[Proposal] Aurora onboarding with 1inch Network

AuroraDAO
1

Summary

This proposal seeks to onboard 1inch users onto Aurora via a user incentive program. Specifically, it calls for the following:

  • 1inch Network shall deploy its full suite of DeFi tools onto Aurora.
  • 1inch DeFi Wallet shall feature Aurora and the Rainbow Bridge on its homepage.
  • Aurora DAO shall provide 350,000 AURORA tokens to 1inch Labs – these tokens will be evenly distributed amongst the 30,000 active users of the 1inch DeFi Wallet mobile app.

Details

1inch Network and Aurora

1inch Network is a decentralized set of protocols that aim to improve the efficiency of the DeFi space. Launched in 2019, and with over 60% of the DEX aggregator market share, the 1inch Aggregation Protocol is both the oldest and most trusted DEX aggregator in the DeFi space. Since then, the 1inch Network has developed additional DeFi tools such as the Limit Order Protocol, P2P transactions, and 1inch DeFi Wallet:

  • 1inch dApp – a web-based application that is connected to all supported blockchains via smart contracts. The dApp offers access to deep aggregated liquidity and competitive token swap rates on various DEXes, with unique features, including partial fill and the ability to find the best swap paths across multiple liquidity sources.
  • 1inch Aggregation Protocol – the 1inch API v4, Pathfinder, is a cutting-edge discovery and routing algorithm, which offers asset exchanges at the best rates on the market. Pathfinder finds the most efficient paths for a token swap, able to split between different protocols and even different market depths within one protocol in the shortest possible time.
  • 1inch Limit Order Protocol – 1inch Limit Order Protocol is a set of smart contracts that allows users to place limit orders, and RFQ Orders, which later can be filled on-chain. Both types of orders are a data structure created off-chain and signed according to EIP-712. Key features of the protocol are extreme flexibility and high gas efficiency. Thanks to the gasless limit order feature, an entry threshold for new users of 1inch protocols became significantly lower.
  • P2P Transactions – 1inch Peer-to-Peer allows two users to make an over-the-counter style trade of any ERC20 token.
  • 1inch DeFi Wallet – The 1inch Wallet is a non-custodial crypto wallet with the best swap rates and the swiftest web3 browsing experience. Available both on iOS and Android.
  • Supported Networks – 1inch protocols are deployed on the following Ethereum Virtual Machine (EVM) networks: Ethereum, BNB Chain, Polygon, Arbitrum, Optimism, Gnosis Chain, Avalanche, Fantom, and now Aurora.

1inch Network is committed to advancing the growth and success of the Aurora ecosystem and to achieve these goals 1inch Network has deployed its full suite of DeFi tools to Aurora!

Onboarding Users

Once 1inch Network has fully delivered on the Aurora integration, we request that Aurora DAO transfer 350,000 AURORA to 1inch Labs. These tokens will be used as an Aurora onboarding incentive for 1inch DeFi Wallet users – 1inch Labs will distribute 15 AURORA to each one of the 30,000 active users of the 1inch DeFi Wallet.

Rationale

Aggregators are a core piece of DeFi infrastructure and 1inch is the oldest, most battle-tested and most used DEX aggregator across all of DeFi. On Ethereum mainnet alone, 1inch Network’s has the following metrics (source):

  • Total trading volume: $200B
  • Total swaps: 6.84M
  • Total users: 1.40M

A 1inch Network deployment immediately improves the user experience on that blockchain.

1inch DeFi Wallet

The 1inch DeFi Wallet is a non-custodial mobile crypto wallet that boasts the best swap rates and the swiftest web3 browsing experience. There are currently 30,000 active users of the 1inch DeFi Wallet app that 1inch Network wants to onboard to Aurora.

In additional to offering the full suite of DeFi tools, 1inch Network will further improve the UX of the Aurora onboarding process by featuring Rainbow Bridge in the 1inch DeFi wallet’s homepage – this will offer the 30,000 active wallet users a streamlined experience when bridging funds from Ethereum to Aurora.

Direct benefits to Aurora

  • 1inch is the market leader in the highly competitive and rapidly growing aggregation space.
  • Aggregators allow for a more competitive DEX field as lesser-known liquidity sources are integrated into the routing algorithm.
  • The UX of swaps will be vastly improved – users will get the best rates on their swaps by using 1inch instead of needing to visit each DEX individually and compare rates.
  • Giving AURORA to active users of the 1inch DeFi Wallet will kickstart the onboarding of 30,000 new users into the Aurora ecosystem.
  • Since AURORA will be distributed to tens of thousands of new addresses, it will have the effect of further improving the AURORA token distribution – a metric that is closely watched by all major players in this space including decentralized lending platforms, centralized exchanges, investors, etc…

Responsible party

1inch Labs, the largest technical contributor to the 1inch Network, will be responsible for the integration of the 1inch DeFi suite into the Aurora ecosystem. Aurora DAO will be responsible for sending the AURORA tokens to 1inch Labs once the aforementioned integration is completed.

