What is OnX Finance?

Over the last year we have seen tremendous growth on Ethereum for projects within the decentralized finance ecosystem, including Uniswap, Sushiswap, Aave, Curve, Compound, Yearn, and many others. The OnX team believes there is an important piece of the puzzle missing on top of the existing foundation: which is a DeFi hub specifically for collateralized tokens.

These can be LP tokens, yield-earning tokens on projects like yearn, and even the newly-emerged Bond tokens. OnX will be the first project to build a DeFi platform specifically targeting collateralized tokens — including services such as an AMM, Lending, Yield Farming, and Insurance.

Bond Tokens & ankrETH

With the launch of ETH 2.0 around the corner, we have come across an evolutionary step in the direction towards Bond assets — Stkr (stkr.io).

Created by the Ankr team, Stkr is a project which allows Ethereum stakers to participate in the beacon chain with as little as 0.5 ETH, and up to an unlimited amount of ETH with a single transaction. This allows users the opportunity to participate in ETH 2.0 staking without having to stake exactly 32 ETH and without having to manage node servers 24/7. More importantly, users receive an equivalent amount of the synthetic token ankrETH (aETH) in return for their Ethereum staked on the beacon chain until it is redeemable for the rewards, which can be at least 1 year with current estimations.

This makes aETH the first large Bond token in DeFi, and OnX is looking to be the go-to platform for this emerging market.

Current OnX Functionality

At this point in time the OnX platform allows users to:

  1. Stake ANKR, aETH, ETH/OnX LP and OnX tokens for rewards

  2. Lend and borrow aETH and ETH with interest rewards paid out in OnX

  3. Provide the first ever synthetic assets platform for collateralized tokens to help the DeFi ecosystem