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No ecosystem can do without DEX, and that includes Radix (XRD). With Ociswap, the first DEX on Radix is a fact. Ociswap saw the light of day at the end of 2021, so you can say that this dApp is still relatively new. But, isn’t that true for the entire crypto market?
Decentralized Finance (DeFi) is one of the major developments in cryptocurrency and blockchain technology, which is seen as an innovative and emerging market. The DeFi world has been around for a number of years, but is still seen as a relatively new market with many opportunities to seize!
Ociswap is one of the decentralized applications that contributes to the crypto market and the Radix ecosystem. The Ociswap token, called OCI, plays a major role in this.
Ociswap is the first DEX within the Radix network. A DEX is a decentralized crypto exchange, which in this case runs on the Radix blockchain. If you want to swap or buy tokens from a particular blockchain, you can use a DEX from the relevant blockchain. For example, there are often several DEXs on each blockchain.
The Ociswap DEX will be officially launched on the first day of the Babylon update. After the Babylon update, the smart contracts will go live on the Radix network and Ociswap will act as a real DEX. Before the release of Babylon, people can already use the so-called Ociswap cDEX: a temporary centralized solution on which tokens can be traded and earned through liquidity pools.
Ociswap has not been idle for the Babylon update, as the platform has organized more than 30 airdrops and collaborated with more than 50 validation nodes within the Radix community. In these airdrop events and campaigns, an effort has been made to distribute the OCI tokens as fairly and proportionately as possible within the OCI and Radix community. In this way Ociswap tries to establish itself within the Radix community.
Ociswap tries to differentiate itself from the competition by adding unique features to the platform. For example, the protocol has plans to limit impermanent loss as much as possible and to act as a wealthy Automated Market Maker (AMM). They will explain how Ociswap will realize all this at a later date.
Every serious crypto project builds from a certain vision and Ociswap is no exception. The Ociswap team strives to develop the platform into the flagship of the Radix ecosystem where everyone can trade tokens quickly, safely and cheaply.
Since smart contracts will only be available with the arrival of the Babylon update (Q2, 2023), Ociswap has already introduced a platform with their so-called ‘cDEX’ on which one can trade tokens. After all, the tokens on the Radix network are baked in and do not require smart contracts. This cDEX has quickly become the market leader on the Radix network with a market share of 77%!
In developing this platform, the Ociswap team tried to match the user processes of popular DEXs like Uniswap as much as possible. Ociswap mainly focused on creating a platform with the best functionality and user experience. The progressive integration of the Z3US wallet and the opening of the liquidity pools are a great example of this. With the launch of Ociswap’s cDex, the Radix network is buzzing with activity, increasing the number of transactions on the Radix network – even without smart contracts – parabolically!
Ociswap already offers a number of different services to the users of Ociswap. For example, with the cDex Ociswap you can benefit from unique services, such as:
The official Ociswap DEX will be released on the first day of the Babylon update (Q2, 2023). Until then, the Ociswap team is working hard on unique features, most of which will be announced in due course. What we already know is that the team is investigating the implementation of protocol owned liquidity and concentrated liquidity. The aim of this is to introduce a financially strong DEX, whereby the risks of impermanent loss can be limited. More details about this will be announced in the run-up to Babylon, but let one thing be clear: the Ociswap platform has the potential to develop into an indispensable part of the Radix Ecosystem.
In addition, Ociswap aims to create an involved community, which is lively as well as involved. For both established and new crypto projects, a good community is of great importance. It is therefore understandable that the Ociswap team does not only focus on a well-functioning product, but also on a good community. The figures show that their approach is successful: Ociswap’s social channels are the most extensive compared to the other projects on Radix.
With OCI, Ociswap has its own token, which acts as the decentralized governance token. This means that the token is used for voting and creating board proposals. The token of a crypto project can often also be used to pay transaction costs, but you can pay these at Ociswap with XRD. However, in addition to administrative tasks, you can do more with your OCI tokens. For example, you need these tokens to participate in the SPLASH event, which I will come back to later in this article.
