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

[republicrypto]

Privilege Pool sounds interesting, basically scheme is well known - you simply stake your ONX and receive a share of platform fees

what make this Privilege pool interesting my friend?
i don't really understand how this privilege pool work, can you explain me with a simple explanations ?
regards

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[AmoreJaz]

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

like most defi platforms, a lot of their features are still in beta. now, you just hope that they will indeed develop their platform.  looking at the price movement in gate.io, the price is in upward movement after the drop. but still need to be alert for what's to come in this project. they are still in very early stage. one feature that they should have is the life insurance, now, let's see how far they will accomplish on that aspect?

[necromastery]

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

looking at the price movement in gate.io, the price is in upward movement after the drop. but still need to be alert for what's to come in this project. they are still in very early stage.

The price is quite good, although it is still far below the price when it was first listed on the exchange, yeah based what I see on CMC. They indeed in early stage since most of their service is still stated on their website as coming soon. It just over $24 Million TVL that they have is interesting thing to see.

[helenfast69]

So almost all amount of the token supply will be distributed over the next year through yield farming pools - 93%. What will be with the rest 7%?

[invincible49]

i don't really understand how this privilege pool work, can you explain me with a simple explanations ?
regards

Privilege pool is basically OnX staking without any involvement of any other tokens. It is different from liquidity farming. When you stake your OnX, you get the equivalent in sOnX, which represents your shares of OnX in real time. As more time goes on, OnX is added to the privilege pool externally, either from the 1x pool (for now from farming pool), or in the future from the lending contract and other products! This makes the value of sOnX shares worth more, think of them like coupons that are not tradeable. You can only see the OnX increment in OnX number in the tab of https://app.onx.finance/staking.

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.

Reference: https://onxfinance.medium.com/onx-staking-privilege-pool-6e9dfb0b5c22

[invincible49]

So almost all amount of the token supply will be distributed over the next year through yield farming pools - 93%. What will be with the rest 7%?

7% tokens pre-mined! Out of those 7% the following are the percentages of tokens kept for these purposes:

• 4.00 % Reserved for exchange airdrop campaign - participating exchanges
• 1.75 % for OnX initial Liquidity and Marketing
• 1.00 % for dev team - timelocked

Reference: https://onxfinance.gitbook.io/onx-finance/getting-started/tokenomics

FYI, We are on the tail end of this bonus month distribution curve!



Timer: https://etherscan.io/block/countdown/11692800

[kurchuney]

ONX Lending contract has been completed and right now development team is working on the ONX collateral token swap and other. So team not sitting without business, good to hear that

[the rise]

good token distribution strategy, I realized that the OnX per block is shrinking, meaning that it will be very difficult to get it, nice to see Onx tokens have been listed on several good exchanges, by the way, when will the airdrop program be launched?

[invincible49]

good token distribution strategy, I realized that the OnX per block is shrinking, meaning that it will be very difficult to get it, nice to see Onx tokens have been listed on several good exchanges, by the way, when will the airdrop program be launched?

Hi there glad to see you all replying in such positive ways! The team is hard at working to finish up lending dapps which should be released before the end of the month along with a top secret feature that will be announced soon. About the airdrop, it has already occurred, ANKR holders in big exchanges like Binance, Okex, Houbi, Bithumb, Gate got 1 OnX by holding 10000 ANKR. But I have talked to the CEO about doing a bounty program on the forum, he sounded interested. Let's see!

[invincible49]

Latest Update!

Hey guys quick update. The lending contract has been completed and is currently undergoing an official audit before it can be released.

While we wait on the audit we're continuing work on the front end integration, and making a new lending post with more details, so we're ready for a quick release. The lending to start will be collateralizing aETH (the real value of aETH, not based on uniswap), and borrowing ETH against it. All at the same time earning ONX from the farm. Think about the aETH farm right now, except you will also be able to borrow up to 75% of its ETH value if there is enough supplied. More details to come on this.

Additionally the design for onSynthetics is completed, and the contract for that is nearing completion as well. Internal tests (like for lending) are next for onSynthetics starting Monday.

We will keep everyone updated when we hear back from the auditors, which should be this week maximum. We are in priority.

[invincible49]

With the recent emergence of the algorithmic stable coin space, the OnX platform is introducing the first ever synthetic assets platform for collateralized tokens to help the DeFi ecosystem. Starting with aETH (ankrETH) as the fractional reserve for the algorithmic Ethereum, this new synthetic assets platform will help unleash more potential in DeFi while creating new ways to manage wealth and even help enable future cross chain and layer-two solutions.

To know more latest update on onSynthetics click here: https://onxfinance.medium.com/%EF%B8%8Fintroducing-the-onx-synthetic-assets-platform-onsynthetics-8a4cc4d8c6f2

This news has also pushed the price of $OnX too! Currently it is being traded at around $2.44! Yippee lol

[ASWat]

How do you think you will execute the life insurance? Claim would probably have to be paid out automatically, in the spirit of having a trustless environment. Otherwise there is no benefit over traditional insurance.

