According to official sources, the team behind the decentralized transaction aggregation platform 1inch has officially released the governance and utility token 1INCH. 1inch's tokens will be used for the platform's automatic market maker protocol and decentralized transaction aggregator service. The "aggregation agreement" management module will allow participants to vote on the distribution of remaining currencies. They are created when the final rate of transactions executed through the aggregator service is greater than the rate confirmed by the user. The income is distributed between the recommender and the governor, and the distribution ratio is determined by the DAO. Initially, the governance reward will be set to zero. The "Liquidity Agreement" governance module will allow participants and liquidity providers to vote on the main protocol parameters. These include price influence fees, swap fees, governance remuneration, recommendation remuneration and decay time. Some of these parameters will be managed on a single liquidity pool basis, while other parameters and default values will apply to all pools. In addition, a liquidity mining project will be introduced for 6 new pools, which will pair 1INCH tokens with ETH, DAI, WBTC, USDC, USDT and YFI.
Source:
https://cointelegraph.com/news/defi-platform-1inch-releases-governance-and-utility-token