OX coin Overview

OX Coin is the core of the gamified Derivatives exchange OX.FUN. The platform provides a gamified trading experience with Depth and Liquidity for all popular trading pairs, and has top-notch exchange tokenomics. OX Coin is used as collateral and profit/loss currency for the exchange.

Traders can complete daily trading tasks, earn up to 200% APY, participate in trading competitions, earn profits by placing coins in copy trading and proprietary treasury, and even earn MILK Token in losing trades.

OX.FUN allows users to convert the old version of Open Exchange Token (OX V1) into the new version of OX Coin (OX V2) within a limited time, and OX V2 will be minted at a 1:1 ratio, with all received OX V1 being destroyed.

What is OX.FUN?

OX.FUN is a new gamified Perptual Futures exchange built around $OX Coin, formerly known as Open Exchange (OPNX). It was originally a platform for debt trading, allowing users to trade tokenized debts such as FTX, Mt.Gox, and Three Arrows Capital. Later, OPNX changed its product direction and ceased operations at the end of January, officially transitioning to Perptual Futures exchange OX.FUN in early February 2024.

As a trading platform, OX.FUN's core function is Perpetual Futures. Currently, it has over 130 trading pairs and continues to update, including top Market Cap Tokens, meme coins, and other niche tokens. OX.FUN's slogan is 'Every trade is a profitable trade.' Profitable trades in Close Position can earn OX coins, while losing trades in Close Position can obtain Milk Coins.

How does OX.FUN work

At OX.FUN exchange, it is divided into two parts, one is the meme coin Perptual FuturesOX.FUN with OX as the currency base, which is executed on-chain at OX, and the other is the full-chain perpetual Contract Trading called OX .MARKETS with USDC as the base. Let's briefly introduce the basic functions of these two below:

CowFun

Earn 100% annual interest on the hottest Memecoin Perps and all memecoin deposits.

OX.FUN is on-chain OX, the only Token that can be traded on Spot, and the rest are Perptual Futures. In addition to over 100 popular meme Tokens, OX.FUN also has top Tokens in the market such as BTC, ETH.

OX.FUN is a hybrid CEX/DEX perpetual exchange. The project is still in its early stages, so the 24-hour volume is not high. Unlike other centralized and decentralized exchanges, all perpetual futures on OX.FUN use its governance token OX Coin as collateral. It adopts a dual-token trading model where profits and losses are settled in OX Coin. Trading profits can earn more OX Coin, while trading losses can earn Milk Coin. Milk Coin and OX Coin have equal value.

OX.FUN 4 ways to earn income: Perptual Futures, copy trading, prison, referral

Perptual Futures is the main feature of OX.FUN. Previously, there was a OX Farm feature where completing all trading tasks on the platform could earn up to 200% annualized returns on $OX balance. This feature has now been cancelled and replaced with referral deposit rewards.

1. Perpetual Contract Trading

The interface view is similar to other top exchanges like Binance and Gate.io, but on OX.FUN, you can engage in basic Perptual Contract Trading. I haven't seen the function to set batch Close Positions in advance yet. In addition to using OX as the base currency for Settlement, the trading interface also integrates community channels, where you can share your trading views while preparing to go long or short, and all views can be easily shared on Twitter. All trades use OX as Margin, and if you make a profit, you can earn more OX Tokens, while if you incur losses, you will receive Milk Coins.

2. Follow Trading Fund

In the interface of copy trading, you can see the duel between the two founders of OX, Su Zhu and Kyle, as well as the leaderboard of other trading masters. In each Vault, you can see the PNL of the trading master, the $OX staked by followers, and the $OX of the trading master, which is their own 'investment capital'. There is a profit and loss ranking function, and you can also search for the names of traders you are interested in. You can view the profiles, trading records, and Twitter of trading masters, copy their trades with one click, and even apply to become a trading master.

The official Chinese Twitter of OX.FUN will also have the latest MEME team battle, and interested traders can follow.

3. Earn more in prison

This prison function has a kind of Su Zhu's black humor, and squatting in prison is actually a staking function. "Prison" is a passive fee product that rewards stakers by charging a portion of the fee, plus the treasury emissions, and earning more as they invest. In the past, there was a separate label, but now it is labeled "Earnings". In OX. FUN can earn OX_Prison rewards by depositing and trading.

Deposit Reward: Non OX deposits can earn 100% APY paid daily by OX_Prison.

Trading Reward: The yield earned by trading OX_Prison is equivalent to 0.1% of your volume, with an annual interest rate of up to 73%.

OX_Prison itself cannot be traded, but it can be used as collateral for trading. It can also be converted into liquid OX Coin.

4.Recommendation Reward

Recommend depositing fren into OX.FUN to receive referral deposit rewards. Level 1 referral's MEME deposit earns an annual interest rate of 20%, while level 2 referral's MEME deposit earns an additional 4% annual interest rate. The people you refer can earn a 100% annual interest rate on all MEME deposits received in OX_Prison.

Recommend fren to trade on OX.FUN, you can earn 69% commission from all Money Laundering paid by the referees, and the referees can get permanent trading discounts (50% Maker discount and 28% Taker discount).

Bull Market

Trade USDC Perps and farm OX points. Earn points + professional trader experience.

