1inch stirs up controversy again! Official clarifies token issuance ratio, Uniswap founder: Protocol, interface are all copied from mine

The decentralized exchange platform 1inch exchange announced the issuance of its platform token 1inch Token on the 22nd. Despite the community's anticipation that it would be the next hotspot for liquidity mining, only 2% of the token rewards stirred up controversy. Although the official response quickly addressed the issue the next day, Uniswap's founder launched another unexpected attack, claiming that 1inch was merely copying their model.

Mooniswap Liquidity Mining Launched

Earlier reports indicated that 1inch released an Automated Market Maker (AMM) trading platform called Mooniswap at the beginning of this month. In the current token distribution plan, the only way to obtain tokens is through Mooniswap's liquidity mining, with only 2% of the total amount distributed to early liquidity providers on Mooniswap (unlocked for 1 year).

The crypto community has expressed dissatisfaction with this distribution, as 22.5% will be allocated to the 1inch core team and 19.5% to institutional investors. Even for those participating in liquidity mining, token rewards need to be gradually unlocked.

1inch Officially Clarifies: It's 23%

1inch updated the token release announcement on the following day, stating that the 21% of tokens (unlocked for 4 years) used for ecosystem development also belong to users. The official statement reads:

To address concerns about token distribution, some mistakenly thought that the entire community would only receive 2% of the tokens, which is incorrect. The 21% of tokens will be used for ecosystem development, which includes everyone in the community. 2% is distributed to Mooniswap liquidity providers, depending on your participation. We hope that through liquidity mining and the growth brought by tokens, the community will benefit. Therefore, the total community token allocation is 23%, higher than the 22.5% held by the team.

In addition, following a recent strategic financing round led by Binance Labs, there were rumors in the market that 1inch might conduct a token issuance (IEO) on Binance. Co-founder Sergej Kunz has already denied this to the media, stating that there are no plans for an IEO in the future.

Uniswap Founder Accuses of Plagiarism

1inch exchange is a liquidity aggregation protocol that integrates liquidity from various trading platforms such as Kyber, Uniswap, Curve, Oasis, Bancor, and Balancer. Mooniswap, on the other hand, is the latest project by 1inch to join the Automated Market Maker (AMM) arena.

Although 1inch claims that Mooniswap can reduce arbitrage profits, decrease impermanent loss for liquidity providers, and be more friendly to liquidity providers, Uniswap founder Hayden Adams accused them of plagiarism today on Twitter. He pointed out that while Mooniswap claims not to compete with his Uniswap, they are actually lying, enticing people, and mimicking Mooniswap's tone sarcastically saying:

There is no competition between us, we just copied your protocol, name, brand, trading interface, created another token contract, and encouraged the crypto community to adopt it.

Adams' criticism stemmed from 1inch encouraging users on Twitter to switch from Uniswap to Mooniswap. Adams emphasized that 1inch even assured him about 12 days ago that they had no intention of competing with Uniswap, which he finds most irritating.

In response, 1inch replied to Adams, stating, "We are sorry to hear you say that. The code is open source, which does not mean plagiarism. Please do not spread rumors that we copied the Uniswap protocol, among other things."