🕳️OnX Finance: the first DeFi platform for collateralized tokens
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.
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.
With the support of major DeFi projects like Curve, we believe Stkr’s aETH will be the leader in ETH 2.0 staking as the go-to bond token. To encourage this further, we are starting with an exchange airdrop to ANKR holders on supporting major exchanges.
An announcement will soon be made that will detail all participating exchanges and give a snapshot date.
All ANKR holders on these exchanges will receive a portion of 1 ONX token for every 10,000 ANKR tokens. This will help with initial exposure for the OnX ecosystem as well as significantly benefiting all ANKR token holders.
There will be a 4% pre-mint for this exchange airdrop campaign. Should any amount not be utilized, it will be put towards the OnX governance treasury.
Majority (93%) of the token supply will be distributed over the next year through yield farming pools. The release schedule will be based on the # of ONX per block until the maximum supply of slightly less than 10,000,000 ONX is reached. The following pools are initially planned for distribution:
- 1.ANKR → 1X
- 2.ankrETH → 2X
- 3.ankrETH/ETH LP on Uniswap → 7X
- 4.ankrETH/USDC LP on Uniswap → 7X
- 5.ONX/ETH LP on Uniswap → 10X
- 6.Curve ankrETH → TBD
The initial pools are to stimulate the growth of the first large Bond token on Ethereum. These pools and multipliers are subject to change with the introduction of Governance (with ONX)
aETH will be the first Bond lending token on the OnX finance protocol. This will be the first of many as the DeFi collateralized token ecosystem matures. Bonds, LP tokens, and any other high liquidity collateral tokens will be added to OnX lending and borrowing.
OnX will be creating one of the first collateral swaps on the Ethereum network. By providing incentive and opportunity to directly swap collateralized tokens such as LPs and Bonds. This will help provide arbitrage opportunities while also allowing the underlying assets to be kept working.
The $ONX token will be an integral part of the entire finance protocol. The token will be used as follows:
- 1.To pay interest for OnX Lending
- 2.To receive discounts on the OnX platform
- 3.To receive a portion of trading fee’s from the CTS
- 4.More benefits as services and products are added to the protocol
- 5.Governance abilities — more information to come
- 4.00% Reserved for exchange airdrop campaign
- 1.75 % Reserved for Liquidity and Marketing
- 1.00% Reserve for treasury — timelocked
- 93.25% reserved for distribution via yield farming * 2% of every harvest for insurance fund * 5% of every harvest for treasury
The distribution phase of OnX is done in two separate phase:
Bonus Month 1 — lasting 195,000 blocks. Each day on the Ethereum blockchain is approximately 6500 blocks, therefore the block rewards go down every 6500 blocks to start for 30 days (or 195,000 blocks).
Starting from block 11485200, the rewards will be 22 ONX per block to start for 6500 blocks (143,000 ONX on day 1), and go down by 0.55 blocks per day. This means day 2 will have (21.45 * 6500 = 139,425), day 3 (20.9 * 6500 = 135,850), and so on until all 195,000 blocks (~30 days) are completed for Bonus Month 1. On Day 30, there will be (6.05 * 6500 = 39325 ONX).
Months 2–12 — lasting 2,145,000 blocks.
After the bonus month, ONX per block will drop by 0.55 per block monthly (every 195,000 blocks) instead of daily. This means Month 2 will have (5.5 * 6500 = 35,750 ONX daily) -> (35,750 * 30 = 1,072,500 ONX for the month). Month 3 will have (4.95 * 6500 = 32,175 ONX daily) -> (32,175 * 30 = 965,250 for the month). This will carry on until farming is finished. Farming will be completed on December 3rd, 2021 (end farming block 13825200).
Exchange airdrop snapshot:
All participating exchanges will receive 1 ONX per 10,000 ANKR as an airdrop.
Block# to be confirmed in a separate post with all participating exchanges!