The Oxygen Protocol claims to be “100 per cent” decentralized, non-custodial and on-line without the intervention of a centralized operator. The Swiss-based project plans to provide borrowing services through pools consisting of crypto deposits for users. User properties are held in a smart contract where the protocol code is “open source, tested and audited by third party auditors (in progress).”
The protocol is expected to be deployed on the Solana Blockchain Serum, a DeFi network of more than 50,000 transactions per second, “for less than $0,0001 each.”
The native OXY tokens of the protocol will give holders reduced costs for the use of the protocol and allow them to make decisions on governance. Sam Bankman-Fried of FTX Exchange of derivatives, an Oxygen Protocol Adviser, and Serum said in a statement:
“DeFi could reach 1 billion users and $10 trillion of on-chain value. But projects have been limited by high fees, congestion and scalability issue.”
With reduced protocol fees, in addition to Solana’s reasonably affordable blockchain charges, the protocol aims to give users an alternative to the Ethereum Blockchain, which has also been criticized for network congestion and incredibly high gas prices.
According to the Oxygen Protocol Team, Serum’s order book is “at the heart of the protocol” and will help it to balance borrowing and lending orders as well as “conduct risk management” via the forthcoming DEX on Serum. In addition, FTX announced that it would host Oxygen’s Initial Exchange Offering on 11 March and launch OXY on Serum DEX and BitMax on 16 March.
Excited to announce our next IEO @Oxygen_protocol! We are thrilled to be hosting the launch of $OXY — the native token of https://t.co/0HWwFLI79X — on March 11th, 21:00 SGT. pic.twitter.com/bipMmRnbXV
— FTX – Built By Traders, For Traders (@FTX_Official) February 24, 2021
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