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Cryptocurrency entertainment platform 1win has completed its Token Generation Event (TGE) for its native Solana (SOL)-based token, $1WIN, and has begun trading, after receiving subscriptions exceeding 15 times the target amount in a two-week public offering. A TGE is the process of initially issuing tokens, releasing them to the market, and commencing circulation. $1WIN is traded on Meteora, a Solana-based liquidity protocol.
According to the cryptocurrency media outlet Finbold on November 3 (local time), over 6,100 participants subscribed approximately $61.02 million (approximately 82.1 billion KRW) worth of USDC in this public sale. The sale volume was 130 million $1WIN tokens, with a price of 0.03 USDC per token. The subscription amount reached 15.647 times the available volume.
The sale was conducted on a pro-rata basis, not first-come, first-served. Participants receive a share of the sale volume proportional to their subscription amount, and any unallocated USDC is returned upon token receipt. Participants can connect their Solana wallet used during the sale on the official token site to receive their tokens.
The total supply of $1WIN is fixed at 1 billion tokens, with no additional issuance after the TGE. Approximately 267 million tokens, or about 27% of the total, were released at the time of the TGE. Following the Solana SPL token standard, it can be used in general Solana wallets and decentralized trading infrastructure. On-chain liquidity for the Meteora listing is provided through 1win's allocated liquidity volume.
1win stated that its token economy is linked to its existing gaming business, which has been operating since 2016. The company explained that it has 100 million registered users. Regular open market buybacks (repurchase of its own tokens) are funded by gaming revenue, not token reserves.
A separate burning mechanism has also been established. 10% of the amount paid with $1WIN for products supported by the platform will be permanently burned. The first burn is scheduled 30 days after the TGE, and burn details can be publicly verified on an on-chain dashboard. With a fixed supply, no additional issuance, buybacks, and burns, the circulating supply is structured to decrease over time.
Prior to the public sale and TGE, 1win announced that security firms CertiK and Halborn had independently reviewed the Solana-based smart contracts containing token, sale, and burning functions. This year, 1win introduced multi-chain cryptocurrency deposits and and withdrawals. It also supports wallet authentication based on Trust Wallet, MetaMask, and WalletConnect.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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