Alright ! So I see that some community members have a doubt about if $1inch will be developing the proposed feature or not .
I’d like to say this firmly that even if they don’t or if they decide to contribute partially like putting code of this proposal to fund its audits etc. We Still have chance to make it happen by governance voting to Allocate special funds out of the grants especially for such proposal that are passed thro snapshots .
It will facilitate a Quicker & easy way to put grants to those team or freelancers that put forth a working code or iteration of it to 1inch community .
Also i’m thinking to propose a round table discussion once or twice a month on TG/Discord etc with 1inch Core Devs or may be some Free willing Freelance teams or about the current stage - 2 & Approved Stage - 3 Proposals . As Devs can give better insights to what is actually achievable & what’s not !
Most of the work over Querying the stats for 24hrs trade count , finding top traders , 24h organic volume etc . has already been done by Anton & you can see all those stats on Duneanalytics Page . So it’s no brainer that we can easily gather such data with the help of it
Just Posting in case if one doesn’t understand How the Fee System works -
So on any given 24hr trading period, we have fee generation via two branches:
Liquidity Protocol
Aggregation Protocol
Liquidity Protocol: -
Fixed swap fee (0.56%), -
Price impact / slippage fee (308%)
~10% governance fee
Aggregation Protocol: -
Spread Surplus:
~20% referral, ~80% governance
Example :
Liquidity Protocol :
From 24hr trades, let’s say LP produce swap fees of $2000 and price impact fees of $1000 totaling $3000.
The governance reward from LP fees would then be ~10% of $3000 = $300.
Aggregation Protocol :
From 24hr trades, let’s say the spread surplus generates $1000 worth of revenue. So the governance reward paid out to stakers would be 80% of $1000 = $800. Then the total 24hr fee generation for governance rewards would be $300 + $800 = $1100.
This $1100 is then used to buy back 1inch and this is distributed to stakers proportionately over the course of the following week.
A Huge Shoutout to Everyone Who Liked , Contributed & Motivated me ! After this Whether the Snapshot Fails or Passes , To me what matters the most is how good community supported the discussion .
Looking forward for your Votes on Stage - 3 #Let’s Get it Done !
Hey @Genkai.Shogun thanks for posting your proposal on the forum!
We are happy to see the 1inch community being engaged with new ideas on how to improve the Network for everyone. This proposal seems to have started gaining traction and we appreciate your attention to detail while being the first user to go through all three stages of the new governance process.
Conceptually, this proposal has potential and we also believe it can add value to the Network. We are going to do our own research based on data we have in order to complement your ideas. As soon as we gather and analyse the information available to us, we will post a complimentary proposal to this one here in the forum. For now, the team closely follow the Snapshot voting and wish you luck!
I think our first vote is not so perfect. People don’t know how to deposit their 1inch in their wallet in advance, so they lose the right to vote. I suggest setting a time to let us know and open a new voting opportunity.Thanks!
Snapshot voting is only available to wallets that had the tokens available at the time of the proposal. They can’t move the tokens to their wallet later and vote on a proposal that went live when their tokens were not.
I don’t quite understand what you mean by “remedy”, the Snapshot mechanism IS a remedy/protection against an abuse of the voting system, all what I could recommend is to closely follow discussions on the forum and always make sure you have enough on the balance to vote in favor of a proposal that resonates with you.
First of all, because we can’t determine the exact voting time ( Snapshot height) after the end of Stage-2, we didn’t transfer the token to the wallet to get the right to vote; Secondly, if you can, I hope you can start voting at a certain time again, so that everyone will be ready; In the end, the first time is not always perfect
when the vote started my 1inch token on Binance! Because i don’t konw exact start time，so i miss the Snapshot [12,788,017 ].I thinke most of community members don’t know exactly when to start.It’s a pity this time.
Let’s split this proposal to at least 2 proposals. This voting have only 2 options but there are 4 outcomes: accepting both, accepting only first, accepting only second, rejecting both. Let’s make it clear for every one.