As described above in the tokenomics, you can get OCI tokens by participating in airdrop events! Ociswap distinguishes between ‘Community Airdrops’ and ‘Staking Airdrops’, the latter of which has been temporarily paused with the introduction of the SPLASH campaign.
At community airdrops you can get free OCI tokens by performing certain tasks. These airdrops are seen as an ideal introduction to Radix and Ociswap, as it is relatively easy to participate. The tasks at the community airdrops differ per event and are unique. Some examples are events where the Oci team collaborated with a mobile game and a world boxing champion. The tasks for participants therefore range from drafting a Tweet to playing a puzzle game. Don’t want to miss these cool airdrops? Then it is wise to keep an eye on Ociswap’s social media channels. You can discover these later in the article.
At the airdrops stake, investors who stake XRD could also expect OCI tokens. For this, Ociswap has established a node runner alliance in which more than 50 validation nodes participated. The amount of this extra OCI reward for stakers differed per person, because it was based on the share of the XRD you staked compared to the other participants. In general, you received more the more you staked, but a fixed formula was not used to prevent cheaters.
To replace the Airdrops Stake, the Ociswap team has developed a campaign for people investing in Ociswap’s liquidity pools. This campaign has been named “SPLASH” and can be seen as an additional incentive to provide liquidity to the cDEX. This campaign is held weekly (from Wednesday to Wednesday) and aims to promote price stability within the Radix Ecosystem while simultaneously distributing the OCI tokens to people who actively and directly support the Ociswap project. A certain number of OCI tokens are reserved for the participants each week.
To participate in the SPLASH campaign, the following requirements apply:
To be able to invest in Ociswap, it is useful to know where you can buy the Ociswap token. OCI is currently not available through a CEX, but is widely available on the Radix network, including through Ociswap itself. Ociswap’s cDEX features the largest liquidity pools, which generally yield the most advantageous swaps. Here you can now swap more than 30 different tokens for OCI tokens, the majority of which
Purchasing the OCI tokens through the cDEX is relatively easy. Depending on the wallet you use, this can be done either directly via the website (using the Z3US extension, similar to MetaMask) or manually with the Radix Desktop Wallet. If you can’t figure it out? Then the Ociswap Academy explains this in great detail through videos!
But who makes the DEX possible? Ociswap was founded by 4 men, namely Christoph Heuermann, Florian Pieper, Lukas Steffen and Marco. These guys got to know each other in Radix’s discord server! In addition to these four founders, there are currently (September 2022) 8 other team members. As a result, the team, also called Ocicrew, consists of 12 members in total.
In this article you have seen Radix pass by a number of times, but what exactly is Radix? Radix is called RadixDLT in full and the last three letters betray what the project actually is; a distributed ledger technology (DLT). Radix also has its own token, which you can recognize by the name XRD. The project focuses on decentralizing financial services. With Ociswap, a dApp has come into the Radix network, which supports Radix’s plans in this regard.
Today’s financial services are centralized, but there are also some pain points with financial services on the blockchain. Radix is addressing these challenges and trying to solve them by building new financial apps and services. DeFi is expected to become the fastest growing economy and Radix wants to play a major role in this development.
Radix is not the only party with plans to take decentralized finance to a higher level. Ethereum is perhaps the most well-known blockchain that focuses on decentralization. However, Ethereum is a lot less scalable than Radix. In terms of transactions, Radix is lightning fast and extremely cheap, which is extremely interesting for investors as well as users and developers!
The Radix network is a very innovative product, which is extremely beneficial for developers and users alike. The transactions are fast and cheap. The dApps on the Radix network also benefit from this, including Ociswap. Ociswap is a relatively new project, which of course carries certain risks. However, risk also brings return. Therefore, do good research before investing in new projects, so that you invest in the right projects.
It is important to Ociswap that investors and users will discover the benefits of Radix, so that Radix’s popularity will increase. In addition, their competitive position is important. Ociswap may be the first DEX on Radix, but it’s not the only DEX. Despite the bear market, Ociswap continues to build, which is a good sign. However, this gives no guarantees for the future.
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