In this article, we will cover the following topics:
***Please note: At this time, stake rewards no longer accrue for staked 1INCH tokens. If you have legacy rewards available, you can claim them with these instructions.
How to stake 1inch tokens
***For iOS Wallet app users, please see these instructions
If you are a 1INCH holder, you can stake your tokens on the 1inch protocol to participate in the 1inch network's Instant Governance, DAO governance, and 1inch Network Treasury management. By voting on major protocol parameters, stakers can make changes to the 1inch Aggregation and Liquidity protocols in real-time.
***Please note: The staking process requires two separate transactions: Approval and Staking. The staking transaction may require up to 8x the gas costs of the approval, due to higher computational demand.
go to the ‘DAO’ section on the 1inch dApp;
connect your wallet by clicking on the ‘connect wallet’ button in the upper right corner, make sure this is an address in which you have 1INCH tokens;
enter the amount of tokens you want to stake in the field ‘amount’;
then submit the approval by clicking "Give permission to stake 1INCH", then sign the transaction within your connected wallet
After the approval/permission transaction has been mined, click on the ‘stake token’ button, then confirm this second transaction within your connected wallet.
Once your 1INCH tokens have been staked, they will show up as "st1INCH" tokens in your wallet and on the block explorer. If you don't see them in your wallet, you might need to add the token contract address to your wallet manually.
Here is the token contract address for st1INCH:
Instant Governance - How to Vote
Now that you have staked your tokens, you can see your staked share displayed in the ‘voting balance’ field. Below that, you can see your ‘voting power’.
Your voting power can now be exercised for both the liquidity and aggregation protocols. (In this example, we will view and vote on the Aggregation Protocol) To view the current distribution ratio between Referral rewards and Treasury allocation, click the “Aggregation protocol” tab.
To cast your vote, click “View Details”.
Then enter in the desired % of referral rewards vs. Treasury Allocation.
Lastly, click “Migrate Module”, and confirm the transaction within your wallet.
That’s it! You have now successfully voted in the 1inch Network instant governance.
How to participate in 1inch DAO governance
The 1inch Network governance process allows anyone to create a proposal (1IP), or vote on existing 1inch proposals, which can be funded by the 1inch Network Treasury and implemented by a 3rd party team. This entire process takes place in 5 phases.
Phase 1 - Discussion
(Duration - Open ended)
Anyone can create, view, and comment on current ideas or proposals. To do so, head over to the DAO category in the 1inch Governance forum.
Phase 2 - 1IP Formalization
(Duration - Open ended)
Here, you will be able to create an official 1inch Governance Proposal (1IP) for Phase-2. (If creating a proposal, you will need to use this template)
All official 1IPs must have the following components (refer to the template for a detailed breakdown):
Phase 3 - 1IP Temperature Check
(Duration - 5 days)
At any point, the Phase-2 author may finalize their 1IP by initiating a community temperature check. To initiate Phase-3, simply change the tag of the forum post to Phase-3, and add a forum poll to gauge the community’s sentiment.
Please note: Each poll will only remain open for 5 days. Once Phase-3 is initiated, it cannot be reversed.
After voting or when the poll closes, you will be able to see the current results of the vote:
Phase 4 - Snapshot Proposal
(Duration - 7 days)
The snapshot vote determines the final outcome of the proposal. If voted in, then Snapshot's "Safesnap" module has the power to directly implement the proposal on-chain. Each snapshot proposal has an open voting period of 7-days.
To create or view 1inch Snapshot, head over to the 1inch Snapshot page.
Please note: Participants will need to hold, or be delegated, a minimum of (25k) st1INCH tokens to create a Snapshot proposal.
Then, click either the "Join" or " Connect Wallet" buttons to connect your wallet.
Once connected, you will then need to sign a transaction in your wallet, by clicking "Join" again.
Now you will be able to either vote on an existing active proposal or create a new proposal (if it passed Phase-3 Temperature Check).
How to vote on an existing Snapshot proposal:
Once your wallet is connected, select the desired proposal on the main 1inch snapshot - page.
Then, select the option(s) you want to vote for.
Lastly, sign the message within your wallet. Once the signature is complete, your vote will be successfully recorded.
How to create a snapshot proposal (for original proposers only):
***Please note: All Snapshot proposals must link to the results of the successful Phase-3 forum poll and include the full text of the finalized 1IP.
Click on "New Proposal"
Next, enter the title, description, and voting options. Then click "Publish".
That's it! You have now created a snapshot proposal.