This Post is dedicated to collect as many Applications & Ideas we can gather for 1inch tokens Usability from all the 1inch users & then put the best out of them into play for STAGE 1 & 2 discussions & implementation afterwards .
So Submit your Ideas on How 1inch can become more & more useful in the ecosystem & how it can turn into something far more valuable than anyone can imagine & thereby increasing its demand ?
Collective Ideas -
Rewarding Active engagement & Unique ideas in Governance forum
Simply using 1inch as Binance used to convert small coins remained after trading into BNB
1inch Used as Cake is used in Pancakeswap for Profile Setup
Launchpad & Listing Vote Competition using 1inch token
Deflationary Burning Mechanism of 1inch Tokens inherited with an Advance Usecase
Rewarding Stakers of 1inch for Prolong Staking
Trading Incentives - Cashbacks , Gas Fee & Slippage SubsidiesJump
Trading Incentives - Cashbacks , Gas Fee & Slippage Subsidies
To add a trading incentive mechanism to our own AMM dex. Users can earn tokens by trading on 1inch . But different from traditional trading mining, the rewards on 1inch for trading can be different tokens. Other projects can provide their own tokens as rewards for specified trading pairs.
Along with Best Aggregated price they can get some Lucrative Rewards for using the 1inch exchange protocol itself can be proposed
E.g. Like if a user transact on 1inch & for a swap he pays around , lets say , 10$ as a gas fee , Now 1inch can provide a cashback of like even 5 - 2$ [ Can be Randomized or Better rewards for those addresses that uses 1inch exchange more often ] on it in form of 1inch tokens. [ Rewards Can be Wrapped into another token as a Receipt , like we have st1inch ,which can be unlocked for 1inch tokens OR these tokens can be released gradually with time ]
Now this Reward user got in the form of 1inch tokens as a cashback can’t be sold right away but can be used as a discount for his next swap [ Forget Dumping ]. They’re more like frozen tokens that can be unlocked after you complete certain tasks .
This Cashback thing can be Randomized for each swaps user do on 1inch .
To Redeem the 1inch Tokens , which you got as a reward/cashback , you need to complete certain tasks . Like Retweeting or Tagging Your friend , Simply Say , sharing the 1inch Platform on social media etc. All for Promotion . Here we converting a simple user as a 1inch Marketer : )
Question is how you will get this money for cashbacks & all ?
Well , Just like we pay Referral rewards from Governance & Adjust the ratio b/w Governance & Ref Rewards by voting . We can add the same for Cashbacks similar to those & let the Voting Power decide & set the Portion for Cashback rewards out of GOVERNANCE Rewards.
Infact , I don’t think Governance Staking will reduce by this function instead it will incentivize the traders & Provide LP with better earnings which will ultimately benefit stakers with better APY too .
The Thing is that when People hear just the Word " CASHBACK" Trust me , They Go crazy for it . Even for a Smallest Cashback they can leave other DEX . I mean all Retail companies do devise this strategy to bring more traffic & as a lucrative reward to keep 'em engaged . Even those who didn’t used your DEX in past at all will also gonna come & use it to Taste it .
Those who are staking the 1inch tokens shall be provided with a choice of either they want more 1inch or wanna get rewarded in other tokens ?
Like on BSC chain Providing a new kind of reflect reward that seeks to reward holders in BNB coins etc. against the platform tokens.
What better way to earn Binance Coin (BNB) without doing anything extra other than holding 1INCH tokens in your wallet.
Holders do not have to stake the coin or do anything extra other than hold and claim their BNB weekly or depending on their cycle.
Here are the ideas I like and I’ve added my own touch.
A direct swap interface and bridge between Ethereum L1 and Polygon Matic L2. IE: I can send Eth from layer 1 and have another token of choice appear in my Polygon wallet. Currently, I need to either swap first or bridge first but not both at the same time.
Launchpad w/ Loyalty fees distributed to those who hold/stake/LP 1inch long term. Loyalty fees can be based on launchpad performance. Also long term holders get dibs at token launch with a fair allocation feature.
