Introduction

OX.FUN introduced a new concept for gaming with its native token, OX Coin ($OX). This platform differs from standard exchanges by using a dual-token system to improve the trading experience through novel economic designs and user engagement tactics. OX.FUN is based on the $OX token, which acts as the primary currency for trading and transaction settlements and plays an important part in a novel portfolio margin system that allows a wide range of crypto assets, including volatile memecoins, to be utilized as collateral.

What is OX Coin?

OX.FUN platform is a gamified perpetual market that takes a creative approach to trading. Unlike typical exchanges, which denominate profits, losses, and liquidations in standard currencies such as USD, and OX.FUN employs $OX. This design choice reduces various risks connected with portfolio margin structures by allowing traders to use a wider range of crypto assets as collateral, including memecoins.

In the OX.FUN ecosystem, $OX is the primary unit for profit and loss calculations, and also plays an important role in every transaction on the platform. This distinct configuration assures that during market downturns, when other platforms may struggle for liquidity, $OX becomes structurally more valuable as liquidated non-$OX collateral is transformed into $OX bids. In bull markets, the ascent of memecoins increases the appeal of OX.FUN, allowing traders to maximize their holdings through novel trading techniques and collateral choices.

History of OX Coin, Origins, and Key Persons

OX Coin arose from an original idea to combine gamification with cryptocurrency trading. OX.FUN launched it in January 2024 with a dual-token format that radically altered how traders interact with market dynamics. This concept was created to make trading entertaining and financially profitable, emphasizing enjoyment in the risky world of cryptocurrency trading.

A team of technologists and financial experts identified the untapped potential of memecoins and other niche crypto assets, so they created OX Coin and its related platform. These assets, previously neglected by traditional exchanges due to their volatility and market preconceptions, found a new home in OX.FUN’s ecosystem, where they could be employed as collateral in a larger trading strategy.

Key figures in the development of OX.FUN and OX Coin include tech entrepreneurs and crypto enthusiasts who had previously contributed to blockchain innovations. The key figures include Su Zhu and Kyle Davies, both co-founders and prominent figures in the project. Su Zhu and Kyle Davies are also well-known for founding Three Arrows Capital, a significant hedge fund in the cryptocurrency space. Their involvement in OX.FUN suggests a strong strategic and financial foundation for the platform. Their combined expertise in technology, finance, and market dynamics enabled them to create a platform that supports the trading of memecoins and enhances the liquidity and stability of $OX through innovative financial mechanisms.

Since its inception, OX Coin has seen significant adoption, driven by its utility and the engaging platform of OX.FUN. The founders’ mission to reduce the entry barriers for various crypto tokens has positioned OX.FUN as a pioneering force in the crypto trading landscape, attracting traders and investors looking for dynamic and flexible trading environments.

How Does OX Coin Work?

OX Coin serves as the central unit within the OX.FUN platform, facilitating a range of operations from trading to governance. The coin is intricately designed to leverage the unique dual-token system of OX.FUN, enhancing user engagement and platform stability. OX Coin is used for all transaction settlements on OX.FUN, influencing the platform’s trading environment by allowing users to employ a variety of crypto assets as collateral. This includes volatile memecoins, providing flexibility, and lowering entry barriers for diverse trading strategies.

The use of OX Coin extends beyond simple transactions; it serves as collateral within OX.FUN’s innovative portfolio margin system. This allows users to maximize their trading potential by leveraging their entire portfolio, enhancing liquidity and market participation. Holders of OX Coin possess voting rights, enabling them to participate in the platform’s decision-making processes. This governance model ensures that protocol changes or tokenomics align with the community’s interests.

Key Features of OX Coin

OX Coin is designed with several key features that set it apart from traditional cryptocurrencies and make it a versatile tool within the OX.FUN platform.

Antifragility and Value Accrual

OX Coin is engineered to benefit from market volatility, making it antifragile. This means that both in market downturns and bull markets, the mechanisms within OX.FUN ensures that $OX accrues value. Market downturns see an increase in $OX bids due to liquidations, while bull markets increase the utility and demand for $OX as more traders utilize the platform.

Portfolio Margin Trading

OX.FUN allows traders to use a wide range of tokens as collateral, not limited to major cryptocurrencies. This includes memecoins and other niche tokens, which are typically not accepted on other trading platforms. By allowing such a diverse range of collateral, OX.FUN significantly lowers the barrier to entry for traders who wish to leverage their entire crypto portfolio.

