The emergence of several decentralized finance (DeFi) projects has taken up most of the transaction capacity of the Ethereum network. As a result, the blockchain has too much traffic and gas costs are substantially increasing, making it hard for users to transact on it. This congestion problem has made a negative impact on the broader DeFi space and is curtailing adoption.
In order to get around this concern, OIN Finance tapped on to the Ontology network, making it the first DeFi protocol built on the Ontology chain. Ever since they launched their project, developments have been geared towards making a vibrant community of users. But soon enough, they’ll deploy a system that can operate cross-chain.
The mission of OIN Finance is three-pronged: become a gateway for DeFi, promote DeFi, and support its growth into maturity. Renard Zhang, CEO of OIN Finance, sees the problems suffered by the Ethereum blockchain but believes in the promise of the DeFi products built there.
And in order to maximize the potential of these projects, Zhang and his team went on to build a new protocol patterned before the products and services created on top of the Ethereum network.
What is Oin Finance
OIN Finance is a decentralized liquidity pool exchange platform built on top of the Ontology network. Its main products and services follow the model behind most DeFi projects running on the Ethereum network, which are: lending and borrowing, exchanges, and stablecoins.
OIN Finance’s ecosystem functions through its native applications such as the OINSwap, OINLend, OINDAO, OINWallet, and the USDO stablecoin. And once the platform already deploys its bridge technology, these applications can start working cross-chain.
One of the interesting models patterned after Ethereum counterparts is the OIN Swap platform. It gives users the chance to conveniently build their own decentralized exchanges (DEX) with their own market maker. Users can contribute to the liquidity of the network by staking their assets in OIN’s pool.
Much like other DeFi platforms, they also offer yield farming opportunities through services like OINLend where users can lend or borrow assets to earn from interest fees or to leverage their funds.
The main focus of the team behind OIN is to nurture its Ontology community first. If they achieve the objective of avoiding the problems caused by network congestion and increasing gas fees, then adoption becomes easier.
For now, the steps OIN has been taking lean towards building a community of early adopters by incentivizing them to take part in the platform’s initial staking process. Once they have enough people to support the Ontology-based platform, scaling up becomes the next path forward.
Attributes of OIN Finance
While it is built on top of Ontology, its design covers cross-chain compatibility and some DeFi features. Here are some of them:
OIN is working on a bridge technology that will help link Ontology with other DeFi platforms built on Ethereum. Their goal is to help it grow along with other projects. Eventually, the cross-chain architecture of OIN Finance can help widen its services, offering more options to its users.
OIN implements the Tendermint consensus algorithm to achieve consensus without mining, but instead, using the Byzantine Fault Tolerance (BFT) system. This way, even if a third of its nodes fail, the network can still reflect an accurate state of its network. This puts an end to the potential risks of mining being concentrated among those who have the biggest network capacity.
A reward system supported by its own stablecoin also ensures a steady flow of incentives for nodes to work and continuously maintain a healthy state of the network.
Fast and Secure
Through the Merkle proof system, OIN can establish a quick validation process for each transaction initiated on the blockchain. This works by putting up small chunks of information leading up to a “root transaction” on the ledger to be used to validate a larger database of information.
OINSwap V1 Pool
The Ontology network will be OINSwap’s main platform. Through its V1 Pool, users can launch their DEXes to swap OIN tokens with other supported digital assets. The prices of assets listed on the pool is determined by supply and demand.
OINSwap V2 Pool
Following the implementation of its link with the Ethereum blockchain, OINSwap will start listing ERC-20 assets that can be traded on the platform.
OIN has its own hot wallet that users can use to store supported tokens or conduct other transactions within the network. Once the bridge between Ontology and Ethereum is already deployed, OIN Wallet can begin interacting with Ethereum.
In that scenario, Ethereum-based platforms, such as Curve, Balancer, or Compound, can be enjoyed by Ontology users as well.
The development of the platform is designed to support community governance for greater decentralization. Important protocol decisions are voted upon by OIN token holders.
OIN DAO, apart from its governance function, also has the authority to issue USDOs, OIN’s US-pegged stablecoin and the first of its kind on Ontology.
USDO is collateralized by ONT tokens and has its own pool in Ontology. And in order to issue a USDO, users have to deposit ONT tokens to a specified smart contract for collateralization. As of now, the initial requirement for collateralization to mint a USDO is 300% of the loan applied.
If the collateral backing the loan falls below 180%, they will undergo a “clearing” process. This works similarly with liquidations in other lending platforms where the assets collateralized are sold to the open market and its corresponding USDO is burned.
Yield farmers can choose to just deposit their tokens in OINSwap or OINLend pools to become liquidity providers.
There are no third-parties facilitating the exchange of tokens in lending and borrowing transactions. Through smart contracts, users just have to deposit tokens that will become underlying assets that back the platform.
From the tokens deposited in smart contracts, OIN mints tokens priced depending on the prevailing market conditions.