Dynamic token burning mechanism that unlocks once a collective threshold is met.
Lending against 1inch token.
Impermenant Loss mitigation.
I’m very excited about this community and hope to see us grow.
Feature - An Advanced Instant Gas Refill Feature | IGR |
On Different Chains Like ETH / BSC sometimes users runs out ETH or BNB or sometimes gets these Balances too low for doing a certain swap & they will be unable to transact any more because they can’t pay gas fees’ no more .
What they can do is to either send their tokens back to Centralised exchange & Trade for BNB & send them back to the wallet & do 1inch Trade or Either BUY BNB from Credit Cards .
Problem with both method is that for CEX you have to be KYCed or put your details same goes for having a Credit Card . Lot of Sweat too …
Can we use a method where users tokens can be converted directly to BNB in a locked fashion or may be a in a time locked fashion [to avoid hacks if any]& same goes to any other Chain like ETH etc.
[In BSC chain]
like getting a short term loan for the tokens you have in form of BNB & that loan will lock out your small amount of tokens equivalent to amount that you wanna convert to BNB without Gas . After the swap is complete 1inch will deduct fee from that Token to BNB swap & If you wanna complete the loan you can again sign txn + a little fee to Unlock the loan & get your tokens back . I think it might remove the need of exchanges to get the BNB or users who wanna refill their BNB balance which is gone zero . Instead of spending Gas fee we can just sign a Txn which is gasless & Permit the user BNB balance against their tokens [These tokens that will locked under loan agreement can only be used with whitelisted tokens like ETH , BUSD etc. & not with some Shitcoins]
Maybe It’s possible or maybe Not but you get the idea how we can actually rid of 1 problem that happened to me & i think several other users where they just sometimes forget to refill Gas Balance & Thus Get Stuck for a while
Yes You heard it Right . The Ability to convert a Single Token into Multiple Tokens in Just 1 click
I see that you need unlock the token to convert that into another 1 , So a Multi Token Unlock Feature can help in such scenario , Where i can just click once & it grants permission for all the Next Token swaps [4 tokens can be selected at a time or may be more from list]
I know that it might cost a hell lot of fee but it won’t be same for cross chains like Polygon etc. where fee are almost in pennies .
SO , What’s the use ? Eaziness . Yes Instead of converting my tokens into 4 another tokens & doing same steps over and over & Wasting my time over that Why not do it in just 1 CLICK ?
Hey Domi ! Thanks for the help . Yeah ! I think Decentralized proof of Identity DIDs or proof of Uniqueness can be implemented but we will be needing more dev input onto making the system more Robust & Decentralized & once done it will be Great for 1inch itself
If they wanted to make 1inch tokens useful maybe they wouldn’t of created it on ETH, why in the hell would I pay $200 per trade because they decided to use ETH instead of something like EOS which has FREE TRANSACTIONS.
personally I can’t see a use case unless 1inch creates its own blockchain, its about as useful as the Shiba inu FOMO which brought me here lol, still I’m invested in 1inch lets just hope ETH can highly reduce fee’s fast.
Never ever in my life will I pay $200 to make a trade on a decentralised exchange, my god people we’ve had cheap decentralised exchanges such as WAVES for ages… what crack pipe was they smoking when they decided something with a $200 fee can compete with networks with free transactions just because they give it a cool name lol
I got your Point Brother , Exact same reason that kept me away from ETH for a long time now
THE GODLIKE fee …
Shiba inu only on ETH so yeah 1inch BSC migration can’t help you here to Buy this token . I mean i wanted to buy 1 SHIBA too but who’s paying a 200$ Fee for that
But I think 1inch team looking for solution as we speak like in their LAST Community Driven AMA they’ve said they looking for more chains Like Matic etc. to almost zero the fee . Also they said they will be going after L2 Layer solutions too like Zkporter etc on ETH chain which will bring 0 fee costs to users pretty soon .