News • 3 min read
It’s not just fans of DeFi who are going to be pleased that Bitpanda has just listed 1INCH, the token behind decentralised finance aggregator 1inch, and to boot, we are topping it off for you with our 1INCH trading competition where you can win great prizes.
Update (the 29th of June 2021): Thank you for participating and congratulations to the lucky winners. All prizes have been paid out.
Where did it come from? For a hackathon in the lead up to the important ETHGlobalNY2019, a logo was needed for each team. So Sergej Kunz and Anton Bukov, co-founders of the 1inch network, decided to get a logo of a crazy unicorn for their ‘CryptoManiacs’ team just to joke around a bit with the Uniswap logo. Later, this crazy and fierce unicorn became both the 1inch logo and the team’s mascot.
Initially, the 1inch network was launched as a DEX aggregator solution for finding great deals across multiple platforms. This means that 1inch, like a search engine, will compare trading pairs across exchanges to find the most favourable position for you to avoid unnecessary slippage. Slippage is the difference between the price you expect to trade at and the actual price at which a trade is executed.
There are five distinct yet interconnected components to the 1inch Network: the 1inch Aggregation Protocol, the 1inch Liquidity Protocol, the 1inch DAO, 1inch Labs and the 1inch Foundation.
The native token of the 1inch network is 1INCH and can be used for governance procedures such as voting on projects. Users can also provide liquidity to the pools and earn rewards in the process. In addition, the network adds utility tokens from other projects to incentivise users. You can find out more about the different features of the 1inch network here.
The 1inch network runs on both the Ethereum chain and the Binance Smart Chain and just recently passed USD 30b in trading volume.
To celebrate the listing of 1INCH token on Bitpanda, we are launching a trading competition with great prizes, so make sure you don’t miss it!
Our 1INCH trading competition begins on the 11th of June, 2021 at 12:00 pm (CET) and ends on the 18th of June, 2021 at 11:59 am (CET) (“Competition Period”).
€2,000 worth of 1INCH for the trader in 1st place
The trader ranked in first place with the highest total amount of 1INCH purchased will receive €2,000 in 1INCH!
€1,250 worth of 1INCH for each trader ranked from 2nd to 5th place
The traders ranked between 2nd to 5th place with the highest total amount of 1INCH purchased will each receive €1,250 in 1INCH!
€800 worth of 1INCH for each trader ranked from 6th to 10th place
The traders ranked between 6th to 10th with the highest total amount of 1INCH purchased will each receive €800 in 1INCH!
€400 worth of 1INCH for each trader ranked from 11th to 20th place
The traders ranked 11th to 20th with the highest total amount of 1INCH purchased will each receive €400 in 1INCH!
€200 worth of Bitcoin (BTC) for 75 randomly selected traders
As a bonus prize, 75 traders (outside of the 20 winners from the prizes listed above) who are not residents of the Republic of Turkey, who are BEST VIP level 1 and above and who trade any amount of 1INCH will be randomly selected as winners of our VIP prize to receive €200 worth of Bitcoin (BTC) each!
Please note that the exclusion of the residents of the Republic of Turkey from being selected as VIP-Winners is based solely on the legal requirements of the Republic of Turkey. The value of 1INCH (1INCH) for the calculation of the prize fund is pegged to its exchange rate as of the 19th of April, 2021; the respective conversion rate in use will be 1 1INCH = EUR 4.1782729.
Good luck everyone - Trade 1INCH now!
You can read the terms and conditions here and we will credit the winners within one week to their Bitpanda 1INCH wallet.
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Bitpanda Tech • 2 min read
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