If users loan other digital assets available in OIN’s pool, they have to post a corresponding collateral of 150%. Lenders earn interest fees with parameters governed by smart contracts that factor in the market supply and demand.
For lenders, interest rewards are accumulated per block. A portion of those interest fees collected is kept in OIN’s reserves to back the system in the event of mass liquidations happen, as well as to give lenders the chance to withdraw their tokens if they need to.
OIN Chain facilitates the whole cross-chain model of the platform, making smooth and frictionless interoperability functions possible. Through OIN Chain, the Ontology network can be virtually supplied with tokens based on the Ethereum blockchain.
OIN Chain performs like a multi-functional adaptor that links projects on Ethereum and Ontology, including all other public chains that the platform will be supporting in the future.
Liquidity Mining and Staking
50% of all OIN tokens in supply will come from liquidity mining and staking. Stakers can contribute to the supply through USDO collateral pools that store assets in OIN DAO and OIN Lend.
When OIN tokens are generated by liquidity miners, they are supplied directly to OIN Swap’s liquidity pool. As soon as the cross-chain bridge is operational, OIN Lend’s pool can start accepting ERC-20 tokens from stakers.
Staking rewards will contribute at least 40% of all minted tokens every day, with the other 60% coming from liquidity mining rewards. This is only an initial set-up however since OIN DAO can vote to restructure the distribution for reward allocations later on.
A DeFi platform built on top of the Ontology network is new, but it is off to a promising start. One hindrance to many DeFi projects right now is the volume of traffic in the Ethereum platform. It affects adoption and the transactions it can handle. Surely, the community is looking forward to a new innovation that doesn’t suffer from the same bottlenecks.
If the OIN project proves to be successful, they can be one of the biggest competitors to earlier DeFi projects on top of the Ethereum network. But all in all, it is a win-win situation for the whole DeFi and crypto space.
Amplifying Her Voice
200+ SPEAKERS, 75+ Countries, 5 Continents, 3 DAYS | International Women’s Day Global Virtual Summit
TOPICS INCLUDE: Blockchain, Digital Assets, FinTech, Artificial Intelligence, Women in Space Exploration, Global Women’s Entrepreneurship & Leadership, Podcasting, Healing & Wellness
You are cordially invited to join us for this GLOBAL Virtual Summit celebrating the voices of women & girls around the world as we discuss new paradigms in reshaping the global digital economy and celebrate the launch of The State of Women Podcast Network in partnership with The State of Women Institute, SHEQONOMI, and Women Investing in Women DIGITAL.
- Inviting all global partners & leaders committed to the economic empowerment of women to join us for various strategic opportunities
- Our 3-day event will engage women entrepreneurs & women owned enterprises build bridges for global international trade & commerce
- Join us in setting a new global standard for the economic empowerment of women, especially small and large scale women entrepreneurs from leading economies, emerging markets, and industry thought leaders and mavericks leading Post-Pandemic Recovery.
REGISTER HERE: https://hopin.com/events/sheqonomi
Global investment into women led companies has reached an all time low during 2020. We are seeing many innovative ideas come out of developing nations across the globe that deserve more visibility and connectivity with qualified investors and partners who can help them grow and scale. Amplifying Her Voice will serve as a global platform that will bring such stakeholders together from within Bermuda economic development ecosystem to a broader global community of women entrepreneurs, investors, technologies, and industry professionals to accelerate both communication and unprecedented digital connectivity. This Roundtable will be the beginning of a series of conversations where professionals from within Bermuda’s innovation ecosystem may listen, learn, and share best practices with the global women’s entrepreneurship ecosystem where our global network of women investors and philanthropists will be invited. Your will have the opportunity to share your CALL’s to Action from local, regional, and global standpoints that will hopefully be a starting for deeper conversations and partnerships leading to change, investment, impact, and transformation.
A worldwide pandemic, uncertainty, and troubles big and small over this past year have brought increasing challenges and anxiety—but they have also brought together women leaders and innovators around the globe: to share their ideas and innovations, to inspire and lift up one another, and to support women and change the world. Join us as we amplify their voices, celebrate their accomplishments, learn from their vision, and work together to invest in women.
- Join us as we co-create the NEW normal where our voices and our wisdom are valued.
- Listen to innovators, entrepreneurs, investors, and women on the front-lines who have developed solutions to global issues at scale addressing UN Sustainable Development Goals shaping the global economy, education, food security, climate change, space exploration, and more.
- Participate in main stage content and breakout workshops on global women’s entrepreneurship, healing and wellness, and the latest in blockchain and cryptocurrency investing.
- Bring your curiosity and connect with our global community in our breakout sessions and networking receptions.
NEXT Chain: New Generation Blockchain With Eyes on the DeFi Industry
The cryptocurrency industry is booming throughout the past year, and the increase in the total market capitalization is definitive proof.