Dual-Token Economy

Source: Whitepaper

Aside from $OX, OX.FUN uses a secondary token, $MILK, awarded during losing trades. This dual-token system cushions the impact of losses while incentivizing continued trading and participation on the platform. It adds a layer of complexity and strategy to the trading experience on OX.FUN.

Decentralized Governance

$OX holders are granted governance rights, allowing them to vote on key platform decisions and changes. This includes updates to the protocol, fee structures, and the introduction of new features or tokens. Such decentralized governance ensures that the community of users has a say in the platform’s evolution, aligning with the ethos of blockchain technology.

Copy Trading and Competitive Staking

OX.FUN introduces unique social trading features like copy trading and battle vaults, where users can mimic successful traders’ trades or participate in trading competitions. This makes trading more engaging and allows less experienced traders to learn from more seasoned ones.

Prison Staking for Passive Earnings

Source: Whitepaper

The “Prison” feature allows users to lock their $OX to earn a share of the platform’s trading fees, with different terms offering varying returns. This mechanism provides a passive income stream that helps stabilize the supply of $OX by locking tokens out of circulation, potentially increasing their value over time.

OX Chain

OX Chain is designed specifically to support the functionalities of OX.FUN, including trading, staking, and governance. As a blockchain, it allows for the smooth execution of transactions and smart contracts critical to the platform’s operations. Its main purpose is to facilitate the decentralized exchange activities on OX.FUN, ensuring that transactions are secure, transparent, and efficient.

OX Chain uses a custom blockchain framework with a unique Chain ID (6699) and operates its native token, OX (OX), as the central unit of transactions and governance. The blockchain employs performant and scalable RPC (Remote Procedure Call) services, ensuring that transactions are processed quickly and reliably. Developers working on OX Chain have access to various tools and resources. These include Goldsky’s support for subgraphs, which enables the rapid development of decentralized applications (dApps) on the platform. Additionally, Blockscout provides several key API endpoints for blockchain exploration, allowing developers to interact with the chain’s data seamlessly.

For decentralized exchange functionalities, OX Chain hosts OX Swap, the first DEX on the chain, which allows users to create concentrated and auto-balanced pools for multiple tokens, enhancing liquidity and trading options. The chain also features bridging capabilities, supported by platforms like XY Finance, which enable the movement of tokens across different networks, promoting interoperability and broadening the platform’s reach. This tech stack is designed to support various advanced DeFi features while ensuring ease of development and scalability, making OX Chain a versatile platform in the blockchain ecosystem.

Decentralized Exchange (DEX)

OX Chain hosts OX Swap, the first DEX on the chain. This DEX supports the creation of concentrated and auto-balanced pools for multiple tokens, which plays a crucial role in enhancing liquidity and trading flexibility on the platform.

Bridging Capabilities

Source: Website

OX Chain includes features that allow for bridging OX and other tokens between OX Chain and other networks. This is crucial for ensuring that users have the flexibility to move assets across different blockchain environments, thereby enhancing interoperability.

Developer Support

The chain is equipped with tools like subgraphs supported by Goldsky, which provide developers with the necessary resources to build on OX Chain efficiently. This includes APIs and other developer tools that facilitate the creation of decentralized applications (dApps).

Integration with OX.FUN

OX Chain is deeply integrated with the OX.FUN platform, providing the backend infrastructure that enables all of the platform’s innovative features. The chain’s design is tailored to support OX.FUN’s unique tokenomics, including the dual-token system and the utilization of various crypto assets as collateral.

Community and Governance

Like many modern blockchain platforms, OX Chain includes mechanisms for community governance, allowing token holders to participate in decision-making processes. This includes votes on blockchain updates, transaction fee changes, and proposals for new features or improvements.

OX.MARKETS

OX Markets is a decentralized trading platform that offers a unique, gamified approach to perpetual markets. The platform is built on the OX Chain and integrates a dual-token system, utilizing the native $OX token for trading and transaction settlements.

Key Features

Perpetual Trading: OX Markets allows users to trade perpetual contracts on various cryptocurrency pairs, such as ETH/USDC, without the need for expiry dates, which is typical in traditional futures contracts. This feature enables traders to hold positions for as long as they desire, providing greater flexibility.

Dual-Token Economy: The platform uses $OX as the main collateral and settlement currency. Additionally, users can earn $MILK, a secondary token, through specific trading activities, adding an extra layer of engagement and rewards.

