1inch Network

The community’s decision made via 1inch DAO governance is set to make 1inch swap rates yet more attractive, also contributing to the network’s sustainable development.The recent adoption of <a href="https://snapshot.org/#/1inch.eth/proposal/0x62888ad3983a8bdb29e73596b4971a120e6d58ca56929b4a64147a723f6bccc5" rel="noopener noreferrer nofollow">[1IP-28] Discontinue Swap Surplus Collection</a> by the 1inch DAO will enhance the cost efficiency of swaps on 1inch and contribute to the network’s long-term growth.A swap surplus forms as a result of a unique market occurrence known as &#34;positive slippage.&#34; Basically, if the rate for a token swap changes in the user’s favor between the time of submitting the transaction and the time of its confirmation, there’s an excess (&#34;surplus&#34;) amount of tokens.For example, a user wants to swap 0.1 ETH for USDT and is offered a rate of 1,800 USDT per 1 ETH. The user expects to receive 180 USDT for their 0.1 ETH, but between the submission of the transaction and its execution, the swap rate changes to 1,850 USDT per 1 ETH. The user will now receive 185 USDT for their ETH, of which 5 USDT is a swap surplus.Meanwhile, the discontinuation of swap surplus collection will benefit not only individual users whose swaps yield positive slippage, but all users swapping on 1inch. The calculation of swap surplus required extra call data and extra computations for all swaps, regardless of whether there was positive slippage or not. As a result, extra gas was required, which was reflected in the final amount received by the user.Now that the proposal to scrap swap surplus collection has been approved by the community, all users swapping on 1inch will benefit from more cost efficient swaps.&#34;I totally welcome the 1inch DAO’s decision to discontinue swap surplus collection,” says Sergej Kunz, 1inch co-founder. “Our community made the right choice, and its ramifications will be 1inch’s long-term growth and market share increase.”Since the very beginning, 1inch’s mission has been to offer users the best swap rates, and this is achieved thanks to the 1inch Aggregation Protocol and gas optimization, as well as the fact that 1inch has never charged users any swap fees.Stay tuned for 1inch news and updates!

The 1inch DAO discontinues swap surplus collection

1inch Network

Otros artículos publicados el 7 jun 2023

Cathie Wood boosts Coinbase holdings amid escalating SEC crackdown

As investors seek alternatives to Hedera, BNB and XRP. InQubeta (QUBE) proves to be a promising o...

Pepe whales accumulate more coins, data shows

Bitcoin, Ether, Most Other Top Crypto Bounce Back Even as SEC Sues Binance, Coinbase

America's Venture Capitalist Culture and its Failure to Support Classic Capitalism

Huge news !!! Lyzi partnered with Binance

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!