Published
2 years ago on
April 04, 2022
Table of Contents
Oraichain, a Layer-1 blockchain featuring AI and Oracle services, has officially launched a decentralized exchange ‘OraiDEX’. This DEX will enable Oraichain users to securely swap the native ORAI token, alongside other cryptocurrencies hosted within the Cosmos blockchain ecosystem.
Built with a focus on the Web 3.0 economy, Oraichain is among the pioneer smart contract platforms to introduce an AI-powered Dapp building environment. It is compatible with both Cosmwasm IDE and EVM smart contracts. OraiDEX is set to boost the on-chain liquidity of this fast-rising AI Layer 1 network.
According to the announcement, Oraichain will also launch a CosmWasm-based token ‘ORAIX’ that will serve as the DEX’s governance token. Capped at a total supply of 1 billion, the ORAIX token will first launch on the OraiDEX. Its initial price is set for a vote by ORAI holders this month.
Similar to other DeFi utility tokens, ORAIX will enable users to purchase on-chain assets like airdrop NFT tickets for projects that will launch on the OraiDEX. In addition, this CW20 token will facilitate cross-chain interoperability, allowing users to pay for bridging fees when moving crypto assets from other ecosystems via the OraiBridge.
OraiDEX Staking Program
Most notably, Oraichain will debut a meta-staking program where users can stake ORAI or ORAIX tokens on the OraiDEX. Prospects who hold ORAI can access this staking program by delegating their tokens to the mainnet, after which once can stake ORAIX. This token will also enable innovators on OraiDEX to create liquidity pools.
Besides the Oraichain native tokens, delegators on its mainnet will have an opportunity to stake single CW20 assets, including UST, OSMO, LUNA and ATOM. This means that one can increase their passive income, given that they will be earning an APR (up to 29%) for staking on the mainnet and OraiDEX liquidity mining rewards.
Long-term liquidity providers on the OraiDEX will be further exposed to incentives such as airdrops from new listings and revenue-sharing initiatives. The project has since announced an upcoming airdrop dubbed ‘ ORAIX Fairdrop Program’. Some of the tokens holders that will be considered for this airdrop include ORAI, LUNA, OSMO, ATOM, JUNO, KWT and AIRI.
#OraiDEX launched with 𝐋𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐌𝐢𝐧𝐢𝐧𝐠 𝐏𝐫𝐨𝐠𝐫𝐚𝐦
— Oraichain (@oraichain) March 31, 2022
👉🏻 Swap $ORAI, $AIRI, $ATOM, $UST
👉🏻 Pools: ORAI/AIRI, ORAI/ATOM, ORAI/UST
👉🏻 #IBC Bridge ➡️ #OraichainMainnet 2.0
Liquidity Mining Program: ~10,000 $ORAIX in daily reward pool!https://t.co/qin1BNFIlO pic.twitter.com/g3cJagvinB
Designed to incentivize more delegators on the Oraichain mainnet, the Fairdrop program will require interested participants to stake ORAI tokens and delegate them to an on-chain validator. Oraichain is set to capture a snapshot to create a list of whitelisted wallets that will be eligible for the first ORAIX token airdrop.
It is also noteworthy the Fairdrop program will rely on several metrics such as ‘on-chain history, max cap of each wallet, the ratio between wallet balances and total delegated ORAI at the time of the snapshot and the allocation for each wallet will be based on criteria including the total allocation for ORAI holders.’
Investment Disclaimer