Gamification: OX Markets enhances user experience by incorporating gamified elements, such as daily trading missions and leaderboards, which offer rewards and encourage active participation.

Decentralization: Built on the OX Chain, OX Markets operates decentralized, ensuring users retain control over their assets. This structure also promotes transparency and security, which are critical in cryptocurrency.

Advanced Trading Features: The platform supports advanced trading tools, such as leverage and margin trading, allowing users to amplify their positions and potentially increase returns. Additionally, using a wide range of collateral, including volatile assets like memecoins, provides traders more flexibility.

Liquidity and Speed: OX Markets is designed to offer deep liquidity and fast transaction speeds, which are crucial for high-frequency trading and large trades.

Is OX a Good Investment?

Deciding whether OX Coin ($OX) is a good investment involves considering various aspects of its underlying platform, OX.FUN, as well as the broader cryptocurrency market dynamics. OX.FUN’s unique approach to trading, particularly its use of a wide range of tokens as collateral, including memecoins, positions it distinctively in the cryptocurrency exchange market. As with any cryptocurrency investment, there are risks involved. The innovative yet untested long-term viability of its economic model, potential regulatory changes, and the usual risks associated with cryptocurrency volatility should be carefully evaluated.

Considering these factors, OX Coin presents an intriguing investment opportunity, particularly for those who believe in the platform’s innovative approach to leveraging blockchain technology for trading. However, like all investments, potential investors should conduct thorough research and consider their risk tolerance and investment strategy before committing funds.

How Can You Own OX?

To begin, you must select an exchange that lists OX Coin for trading, such as Gate.io. Ensure that the exchange supports the specific pairings that you’re interested in, such as $OX/USD, $OX/BTC, or any other fiat or crypto pair that might be available. Once you have chosen an exchange, the next step is to create an account. This process typically involves providing your email address and setting up a password. Most exchanges will require you to complete a verification process for security purposes, which might include submitting identification documents.

After your account is set up and verified, you must deposit funds. You can do this using fiat currency like USD or EUR if the exchange supports it, or you can deposit other cryptocurrencies. Check the exchange’s support and FAQ sections for specific details on how to fund your account. With your account funded, navigate to the trading page on the exchange where $OX is listed. You can place a market order, which buys $OX at the best available current price, or a limit order, where you set a specific price at which you want to buy the coin. Follow the on-screen instructions to execute your trade.

After purchasing $OX, you should move your coins from the exchange to a private wallet you control, especially if you’re planning on holding for the long term. This step is crucial for security reasons, as keeping your coins in your wallet reduces the risk of losing them to potential exchange hacks. Keep an eye on your investment by regularly checking the performance of $OX Coin. Most exchanges provide integrated tools to help track your portfolio’s performance over time. You can also set up alerts to notify you of significant price changes.

Tokenomics of OX

Source: Whitepaper

The tokenomics of OX Coin ($OX) are designed to support the long-term viability and growth of the OX.FUN platform. $OX has a maximum supply cap of 9.86 billion tokens, which aligns with its vision to maintain a controlled inflation rate. Of this, 3.5 billion tokens are currently minted and in circulation. The controlled supply is intended to prevent excessive inflation and to maintain the token’s value over time.

The initial distribution of $OX was facilitated through a 1:1 bridge, where holders of the previous version of the token, Open Exchange ($OX v1), could convert their holdings to the new $OX Coin by burning the old tokens. This mechanism helped transition to the new token while maintaining a balanced approach to its circulation and valuation. The OX.FUN treasury can mint up to the maximum supply cap primarily during the platform’s bootstrapping phase. These tokens are allocated for community and team incentives and acting as an insurance fund to backstop market maker losses. This ensures the platform attracts and retains talent while safeguarding against potential trading losses.

Holders of $OX are afforded governance rights, including voting on significant decisions such as protocol upgrades, fee adjustments, and adding new features or products. This democratic approach ensures that token holders can directly influence the direction and policies of the platform, promoting transparency and user involvement. $OX provides several avenues for earning passive income, notably through its “Prison” feature, where users can stake their tokens to earn a share of the platform’s trading fees. The staked $OX is locked for a term ranging from 7 to 360 days, with longer terms yielding higher returns. This provides an attractive income stream for holders and helps stabilize the token’s price by reducing its circulating supply.

Useful References

For the latest updates about OX Coin, you can visit:

• Website
• Twitter
• Whitepaper

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