What is Ooki Protocol?
Ooki Protocol is a decentralized, community-run protocol that incorporates margin trading, borrowing, lending, and staking. While providing a space for traders to explore various forms of crypto trading, OOKI also allows developers to create DApps which in turn allows lenders, borrowers, and traders to interact with the most flexible decentralized finance protocol across multiple blockchains.
OOKI is currently running on Ethereum L1, Polygon and Binance blockchain. The vast space that OOKI provides, allows anyone to build applications that enable lenders, borrowers, and traders to interact with the most flexible decentralized finance protocol on Ethereum. This is a community-run project, governed by the community vote for all major changes that will and has already happened to the protocol.
Who are the Founders of OOKI?
The founder of this amazing crypto asset is still a searching mystery, but we have found the Chief Commercial Officer of OOKI, James T.
How does Ooki Protocol Work?
The OOKI token is basically the governance token of the Ooki Protocol that allows the Ooki community to govern the protocol through staking OOKI token and voting in the Ooki DAO. The Ooki ecosystem was designed by keeping in mind to emphasize community control over the protocol through governance, fee sharing, and voting. However, interestingly the Ooki DAO governance has three primary tokens:
- OOKI: It is the primary token of the platform. The token holders can participate and vote in governance in multiple ways: create forum proposals (OOIPs, Ooki Improvement Proposals), vote on snapshot proposals, participate in forum discussion about existing proposals, and vote for on-chain votes through Etherscan. OOIPs are the main form of governance and are written proposals made by a team or community member who desires changes to the products or protocol.
- iTokens: iTokens, such as iDAI or iUSDC, are interest-accumulating tokens that continuously go up in value as you hold them. iTokens represent a specific share in a lending pool that grows in size as borrowers pay interest on them.
- vBZRX: The third token is vBZRX and is a vesting token. It slowly releases tokens that can be claimed for OOKI. Holders of OOKI iOOKI, and vBZRX are given the ability to participate and vote in Ooki DAO governance.
Source: OOKI Docs
Key Attributes of OOKI
- Innovation: The OOKI ecosystem is a fully decentralized, trustless protocol that enables users to margin trade, long or short with leverage, borrow, and lend.
- Trading: Trading is at the core of OOKI.
- Borrowing/Lending: Users of the Ooki Protocol can borrow funds with collateral, and also lend out funds while they earn interest. One of the most unique feature of the Ooki Protocol is the existence of dynamic interest rates. This ensure borrowers and lenders receive the optimal rates when opening new positions on Ooki.
- Staking: OOKI token holders can stake OOKI tokens and receive a portion of protocol revenue. 50% of fees OOKI generates are distributed to OOKI stakers. The remaining 50% is allocated to the insurance fund and OOKI treasury.
- Ookiverse: Ooki Protocol currently supports four blockchains: Ethereum, Polygon, Binance Smart Chain, and the newly acquired Arbitrum.
- Insurance Fund: OOKI has over $1m in coverage through Tidal Insurance in case of any unexpected losses caused by any hacks.
Latest on OOKI Ecosystem
In March 2022, Ooki Protocol announced the launch of version 2.0 of the leading DeFi margin trading platform that enables fast, easy to use DeFi services. With this new launch of Ooki 2.0, the crypto project is introducing many new features to make the best DeFi margin trading, borrowing, and lending platform even better. The Ooki 2.0 includes some of the long awaited features the community was looking upto, such as:
- Dynamic interest rate engine
- Removal of rollovers
- Dex selector
- New trading pairs
- Vote delegation
- UI refreshes
- Flash loans
Read the news in detail on CoinTelegraph
How to buy Kadena (KDA) in India
Follow the below-mentioned three-step process to buy your first Ooki Protocol token using the CoinDCX crypto investment app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy OOKI on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy OOKI: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