Once funds are received, 1inch Labs will transparently distribute 15 AURORA tokens to each of the 30,000 active users of the 1inch DeFi Wallet.

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@RoundElephant how are you doing?
It’s soo weird to read such a proposal from the investor of Aurora, who offers to send drops to multi accounts bots that never add value to the Aurora ecosystem.
when we need to activate NEAR wallet we’re intensifying it for 0.2N maximum. what is the reason for Aurora community to give to 1inch people 10 times more funds than to our Aurora/NEAR members? :slight_smile:

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1inch is a awesome project and I’m really glad it’s working in our network.
But, do you have a concept of what other benefits such expenses would bring?
How many users would actually come to our ecosystem from such an action?
And why exactly 15 tokens for 30,000 wallets?
Is there a specific rationale for these exact numbers?

Spending that amount of tokens (nearly half a million in dollars) on a bear market can be reckless. To just give them away, I mean.

It could have been a very big advertising campaign or it could be a global series of events for people to come into our ecosystem, use our ecosystem projects, explore them.

I’m afraid that giving away tokens does not equal bringing users into the ecosystem.

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1inch is a strong system in the cryptoworld. We are very happy that we can interact with you to improve the experience of our users. But we have a number of questions for you:

  1. Why exactly 15 Aurora tokens? Why not 1 or 100? Can we see your calculations?
  2. The most correct solution to stimulate users at this time is airdrop, but it must be mutually beneficial. If every 1inch user buys Aurora tokens and staking them in the Aurora+ protocol, they can get a high percentage of staking. In this context, you can consider your request for airdrop, but the ratio should be that for every Aurora token purchased/0.04 Aurora tokens airdrop. This is a rough calculation
  3. Are you 1inch ready to make us a counter offer to stimulate our users?
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It’s soo weird to read such a proposal from the investor of Aurora

1inch Labs is not an investor in Aurora. 1inch Labs launched the full suite of 1inch Network tools on Aurora, and is committed to supporting those tools for the future.

who offers to send drops to multi accounts bots that never add value to the Aurora ecosystem.

1inch Labs is verifying these accounts to vet out any bots. The mobile wallet has 30,000 active users.

We were proposing a larger token amount so that users would have a few dollars to actually swap with. Totally open to lower quantities if the ~$20/user seems excessive to the community.

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Hello!
What and how will sensing this amounts to 1inch users do to the Aurora community?

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Why does Aurora need to give these people tokens to start using Aurora?

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Giving these users tokens smooths out the UX of initial onboarding.

For example:

If a user is currently on Polygon they need to first swap whatever tokens they have for wrapped ETH, bridge over to Ethereum mainnet, and then bridge again over to Aurora (which costs gas on Ethereum mainnet). ← This might not sound like a lot of steps, but it could cost a user over $20 in just gas fees in order to get any amount of their funds onto Aurora. It’s hard for a lot of users to justify the effort and personal cost to try out a new platform.

A small airdrop would eliminate the friction associated with the entire process. Users would just need to switch over the the Aurora network in their mobile wallet and start trying out the platform.

Small incentives can go a long way in terms of generating interest in new users – look at how many people were onboarded into this space during DeFi summer.

10

Greetings.

A small airdrop is 1 or 2 tokens.
2022-08-23_01-00-06
Gas prices are small, why give away half a million dollars in tokens to users?
In addition, Aurora runs various programs with other bridges where you can transfer assets from another network very cheaply.

With all due respect, but it feels like you want to increase the loyalty of your wallet audience at the expense of Aurora tokens.

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Why do you think only about the well-being of your users? We are also interested in the welfare of our participants. You say “Give us”, but what are you willing to give us in return? We can tell you all your suggestions

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If we come to you and say, “Hi guys. We are from Aurora, we are 50,000 people. Give us 1,000,000 1inch tokens as a sign of friendship!”. What will you answer us?

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hi there
love Astro-DAO for this transparency where we can easily find 1inch as a voting Council of AuroraDAO :
https://app.astrodao.com/dao/auroradao.sputnik-dao.near/groups/all

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so we have a better offer for you here: let’s change !

500.000 Aurora tokens (we give to your users) for 1.000.000 1inch tokens (you give to Aurora ecosystem members back)

quite honest, what do you think? :slight_smile:

1 Like