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Token Utility
There are two main tokens in OnX Finance platform: OnX token (ONX) and onStable token (ONS)
OnX token utility:
- Governance token of OnX Finance, excluding onStable
- Required to access future premium products (e.g. margin lending)
- Vote on OnX Finance's platform fee redistribution
ONS token utility:
- Governance token of onStable
- Medium of payment of pay minting/redeeming fees of onETH (0.45% fee)
- Incentivize usage of onETH (e.g. provide liquidity, attract other users likely to consider using onETH through farming rewards)
onETH is an ETH stablecoin backed by ETH liquid staking tokens. Its main utility is to serve as an alternative source of financing to ETH for lending (e.g. borrow onETH instead of ETH) and liquidity pools.
Last modified 2yr ago