Oraichain Launches OraiDEX with Meta-Staking
OraiDEX is a CosmWasm-based DEX that boasts multichain interoperability.
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Oraichain, a leading Artificial Intelligence-powered oracle and blockchain ecosystem supplier, today announced the official launch of OraiDEX, a decentralized exchange for smooth and secure transactions of ORAI tokens and those built on Cosmos and other blockchains.
Oraichain Mainnet 2.0
Oraichain is building an AI Layer 1 for Data Economy and Oracle services (Oraichain Mainnet 2.0) with high throughput, greater decentralization and support for both Cosmwasm and EVM-based smart contracts. The launch of OraiDEX is designed to bring more liquidity to Oraichain by providing the community with an opportunity to benefit from unique staking rewards, governance and token airdrops.
OraiDEX is a CosmWasm-based DEX that boasts multichain interoperability with optimal speed and vast liquidity for platform users. With the launch of OraiDEX, Oraichain will introduce a new, CW20-compatible governance and utility token, ORAIX, via a fair listing on OraiDEX.
ORAIX is a utility token that will be used to pay fees for meta-staking and pool creation on OraiDEX, as well as OraiBridge and NFT Bridge fees. In addition, holders of ORAIX will be able to use the tokens to buy airdrop NFT tickets for newly listed projects on OraiDEX. The total supply of ORAIX will be capped at 1 billion with its listing price set to be voted on by ORAI holders in mid April.
One of the unique features of OraiDEX will be its meta-staking program for ORAIX and ORAI token holders who delegate ORAI tokens on the Mainnet then stake ORAIX on OraiDEX. Delegators on the Oraichain Mainnet will also be able to stake single CW20 assets such as ATOM, LUNA, OSMO and UST, earning rewards via OraiDEX’s liquidity mining program while benefiting from lower impermanent loss. It means delegators can earn APR on both the Mainnet and liquidity mining rewards on OraiDEX.
In addition, Oraichain Mainnet delegators can also stake ORAIX in return for long-term commitment benefits including token airdrops from new projects listed on OraiDEX and revenue sharing benefits.
Alongside OraiDEX, Oraichain also announced the launch of the ORAIX Fairdrop Program, which is open to ORAI, ATOM, OSMO, LUNA, JUNO, AIRI and KWT token holders. The Fairdrop Program is designed to incentivize delegators to secure the Oraichain Mainnet. To be whitelisted for the program, delegators must stake native ORAI on the Oraichain Mainnent, not any CEX or DEX, with their tokens being delegated to at least one chain validator.
Oraichain will soon capture its first snapshot and create whitelisted wallets for holders of the above tokens in order to facilitate the first airdrop of ORAIX tokens. The allocation for each wallet will be based on criteria including the total allocation for ORAI holders, the ratio between wallet balances and total delegated ORAI at the time of the snapshot, the max cap of each wallet, its activity history and required tasks on OraiDEX. Users who currently hold ERC-20 or BEP-20 ORAI will need to convert their tokens to Native ORAI via KuCoin and start delegating before the snapshot happens to be eligible for the airdrop.
Oraichain is an AI-Powered Oracle and Blockchain Ecosystem. Oraichain data oracle platform aggregates and connects Artificial Intelligence APIs to smart contracts and regular applications. Founded by Dr. Chung Dao, Oraichain’s mission is to be the portal between AI and blockchain technologies, aiming to revolutionize the AI, DeFi, and Blockchain industries.