The decentralized exchange OraiDEX finalized the launch details of its native governance and utility token ORAIX. After much deliberation with the community, the team has designed a deflationary ecosystem for the token. The listing will take place on June 22 on the OraiDEX platform.
OraiDEX is a cutting-edge decentralized exchange platform built and run by the Oraichain. The exchange is powered by the CosmWasm smart contract and is equipped with multi-chain interoperability, speed, and a tonne of liquidity options. The exchange’s DeFi infrastructures are compatible with the inter-chain connectivity solution Cosmos IBC and permit connectivity among ORAI, ATOM, LUNA, UST, OSMO, JUNO, and others.
This list of features on OraiDEX currently includes bridging, swapping, NFT bridging, and more, excluding its IBC integration. Now, to make the operations more seamless and to create a self-sustaining environment, the exchange has launched its native governance and utility token.
The token will be established on the platform with the initial listing price of $0.01 as decided by the community. The price voting took place on May 30, 2020, on the Oraichain DAO. The community hopes that the token would make governance and services much more efficient in the exchange.
OraiDEX has also shared the ecosystem’s list of utilities for the token. Users can pay with ORAIX for new projects’ meta-staking, pool creation, OraiBridge, NFT Bridge, and airdrop NFT tickets. Meta-staking will be automatically deducted directly from the profits while using ORAIX. The ORAIX use cases in governance include fee structures and meta-staking policies. Users can use their holdings to vote on decisions related to the above-said aspects.
It has also been emphasized that token is designed to create a self-sustaining, deflationary ecosystem for the benefit of the community. To this end, the exchange will burn a portion of the utility fees received from the users, and the amount will be decided through community voting. There will be a total supply of 1,000,000,000 ORAIX tokens during the launch, and the continuous burning will help keep its price stable.
Staking rewards through ORAIX is decided at 30%, including fairdrop and initial listing. Nearly 50% of the token will be allocated towards liquidity mining incentives, and the remaining 20% will be split between the developer pool and the community pool at 15% and 5%, respectively. The staking and liquidity mining rewards come with a 5 year vesting period.