Discover the protocol that drives Solana's DeFi ecosystem – OXYGEN

Overview about OXYGEN

Just like other liquidity protocols on Aave or Ethereum, allowing investors to receive profits from their tokens. OXYGEN is a form of liquidity protocol – Liquidity Protocol – built on the Solana ecosystem. Investors can use OXYGEN to leverage their investments or set up a short position. OXYGEN was born to create a new experience for users in a decentralized environment.

OXYGEN claims to be completely decentralized and non-custodial. OXYGEN itself also takes advantage of the available advantages of the Solana ecosystem and in addition, is a decentralized exchange built on the platform of Solana – Project Serum. Project Serum has another difference in its design to be able to interact with Ethereum.

In the current Alpha version, OXYGEN is applying market data taken from the Serum exchange, used to calculate the liquidity ratio, and create market liquidity. In addition, Aave is also using oracle ChainLink, thereby helping to collect price data, creating a series of decentralized and centralized exchanges; thereby making the protocol less susceptible to market liquidity or price fluctuations from a given exchange.

Development team

OXYGEN is developed by a team, with headquarters in Switzerland and is still in Alpha stage, not audited. However, a survey and evaluation by Solana and Alameda’s research team was conducted. In addition, an important bounty program is launched to reward those who discover vulnerabilities in the security of the protocol.

Salient features

Similar to other liquidity protocols in terms of features, OXYGEN adds a few more features:

Cross Mortgage (Cross-Collateralization): you can use all the assets you have to make a mortgage
Using the same collateral multiple times (Multiple Usage of the Same Collateral): users can borrow against their own collateral while using the same asset to earn interest.
Low Transaction Fees: OXYGEN is currently using Solana, so transaction fees on the Blockchain are extremely low – only about 0,00001 USD per transaction.

In February 2, when the venture capital round took place, Alameda Research invested 2021 million USD in OXYGEN. Led by Alameda Research by Sam Bankman Fried, is also the founder of the FTX exchange. In addition, other investors include Multicoin Capital, which also participates in many ecosystem development projects of Genesis Capital and Solana.

OXYGEN Wallet

Besides the liquidity protocol, OXYGEN is also developing the OXYGEN Wallet or OXYGEN wallet to support assets on the platforms of Solana and Ethereum. OXYGEN Wallet is available on Apple’s App Store and Google Play Store.

Users through the OXYGEN wallet can conduct direct interaction with the OXYGEN DeFi Protocol, and the wallet also integrates a function that allows the direct exchange of assets in the Solana ecosystem. You can also exchange assets between your Blockchain Ethereum and Solana.

OXYGEN Wallet can also help you to recreate Solana and Ethereum wallets with the same phrase to restore the wallet (seed phrase).

OXYGEN Token

OXYGEN has a token of OXY and its total supply is 10 billion tokens; in there

2% of the supply will be allocated through Initial Exchange Offering (IEO);
10% through Private Sales for investors to undergo KYC (Know Your Customer) or identity verification.

Users who want to invest in OXY can purchase OXY during Private Sales. The protocol fee is 15%, calculated from the market clearing rate when borrowing the asset and calculated from the yield earned on the asset. This protocol fee is also used in burning and buying OXY tokens. As a result, OXY is deflationary and OXY token holders are also involved in the management of Protocol Oxygen.

Summary

It can be said that, in terms of needs and use cases, perhaps the OXYGEN protocol is the most appreciated for meeting these from Solana Blockchain. Besides, OXYGEN can integrate with Ethereum and thereby help it connect with the largest DeFi ecosystem today.

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