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.
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!
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.
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.
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.
- 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…
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.