Frequently Asked Questions (FAQ)
Lending
- How does the Liquidation Ratio and LTV work? 🦾
Loan To Value (LTV) = debt / collateral
We get the real value of aETH from an ANKR oracle. The real value is defined as ETH + staking rewards. Therefore, the LTV is NOT influenced by market volatility. The only way that your LTV can reach the liquidation threshold of 90 % is by the interest you owe.
A quick example:
According to the ANKR oracle, the current real value of 1 aETH is 1.033 ETH. Let's say you provide 10 aETH as collateral. The real value of your collateral is 10.33 ETH (10 * 1.033). If you then borrow the max amount (75 % of collateral), you get a loan of 7.7475 ETH, and your TVL is 75 % (7.7475 ÷ 10.33).
From the moment you took the loan, your debt is accruing interest that must be repaid. Let's say after some time, you owe 0.5 ETH in interest on top of the 7.7475 ETH borrowed (8.2475 total debt). Also, the real value of aETH is 1.06 at that later time. The real value of your collateral would be 10.6 ETH (10* 1.06), and you LTV would be 78 % (8.2475 ÷ 10.6).
onSynthetics
- What in the world is onSynthetics!? 📚
We have composed an amazing ELI5 (Explain Like I'm 5). There everything is explained for non-DeFi-pros. You can find it here.
- Where can I buy onS and onE? 🤲
You can buy onS here (Uniswap onS-aETH):
You can buy onE here (Uniswap onE-aETH):
- How will I be able to earn onS? 💍
There will be many possibilities to earn onS. First there will be a pre-sale. 5000 onS will be sold at 0.1 aETH each. Each person is only allowed to buy up to 50 onS.
After that:
1000 onS will be distributed to ONX-ETH LP and the ONX Privilege pool over the course of 10 months.
90 000 onS will be distributed to: (over the course of one year)
6X: aETH-onE LP
3X: aETH-onS LP
1X: aETH-ETH LP
4000 onS are reserved for the team. When you sum everything you will get a total supply of 100 000 onS.
- I thought OnX was the governance token? Now it is onS? 🏰
onS, onE, and onB are a closed loop system, which is how seigniorage contracts have to work in order to maintain the balance and parity. onS only represents governance within that closed loop. ONX is still the overall OnX.Finance platform governance token.
Staking / Farming
- Are deposits timelocked? Are there hidden fees? 🌱
No, there is no timelock! You can withdraw anytime with no extra fees. The amount you put into OnX is the amount you will get out!
- Why is my sOnX smaller than my deposited OnX amount? 🔹
sOnX is a kind of LP token which represents a share of all deposited OnX. Don't worry about it. Just don't send or trade it. If you do so you will lose all your staked OnX.
- How often are staking rewards distributed? 🔀
Staking rewards for OnX are distributed randomly but on average you will receive your rewards every 24 h.
Staking rewards for ANKR, aETH and ETH/OnX LP are distributed as OnX in real time.
- How is OnX being distributed? 🎁
The OnX token is distributed via farming and staking. Everyone can earn OnX by providing LP tokens, Ankr, aETH, etc. and by staking OnX. OnX is capped at 10 000 000 tokens. The max supply will be reached in Dec. 2021.
General
-What do I do to continue getting rewards after the change on 2/20/2021
If you are staked in anything except ETH/ONX LP, you don't need to do anything! There will be an adjustment to the share of the rewards your asset gets but you do not have to do anything to continue to receive rewards.
If you are staked in ETH/ONX LP (uniswap) then if you want to continue getting rewards you will HAVE to switch to ETH/ONX SLP (SushiSwap). How to swap:
Go to app.onx.finance and click the - symbol next to your ETH/ONX LP and unstake 100% of the LP. This will also automatically harvest all pending rewards into your wallet as well.
Head to: https://lite.sushiswap.fi/#/migrate
Select your ETH/ONX LP from the list of the LP you currently hold. Click "max ETH/ONX", then click "Migrate Liquidity". You will now have ETH/ONX SLP (SushiSwap LP) in your wallet
Head back to app.onx.finance and click on "farming" at the top. Now click on "Start Staking" under "ETH/ONX SLP"
Click "100%" and "Stake"
You have now unstaked from the Uniswap LP rewards pool and are in the SushiSwap rewards pool and will begin to get rewards on Saturday at 10am PST.
We know gas prices are insane right now. Unfortunately there is nothing we can do about that. This move from Uniswap to SushiSwap should put us in front of a much larger audience and hopefully will increase the value of the OnX you own. This is a financially painful move (gas) but a very necessary one for the growth of the project. If you'd like to wait for gas to reach a reasonable cost, you can leave your LP staked on OnX until you're ready, you just won't be getting rewards once the switch is made. When the gas is down to a reasonable cost, please follow the above steps to get moved over.
As always, thank you for being a part of the OnX family. Please don't hesitate to ask any questions, we're always here to help.
- Where can I buy aETH? 🤲
You can buy aETH on Uniswap. The contract address is 0xe95a203b1a91a908f9b9ce46459d101078c2c3cb. Make sure to double-check the address on Etherscan.
- How do I remove Uniswap liquidity? 💸
Withdraw your LP tokens from the OnX app. Wait until your transaction has been approved. After that visit the Uniswap Interface, go to "Pool", press "Import It" and select the pair you want to remove. Again wait for the transaction approval. Here you go. You have successfully removed the liquidity from Uniswap!
- Where can I check how much my LP earned or lost? 🚩
You can always check on APY.vision how much your LP is worth, how many fees it has earned or how large the impermanent loss is. Very convenient!
- Can I trust the OnX team? 🗺️
One of the major features of DeFi and blockchain is the trust-less nature of it. All contracts are public and audited. The team is semi-anon for their individual safety (some countries have grey legal areas for crypto). But we are known to our partners and KYC on the exchanges. Remember- trust the code, trust the math, but never trust a pretty face.
- GAS fees are too high, what should I do? ⚡
The only thing you can do is to wait until the GAS fees have cooled down to 50 - 70 GWEI. Check the GAS price regularly on GAS NOW. The devs are currently exploring Layer 2 solutions and a bridge to Polkadot so that we shrimp can use these amazing products.
Exchanges
- When Binance? 🌑
As soon as there is an official Binance listing the OnX team will announce it publicly. Currently, there is no official date and no concrete plan.
- Is the OnX airdrop completed? ✔️
All participating exchanges have received and distributed the OnX airdrop to their ANKR holders. It is completed.
- Why did only Centralized Exchanges receive the OnX airdrop? ❓
Centralized Exchanges will notify its users when an airdrop is going to happen. Therefore, it will increase public awareness and interest in the OnX token.
- Why does Binance have so much OnX?! 🧠
400 000 OnX have been distributed to ANKR holders on participating exchanges and more than 200 000 OnX was sent to Binance. Many ANKR holders are on Binance so it isn’t surprising that Binance did receive so much OnX. Still, OnX is not listed on Binance.
- Where can I buy OnX? 💳
Currently, you can buy OnX at the following exchanges:
If you have any further questions and suggestions you can always ask in OnX Finance Telegram channel. The team is happy to help!!
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