[invincible49]

How do you think you will execute the life insurance? Claim would probably have to be paid out automatically, in the spirit of having a trustless environment. Otherwise there is no benefit over traditional insurance.

You have got a great question and that brings up a flaw that I see in this project so far because it looks like they should rebrand the "Insurance" term to replace it with "SAFU Fund". Kind of misleading imo. I will contact Mike to bring up this. I believe this is the wallet address which contains the "SAFU fund": https://etherscan.io/address/0x53d3b757af4d1b897d4a4f24a46769790b0052ba#tokentxns and the OnX holders being the holder of OnX platform's governance token holder will determine how the funds are going to be utilized in future.

[invincible49]

Quick Audits Update after getting back from the Beosin Audit farm--->

It looks like onSyn audit will be completed first. Currently they are just checking over the last parts. So it is expected that onSyn will be the first product to launch. Once the completed audit is in hand, the presale date will be set and announced with plenty of time for everyone to make arrangements.

The lending contracts are turning out to be quite a bit of work for the audit team. In order to ensure the highest level of safety they are proceeding with the highest level of caution and communication which means a lot of back and forth to understand all parts of the contracts and their interactions. This type of lending is a new concept and there aren’t really any similar enough contracts for an easy cross check. The price of innovation. But, there are no major issues to address and steady progress is being made. Thanks everyone for their patience as the team does their best to ensure the most secure experience possible.

Link: https://t.me/OnXFi/33577

[AmoreJaz]

Quick Audits Update after getting back from the Beosin Audit farm--->

It looks like onSyn audit will be completed first. Currently they are just checking over the last parts. So it is expected that onSyn will be the first product to launch. Once the completed audit is in hand, the presale date will be set and announced with plenty of time for everyone to make arrangements.

The lending contracts are turning out to be quite a bit of work for the audit team. In order to ensure the highest level of safety they are proceeding with the highest level of caution and communication which means a lot of back and forth to understand all parts of the contracts and their interactions. This type of lending is a new concept and there aren’t really any similar enough contracts for an easy cross check. The price of innovation. But, there are no major issues to address and steady progress is being made. Thanks everyone for their patience as the team does their best to ensure the most secure experience possible.

Link: https://t.me/OnXFi/33577

the team seems working hard to cater defi supporters. audit is very important in any defi platform. but how frequent are they going to conduct the audit? is it quarterly or annual? not many defi projects can actually realise their objectives. look at how many defi sites are still in beta? looking forward to see this platform up and working.

[invincible49]

the team seems working hard to cater defi supporters. audit is very important in any defi platform. but how frequent are they going to conduct the audit? is it quarterly or annual? not many defi projects can actually realise their objectives. look at how many defi sites are still in beta? looking forward to see this platform up and working.

I am myself also looking forward to seeing that but as you can realize like other DeFis they also started with farming and later introduced Privilege Pool AKA Staking. I had pretty insane APY from the LP in the first 25 days and now for Impermanent Loss's I have taken out my OnX/ETH from the pool as I was losing a lot of OnX due to its pump. They already had Beosin's audit publicly posted since the first day and now they sent out a couple of contracts to audit these and looks like we are right on schedule to launch onSynthetics that the team mentioned in the telegram group. FYI, they do not have any roadmap too!

[invincible49]

how frequent are they going to conduct the audit? is it quarterly or annual? not many defi projects can actually realise their objectives.

I just asked it to Mike and here's the reply he gave which makes a lot of sense when you think about it.

There seems to be confusion about what an audit actually is amongst some people. In blockchain and defi, we are talking about CODE audits for the contracts. There would be no point in repeating this as the code can’t be changed without launching a new contract, which would get its own audit before launch.

I believe some people are confusing this with a financial audit, which is unnecessary in blockchain as all transactions are public so anyone can audit the finances any time they like, even in real time.

[veivodea]

Yield Farming is one of the main aspects of this project as I see because 93% of the token supply will be distributed through yield farming pools

[invincible49]

Yield Farming is one of the main aspects of this project as I see because 93% of the token supply will be distributed through yield farming pools

Please be more constructive with your comment in my thread! Yes, you are right about token distribution thing as it is almost totally different than other competitors such as IDLE Finance, Compound, Alpha etc. OnX's tokenomics is predictable, transparent and with fair token distribution!

[invincible49]

Great news guys! onS Pre-Sale Date has been announced!

"Official Pre-Sale of onS will be on Friday, February 5 at 10am PST! Each onS will be priced at 0.1 aETH (ankrEthereum) to start, limit of 5 aETH per wallet! All $aETH reserved for vault."

Instruction:
Click the "Presale" tab under the onSynthetics header on http://OnX.Finance to access which will go live just before the launch of the Pre-Sale.