1win launched its $1WIN token based on Solana on Meteora. The preceding two-week public sale attracted over 6,100 participants and a total commitment of 61 million US dollars in USDC.
According to the announcement released by 1win on November 3rd and shared with crypto.news, this offering provided 130 million tokens at a price of 0.03 USDC each, with a final oversubscription of 15.647 times. Transactions can now be conducted through Meteora, which is a decentralized liquidity protocol built on Solana.
The data provided by the company shows that the value of the publicly allocated portion is 3.9 million US dollars. The committed amount is about 57.12 million US dollars higher than this figure, and this portion of funds will be returned to the participants through a refund mechanism associated with the sale. The figure of 61 million US dollars represents the total committed amount, which includes the funds that will be refunded later on.
$1WIN sale distributes tokens proportionally
According to the distribution structure described by 1win, each participant will receive a portion of the 130 million tokens based on their contribution percentage within the total commitment of USDC. The allocation will depend on the proportion of their investment relative to the fund pool, and there will be no preference given to users who deposited funds earlier.
Based on the total amount stated in the announcement, approximately 6.39% of each committed amount will be used to purchase tokens, while the remaining 93.61% will be refunded. For example, a participant who commits $1,000 would receive about 2,130 tokens for approximately $639.10, along with a refund of around $936.09, which may vary slightly after rounding.
Calculated at the public offering price, the fully diluted valuation corresponding to the fixed total supply of 1 billion coins is 30 million US dollars. The publicly allocated portion accounts for 13% of the total supply. Both calculations use an offering price of 0.03 US dollars, which is different from the real-time trading price.
According to the announcement, participants can claim their allocated tokens through the Claim page on the token website, using the same Solana wallet they connected to during the sale period.
To claim it, you need to approve a wallet transaction and retain a small balance of SOL to cover network fees. After the transaction is confirmed, the allocated tokens and any unused USDC will be returned to the same wallet.
Meteora transactions will be enabled after public distribution.
As a native Solana SPL token, $1WIN can be used in conjunction with compatible Solana wallets and decentralized trading infrastructure. The company stated that the tokens used for the launch of Meteora come from the portion designated for liquidity in their allocation plan.
In another launch announcement, the project team confirmed that $1WIN has been launched on Meteora and disclosed the official token contract address. They also reminded users to check for slippage and price impacts before approving exchanges.
According to the announcement's reference to 1win Token Litepaper, approximately 267 million tokens will be unlocked during the token generation event, which corresponds to 26.7% of the total supply. The company stated that no further token issuance will occur after this event.
If the tokens allocated to participants in the public sale are not automatically displayed in their wallets, they may need to manually import the tokens. The company guides them to use the contract addresses published through official channels.
Game revenue will be used for the $1WIN buyback.
The announcement states that the buybacks under the token plan will use the revenue from the 1win gaming business to purchase $1WIN on the public market. The company indicated that these purchases will be funded by operating income and will not draw from its token reserves.
There is also a mechanism that will permanently destroy 10% of the $1WIN spent through supported platform products. The first destruction is scheduled to occur 30 days after the token generation event, and related transactions are expected to be displayed on the on-chain dashboard.
The company describes $1WIN as a utility and reward-based token for its existing entertainment platform. 1WIN states that the company was founded in 2016, has 100 million registered players in the international market, and generates game revenue independently of the tokens.
Earlier this year, the platform had already introduced cryptocurrency deposit and withdrawal services on multiple blockchains. The company stated that after wallet authentication through Trust Wallet, MetaMask, and WalletConnect, users could complete registration, login, and deposits by connecting their wallets.
Security audits cover token, issuance, and destruction contracts.
1win stated that before the public sale and launch, CertiK and Halborn conducted independent security assessments on the Solana smart contract that supports this ecosystem, with the assessment covering token issuance, sale, and destruction functions.
Eligible participants in the sale will also receive additional lottery tickets for the company's Lucky Drive promotional campaign. For every $100 spent on $1WIN, participants can earn 1 additional lottery ticket, but the maximum total of lottery tickets that each user can obtain through regular participation and additional rewards is 32.
These lottery tickets are scheduled to be credited before the draw on November 15th, with the grand prize being a Lamborghini Urus.
