be able to see this data. The daily trading volume of the 1INCH-ETH pool brings nearly 8% returns for LPs, referrers, and 1inch token stakers!
    1inch co-founder admits team address received 363,000 1INCH airdrop tokens
  3. User ivangbi: How much did the DAO earn from this? And how many token holders are there?
    Sergej:
    1inch co-founder admits team address received 363,000 1INCH airdrop tokens
  4. User ivangbi: 6% of $260,000?
    Sergej: Yes, $16,000 in 24 hours. The following is the receiving address for 1inch governance fees: https://etherscan.io/address/0x4dfa40fdaa7694676899f8887a45603922609af4#code
    This address receives referral fees: https://etherscan.io/address/0x735247fb0a604c0adc6cab38ace16d0dba31295f#code
  5. User Luciano: What about this address? https://etherscan.io/tx/0xf24227fc961a729c59fb041a04865e3fd9eda42e66ec377617c49c962e693de9, the address 0x68a17B587CAF4f9329f0e372e3A78D23A46De6b5 has been continuously receiving a large amount of referral fees and slippage fees generated from platform transactions.
    Sergej: Wait, let’s see what’s in the aggregation protocol, the referral fees received by address 0x68:
    1inch co-founder admits team address received 363,000 1INCH airdrop tokens
  6. User Luciano: "Is this address yours? 0x68a17B587CAF4f9329f0e372e3A78D23A46De6b5" This question was asked 4 months ago, and there has been no direct response since then, but it continues to receive a large amount of referral fees and positive slippage fees. So you are saying that 0x68 is not an address controlled by you, right?
    (Note: Positive slippage means that the final execution price is better than the preset price.)
    Sergej: This is a referral address for the 1inch team, yes. The team is responsible for the protocol's UI and receives referrer rewards based on DAO voting.
  7. User Luciano: Do they also take fees? So basically any positive slippage occurs in transactions on the 1inch platform?
    Sergej: To reiterate, the DAO decides how much to give to referrers and how much to give to stakers. I know @Luciano has some bias against us, but a company that operates a frontend and backend host running the Pathfinder algorithm should also earn some money to sustain its operations. The team runs about 100 very expensive services to provide great and charged services. Referrer rewards are an option provided to the team to earn money and be able to pay fees.
  8. User Alejo: So the referrer's fees are a way to have stable income to pay for servers?
    Sergej: Yes. Listen, our servers are expensive. About 100 servers, each with 64 CPU cores and 128 GB RAM. Just calculate how much it costs to run them. And 1inch has 33 people continuously improving definitions and development.
  9. User Luciano: I have to mention, 0x68 received 31,000 1INCH (this is one of the 50 wallets that received the most 1INCH tokens). (Note: This wallet address actually received 363,000 1INCH tokens.)
    1inch co-founder admits team address received 363,000 1INCH airdrop tokens
    Sergej: So what? We have to test governance in production to avoid problems. The wallet has done some interactions on 1inch. We forgot to exclude it from the airdrop list.
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