Overview
1INCHDiscontinuing collecting Swap Surplus means the 1inch Protocol loses its primary revenue source. Here on forward, there will be no significant revenue income to the protocol-owned treasury until further updates.
For 1inch users, there will be even better swap rates as any slippage caught will result in a better swap rate and return to the swapper.
The 1inch Network governance proposal aims to discontinue the collection of Swap Surplus, also known as positive slippage.
In December 2021, revenue collection was approximately $2 million per month, but in recent months, it has been a few hundred thousand per month.
The proposal is made with user experience and long-term growth in mind, offering better swap rates for users.
Event Trackables
Updates
- Vote Passed with 96% in Favour and 10M Quorum Reached
The vote to discontinue the Swap Surplus collection passed with 96.17% in favor with 19M total votes.
This means 1inch Protocol has no more significant revenue for the time being.
1IP-28: Discontinue Swap Surplus Collection Snapshot Passed
snapshot.org - Snapshot Vote Goes Live
Proposal passed the discussion and temperature check phase and is now being voted on for the next 5 days on Snapshot.
1IP-28: Discontinue Swap Surplus Collection Snapshot
snapshot.org - Proposal Discussion to Discontinue Swap Surplus Collection
1inch Improvement Proposal to discontinue 1inch Protocol's primary source of revenue was posted in the 1inch Governance Forum on Commonwealth.
1IP-28: Discontinue Swap Surplus Collection Proposal
gov.1inch.io - Event created