The main utility of 1INCH token - Governance and Staking according to new Fusion Mode. It is utilized in the governance modules of the 1inch Aggregation Protocol and the 1inch Liquidity Protocol.
The current MarketCap for 792mln circulating supply is 457mln$. Given the Max Supply is 1,5 billion tokens and the token unlock schedule(1st picture) hasnt caused any significant price dump yet, its worth assuming that such a model of the governance token within a real working product can be sustainable long-term.
No significant amount of tokens is held by whales(2nd picture)
Not so small % of supply went to different Backers and Contributors(3rd picture) - 1st reason for 4 starts, not 5. Difficult to find any info on who are they. The 2nd reason - limited utility of a token - primarily governance + delegating your staked and locked 1INCH to Resolvers, who resolve new Fusion mode swaps, to receive rewards from them. https://help.1inch.io/en/articles/6909554-how-to-earn-rewards-by-staking-1inch-tokens-and-delegating-unicorn-power
However, since 1inch Protocol brings real value and a sustainable business model to DeFi, it doesnt matter so much. P.S. In light of the successful passing of that proposal, it is likely that the team will develop with a long-term and sustainable vision https://snapshot.org/#/1inch.eth/proposal/0xece08908c3e10e5125557bc52caac70e5cdc862c391bf02f870da9d1bcc40542 Show Less
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