The market is, at the time of this writing, valued at about $1.5 trillion. The same can be said about the DeFi industry. The total value locked in various protocols exceeds $39 billion, and the direction has been up only for quite some time.
However, this has also brought certain inefficiencies in different solutions, including Ethereum. Transaction fees on the network surge as it’s clogged by new participants. This is the reason we’ve seen plenty of alternative solutions being developed to tackle these issues.
NEXT chain is a new-generation blockchain that allows the tokenization of various assets, making them instantly tradeable at quick speeds and low fees.
What is NEXT Chain?
NEXT Chain is a blockchain that allows anyone to create and maintain their own digital assets in a manner that’s easy and rather similar to the ERC20 protocol standard running on Ethereum. All assets are tradeable directly as the team’s aim is to deliver transparent liquidity to existing and new projects.
The capabilities of the network include but are not limited to:
- Issuing digital fungible assets such as bonds, stocks, and other securities
- Creating non-fungible tokens (NFTs)
- Creating and managing sovereign and decentralized identities
- Design and run other types of arbitrary-complex smart contracts
It’s also worth noting that the blockchain is up and running since April 2019. It already has almost 200 master nodes, and, as the team reports, it doesn’t have a single failed transaction.
Additionally, the team aims to deliver the most profit for its community by taking advantage of different financial activities while also putting real-backed assets on-chain such as company stocks or commodities like gold, for example. It will also be connected to a fiat gateway, so there’s no middleman if the user decides to swap to EUR or USD, for instance.
The team has implemented a combination of Proof of Work and Proo of Stake consensus algorithms with master node validators acting as a Layer 2 technology. This allows the network to achieve high transactional throughput, typical of PoS networks, while also keeping the PoW principles to guarantee that miners calculate hashes with strong encryption.
Some of the advantages of these integrations include low transaction fees, high speeds, and scalability.
What Are the Benefits for Projects and Investors?
Teams are incentivized to build on NEXT Chain through a variety of different mechanisms, mainly through the capabilities of the blockchain itself.
They can create assets quickly and easily and also take advantage of crowdfunding opportunities. The transactions are quick, and the fees are comparatively lower. The team reports that the blockchain can handle up to 10,000 transactions per second (TPS) which is considerably more than Bitcoin or Ethereum’s chains.
On the other hand, investors can benefit from liquidity farming, staking rewards, master node rewards, mining, as well as from master node governance.
The NEXT Exchange
Another important part of NEXT’s ecosystem is the NEXT Exchange. It’s built on the proprietary blockchain, and it’s fueled by master nodes that allow it to reach a very high transactional throughput.
Each user retains full custody over their funds and gains access to their own private keys. It’s also worth noting that the team is building an alternative to Uniswap and PancakeSwap as the leading decentralized exchanges on Ethereum and Binance Smart Chain, respectively.
In addition to that, there are other initiatives that the project has in store, such as:
- New and updated desktop wallet
- Upgraded block explorer
- A mobile app
- Integrating smart contracts on NEXT chain
- Atomic swaps
Cardano, NEM, Sushiswap Price Analysis: 03 March
Even though the on-chain metrics for Cardano, NEM, and SUSHI pointed to a short-term pullback, the fate of the altcoins rested with the bullish cues from Bitcoin and Ethereum. If the technicals do hold up, the aforementioned coins would need to bypass a period of bearishness, before continuing their northbound movement.
Cardano maintained its position as the world’s third-largest cryptocurrency with a market cap of slightly under $40 billion. Interestingly, a jump of 23% over the last seven days also made Cardano the highest weekly gainer among the top-10 coins by market cap. At press time, ADA was trading just below record levels, while preserving its healthy uptrend on the daily charts.
The Parabolic SAR confirmed the bullish nature of the price as the dotted markers moved below the candlesticks. On the downside, a bearish divergence was spotted on the RSI after the index formed lower highs in the overbought region. With market leaders picking up the pace at the time of writing, bearish predictions for ADA could be offset by bullishness in the broader market.
NEM was another example of a cryptocurrency that registered healthy gains in a largely subdued crypto-market after the price jumped by over 40% in a week even as the market leaders moved sideways. The said hike was boosted by strong bullish momentum, with the same highlighted by the green bars on the Awesome Oscillator.
On the flip side, the Relative Strength Index noted a saturation of buyers in the market and highlighted a bearish pullback. The support level at $0.7 could be in focus in such a scenario. Nevertheless, expect NEM to continue its ascension on the charts post the correctional period.
SUSHI was trading in the red territory at press time as the price dropped by nearly 5%, compared to yesterday. Even though SUSHI picked up from the $17.24-support level on the 4-hour charts, low trading volumes and buying activity meant that a move towards record levels was unlikely over the coming sessions.
The MACD closed in on a bearish crossover as the green bars fell on its histogram. The CMF was optimistic in its outlook as the index rose above the half-way mark and highlighted the flow of capital. In fact, there was a chance that SUSHI could sustain itself above its press time support, even in a bearish scenario.
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