- Oxygen is a DeFi brokerage that permits customers to stake, margin commerce, and use leverage.
- Its launch on FTX is attracting loads of consideration. Serum launched at $0,11 for its IEO and now trades round $6.
- Solely customers with $50.000 quantity within the final 30 days on FTX will be capable to take part.
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Buyers are following the most recent DeFi mission to launch on Solana. Oxygen’s IEO kicks off tomorrow, bringing staking and levered buying and selling to the Solana ecosystem.
A Historical past of Insane Upside Put up-IEO
Speculators have been significantly on this providing. Traditionally, related tokens have seen unbelievable development after their launch. Main the best way is FTX’s native token FTT up greater than 180x since its launch.
Oxygen is a DeFi prime brokerage service constructed on Solana and powered by Serum’s on-chain infrastructure. Much like dYdX on Ethereum, customers will be capable to earn yield on their crypto by lending it to merchants or borrow from the protocol’s swimming pools to extend their very own leverage.
The OXY token will function a governance token. It’s going to additionally distribute to its holders 100% of the charges generated by shopping for again OXY from the market and burning it.
The protocol’s income will come from three sources:
- Community charges (a fraction of the yield acquired by customers).
- Buying and selling charges.
- Liquidation charges.
Charges are near null on Solana, permitting for the form of dynamic actions carried out day by day by merchants. On a platform equivalent to dYdX, taking a place can simply value north of $50, which additional slims the potential margins that merchants can exploit.
Whereas the Ethereum community compensates its excessive gasoline charges with greater quantities of liquidity and potential yield for common customers, high-frequency merchants that function lots of of trades per day might discover Oxygen’s worth proposition attractive.
Any person with an FTX account authorised to at the very least KYC stage two and has both 500 FTT staked FTT or has executed greater than $50,000 in quantity previously 30 days will obtain one ticket. Buyers could possibly buy further tickets based mostly on their buying and selling quantity over the previous 30 days. That is additionally true for the typical day by day FTT held over the previous 7 days.
The providing begins tomorrow between 9:00 and 10:00 pm SGT. Customers who meet the IEO standards will be capable to bid on 1,000 allocations of two,000 OXY, the token of Oxygen.
Disclosure: The writer held Bitcoin and Ethereum on the time of press.
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