[ANN] ⚡ OnX Finance, The First DeFi Hub For Collateralized Tokens ⚡

[invincible49]

Disclaimer: I am not part of the OnX Finance team. I am posting this ANN on their behalf. If you have questions about this project, kindly contact @OnXMike who is the founder of this project but wants to remain anon with his other team members.

[trueinvestment]

Gitbook for documents. Interesting method. Good idea, i`ll try too  What`s about roadmap? Not found it

[invincible49]

Gitbook for documents. Interesting method. Good idea, i`ll try too   What`s about roadmap? Not found it

I am currently farming. Provided OnX/ETH LP. It has been going great, but APY is currently going down as more users are farming. About roadmap, the project itself is only a two weeks old and they want to release the roadmap after this holiday period. Farming is enabled already and also they have concluded their OnX airdrop for ANKR holders on big exchanges just 4 days ago.

[cryptobaro]

Well DeFi is on fire in the last couple of months and Ive been watching all of them closely..
It says there will be no sales for ONX, we need to follow price movements then.

[invincible49]

Well DeFi is on fire in the last couple of months and Ive been watching all of them closely..
It says there will be no sales for ONX, we need to follow price movements then.

Well, OnX airdrop for ANKR will be from existing tokens. But farmers are dumping their staking tokens now which is understandable also marketing stuff has not started yet fully hence the price dump for now. https://www.dextools.io/app/uniswap/pair-explorer/0x62f22a47e5d2f8b71cc44fd85863753618312f67

[Dutchyyy]

Gitbook for documents. Interesting method. Good idea, i`ll try too  What`s about roadmap? Not found it

OnX Finance currently only have 'Farming'. Everything else is 'Coming Soon'.
In my eyes this is pretty Ann + pretty site and ZERO real value, just some people trying to make quick bucks around the DeFi hype.

[invincible49]

ZERO real value, just some people trying to make quick bucks around the DeFi hype.

There are a lot of projects that are similar, but none of them focus on LP tokens and Bond tokens like aETH. Projects like Aave, Curve, Compound and Yearn aren't too different from this one, but each focus on different aspects of decentralized finance. If a token has no utility other than being farmed and sold at almost no price by farmers sounds worthless tbh as it can be reflected in the current price. The value of OnX are in lending, collateralized token vaults, Automated Asset Management, Automated market maker, insurance which are very unique concept for a DeFi project though.

OnX Finance currently only have 'Farming'. Everything else is 'Coming Soon'.

Roadmap and along with their first priority of launching lending platform will be released in the coming weeks hopefully. It's not just empty promise from my point of view. Those who are farming from the start ae getting good APY, also bear mind that it is also being helped more by the multiplier weight of each farming pool of farmers. Happy farming! 

[helenfast69]

ONX.finance has a pretty comfortable application for staking and farming. Also there is a staking tutorial for OnX.finance

[invincible49]

Great news as OnX is going to be listed on Gate.io which is the first official CEX listing by the team. There is a timer for gate listing on their website for onx/eth and onx/usdt pairs as well.


Announcement link: https://www.gate.io/en/article/18765

[invincible49]

As I read on the website there will be more future use cases as new services and products are added to the platform. How soon it can be possible?

A more detailed roadmap plus release of the first product announcement will be coming after the holidays. The team is already in product testing phase for the Lending and Vault products for certain types of collateralized assets. Subscribe to their announcement channel to get updated. Here is the link: https://t.me/OnXFiNews

[invincible49]

The first product's testing phase is now going on and here's the official update on how Lending on OnX dApp: https://onxfinance.medium.com/onx-lending-platform-update-bf2517cd5355

Also Binance has announced that it has completed OnX distribution for the ANKR holders on theor exchange's wallets!
Link: https://www.binance.com/en/support/announcement/2127a89b19364e3c97d9bb0c7d1027f3

[invincible49]

aETH/ETH LP, aETH/USDC LP rewards are over. Meanwhile it is a good news that the increase of the multiplier in eth/OnX LP!




Happy Farming!

[necromastery]

Even though onx token has pretty good supporters in the telegram group, and is already listed on many exchanges, but since the first time of being listed on coinmarketcap, until now the price has continued to decline, what happened there?

[JooBra]

Even though onx token has pretty good supporters in the telegram group, and is already listed on many exchanges, but since the first time of being listed on coinmarketcap, until now the price has continued to decline, what happened there?

I would like to let some more time pass... People know to act strange and seeing it coinmarketcap can sometimes be a bad thing at the begining. Some people expect too much and sell when they see that the coin is not in top20 or something similar.

[invincible49]

Even though onx token has pretty good supporters in the telegram group, and is already listed on many exchanges, but since the first time of being listed on coinmarketcap, until now the price has continued to decline, what happened there?

Product brings value, as of now only staking is available in a couple of pools which is resulting in whales harvesting their farmed OnX and swapping on Uniswap for other assets which is very much acceptable for a month old project. Being listed on CEX or CMC doesn't mean it is top notch attraction for those who are looking for values in product. In this case we have to wait a few more weeks to see the release of Lending service. Then price of OnX should react to it hopefully. 

[invincible49]

Community asked the team has listened or was it just one of their plans all along to introduce a OnX Privilege Pool? Well, it sure looks like a great implementation. The next big update should be the announcement of the Lending product! 

"When fees are taken from products on the OnX.Finance platform, a portion of these fees are used to market buy ONX and distribute it to the Privilege Pool. For instance, with lending, a portion of the interest collected will be set aside to market buy ONX which will then be distributed to the Privilege Pool. To start the staking rewards, a 1X farming pool is going to be sending ONX to the staking contract every 12 hours."

To know more: https://onxfinance.medium.com/onx-staking-privilege-pool-6e9dfb0b5c22

[the rise]

Community asked the team has listened or was it just one of their plans all along to introduce a OnX Privilege Pool? Well, it sure looks like a great implementation. The next big update should be the announcement of the Lending product! 

"When fees are taken from products on the OnX.Finance platform, a portion of these fees are used to market buy ONX and distribute it to the Privilege Pool. For instance, with lending, a portion of the interest collected will be set aside to market buy ONX which will then be distributed to the Privilege Pool. To start the staking rewards, a 1X farming pool is going to be sending ONX to the staking contract every 12 hours."

To know more: https://onxfinance.medium.com/onx-staking-privilege-pool-6e9dfb0b5c22

we all know that trading fees in the eth network are very burdensome, like myself making transactions with a small nominal value is very meaningless, whether in the future we will not join other networks, even though it is also not very important but meaningful to interested people

[invincible49]

we all know that trading fees in the eth network are very burdensome, like myself making transactions with a small nominal value is very meaningless, whether in the future we will not join other networks, even though it is also not very important but meaningful to interested people

From my understanding OnX privilege pool will have less transaction fees or not at all when you withdraw OnX reward. But can't confirm it as of now because reward emission starts will start in a couple of hours.

To answer you second concerns, I have heard that there is also a talk about publishing a Layer 2 version of OnX. They are looking at Polkadot Interoperability. they are currently exploring various parachains to build on top of as well to expand the ONX platform. If it is true then that will spread out OnX's utility on various cross-chain registries and cross-chain computation. Let's wait for further confirmation. 

[invincible49]

A bit of teasing by the team as they just introduced this OnSynthetics which will be released soon as the CEO said. Can't find anymore details on it though now. Will update the community when they announce what is this OnSynthetics!



Meanwhile let's take a look at OnX price as of posting this,

[matvynos]

OnX should be the first DeFi project platform specifically targeting collateralized tokens, but many services is still under development. For example vault is not ready. So we need to wait to see the whole potential of this project