If OX.FUN is the Contract Trading arena for meme coin players, then OX.MARKETS is more suitable for relatively professional traders to operate. OX.MARKETS' multi-chain routing adopts Bridgeless Cross-Chain Interaction technology, which can switch Mainnet at any time, supported by the Orderly Network technology. No matter which on-chain your funds are in, you can directly trade on OX.MARKETS, settle on-chain, and eliminate the friction of Cross-Chain Interaction fund transfer. Currently, it supports 5 mainstream Mainnets, including Ethereum, Mantle, Base, Optimism, and Arbitrum.

With up to 50x leverage on OX.MARKETS, traders can earn OX points and Orderly Network Merits in addition to profits from trading USDC Perptual Futures. OX points can be exchanged for OX Coins, and up to 2 million OX points can be earned every week. OX.MARKETS also has an alliance referral program where members can earn 40%-60% commission and non-members can earn 0%-20% commission on every trade by sharing referral links. Become an OX.MARKETS Pro member today!

Niu Chain

The OX Chain is an advanced Layer 3 blockchain platform designed for Meme coin, aiming to address the challenges faced by Meme coin in the current blockchain ecosystem. It allows users to transfer and trade assets, and provides incentive mechanisms to motivate asset bridging. The main features of OX Chain include high transaction speed and low fees, supporting the growth of the Meme coin industry and integrating it into Decentralized Finance, GameFi, and SocialFi.

The platform has a Decentralization exchange (DEX) called OX Swap, which supports the creation of various liquidity pools. The vision of OX Chain is to drive the next stage of development of Blockchain technology, bring more practical applications and legitimacy to Meme coins, and thus create an inclusive and versatile financial ecosystem, promoting the progress of the entire Blockchain industry.

OX.FUN team and investors

Team Background

The core members of the OX.FUN team include Su Zhu, the founder of Three Arrows Capital and OPNX (predecessor of OX.FUN), and Kyle Davies, the co-founder. Su Zhu was previously a trader at Deutsche Bank and Flow Traders, and graduated from Columbia University with a major in mathematics; Kyle Davies worked at Credit Suisse. Another partner is 0xyima, the former Chinese language director of Bitget (Twitter: Rolling Auntie @0xyima).

(Screenshot from https://www.rootdata.com/zh/Projects/detail/OX.FUN?k=MTEyMzU=）

Investment institutions

OX.FUN received a total of $4 million in financing in February 2024, with major investors including GenBlock Capital, Double Peak Group, and Emchain. The funding will be used for product development, talent pool construction, and market expansion, according to OX. In January of the same year, when it had just transformed into OX.FUN gamified perpetual exchange, without the replication trading pool and other passive earning functions, it had already reached $1.5 billion in OX deposits and $20 billion in OX volume, with only daily trading tasks and leaderboard competitions.

OX coin Tokenomics

$OX is the currency used to calculate profits and losses on OXFUN. When trading Perptual Futures on OXFUN, for every $1 change in Token price, you will make or lose 100 $OX per contract. For example, if you buy 25 contracts of ETH Perptual Futures, and the ETH price pumps by $10, then your profit or loss will be 25,000 $OX.

This design ensures that the Fluctuation of $OX price will not affect the Close Position price, but will jointly affect the profit and loss of the Perpetual Futures price and the $OX price. Therefore, compared to Perpetual Futures priced in US dollars, contracts priced in $OX may experience greater increases and decreases. For example, if both $OX and $BTC Perpetual Futures pump 2 times, your profit may be magnified to 4 times.

In addition, all losses incurred on OXFUN will be refunded in $MILK Token. The maximum supply of $OX Token is 9.86 billion, and 3.5 billion have been minted so far. The initial supply was minted through a 1:1 bridge method, burning Open Exchange ($OX V1) Tokens for exchange. This 1:1 conversion ended on March 15, 2024. Now you can only obtain $OX through the "Buy OX" function on the public market or via OXFUN.

During the launch phase, the treasury will retain the ability to mint up to 9.86 billion supply for community and team incentives, as well as an insurance fund for market maker losses. The final supply will be kept as low as possible.

$OX Token Distribution and Release

The project has not officially announced Token issuance or Token Airdrop.

Summary: Is OX coin a good investment?

OX coin and its ecosystem demonstrate an innovative cryptocurrency trading model that combines gamification elements and professional trading features. OX.FUN and OX.MARKETS provide rich options for traders at different levels, while the development of OX Chain opens up new possibilities for meme coin. The team has a strong background, and Su Zhu's BD capabilities are also very good, as can be seen from their previous investment in Three Arrows Capital and its portfolio. OX project has ample investment support, which lays a solid foundation for the future development of OX coin.

However, investors still need to be cautious. The inherent high risk of the cryptocurrency market, coupled with the unique pricing mechanism of OX coin, may lead to greater price fluctuations. In addition, the uncertainty of token distribution and release plans is also a factor to consider.

In general, OX coin represents a new trend in Cryptocurrency trading, and its innovative model and strong background make it promising. However, like all Cryptocurrency investments, investors should conduct in-depth research, weigh the risks and returns, and only invest an amount they can afford to lose. The future development of OX coin is worth following, but investment decisions should still be based on careful evaluation and individual risk tolerance.