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Topic: [ANN] ⚡ OnX Finance, The First DeFi Hub For Collateralized Tokens ⚡ (Read 891 times)

newbie
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Despite not mauch marketing OnX Finance finished their onS token's Pre-Sale in just about 7 minutes, it means that token is popular even without advertising, good sign Wink
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Congratulations to everyone and thanks from the team for your support as OnX Finance just finished their onS token's Pre-Sale in just about 7 minutes even though there was a very little marketing. Astonishing commitment from the community! The team has reached the Hardcap of 500 ankrETH and the raised funds will now be added directly into the incentivized aETH reserve vaults. 5000 onS currently in circulation and it will start to rise until total supply of 100000 is reached in the next 12 months.
wow it's amazing in situation like now to be able to pre-sale in just 7 minutes I also saw the onE mining release in 4 hours, coingecko has also updated the max supply
sr. member
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Congratulations to everyone and thanks from the team for your support as OnX Finance just finished their onS token's Pre-Sale in just about 7 minutes even though there was a very little marketing. Astonishing commitment from the community! The team has reached the Hardcap of 500 ankrETH and the raised funds will now be added directly into the incentivized aETH reserve vaults. 5000 onS currently in circulation and it will start to rise until total supply of 100000 is reached in the next 12 months.



sr. member
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Only 5 hours and 43 minutes left to the onS Pre-sale to go live on https://app.onx.finance. 5000 onS in total available for the sale round, 50 onS per wallet limit- lasting for a maximum of 3 days or until the onS is sold out. Users will be able to buy with only ankrETH. Good luck to everyone who are going to participate in it.

Countdown: https://countingdownto.com/?c=3446765
sr. member
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OnX.finance's token name is ONX, then what about onS? whether this token is also a part of ONX. Finance and what are the uses of this token?
It’s not just onS. For a decentralized seigniorage system it requires 3 tokens to balance and arbitrage. In onSynthetics case it is going to be onS, onE, onB. It’s one product with 3 tokens all under the OnX umbrella. onS, onE, and onB are a closed loop system, which is how seigniorage contracts have to work in order to maintain the balance and parity. I hope it helps. OnX remains the overall governance and income token for the OnX platform by the way!

What is seigniorage?
Try these article:
1. https://blog.bitmex.com/wp-content/uploads/2018/06/A-Note-on-Cryptocurrency-Stabilisation-Seigniorage-Shares.pdf
2. https://insights.deribit.com/market-research/stability-elasticity-and-reflexivity-a-deep-dive-into-algorithmic-stablecoins/


sr. member
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OnX.finance's token name is ONX, then what about onS? whether this token is also a part of ONX. Finance and what are the uses of this token? I just heard about onS, I hope you help me to understand it.
Original article on onSynthetics: https://onx-finance.gitbook.io/docs/products/onsynthetics
This ELI5 extracted from the onSynthetics should help you understand how onSynthetics is going to work: https://onx-finance.gitbook.io/docs/products/onsynthetics/onsynthetics-eli5 and

*You can have a look to the flow chart enclosed and try to understand the impact in onS price if aETH increases or decreases in value after going through those two articles. Please note that the price of ankrETH moved upwards since this flow chart was created. Infact, 1 ankrETH = 0.997377 ETH as of writing this. FYI. this flow chart is not from the team.

Thank you for the two articles that you have provided, it really helped me understand about OnS, and increased my understanding of OnE and OnB. The total supply of OnS token is very small, only 100,000 OnS and there will be a token burning program, this is very interesting. looks like the sale of OnS tokens will be short, and only 5000 ONS will be sold
sr. member
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OnX.finance's token name is ONX, then what about onS? whether this token is also a part of ONX. Finance and what are the uses of this token? I just heard about onS, I hope you help me to understand it.
Original article on onSynthetics: https://onx-finance.gitbook.io/docs/products/onsynthetics
This ELI5 extracted from the onSynthetics should help you understand how onSynthetics is going to work: https://onx-finance.gitbook.io/docs/products/onsynthetics/onsynthetics-eli5 and

*You can have a look to the flow chart enclosed and try to understand the impact in onS price if aETH increases or decreases in value after going through those two articles. Please note that the price of ankrETH moved upwards since this flow chart was created. Infact, 1 ankrETH = 0.997377 ETH as of writing this. FYI. this flow chart is not from the team.

sr. member
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Great news guys! onS Pre-Sale Date has been announced!

"Official Pre-Sale of onS will be on Friday, February 5 at 10am PST! Each onS will be priced at 0.1 aETH (ankrEthereum) to start, limit of 5 aETH per wallet! All $aETH reserved for vault."

Instruction:
Click the "Presale" tab under the onSynthetics header on http://OnX.Finance to access which will go live just before the launch of the Pre-Sale.

OnX.finance's token name is ONX, then what about onS? whether this token is also a part of ONX. Finance and what are the uses of this token? I just heard about onS, I hope you help me to understand it.
sr. member
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Great news guys! onS Pre-Sale Date has been announced!

"Official Pre-Sale of onS will be on Friday, February 5 at 10am PST! Each onS will be priced at 0.1 aETH (ankrEthereum) to start, limit of 5 aETH per wallet! All $aETH reserved for vault."

Instruction:
Click the "Presale" tab under the onSynthetics header on http://OnX.Finance to access which will go live just before the launch of the Pre-Sale.



sr. member
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Yield Farming is one of the main aspects of this project as I see because 93% of the token supply will be distributed through yield farming pools
Please be more constructive with your comment in my thread! Yes, you are right about token distribution thing as it is almost totally different than other competitors such as IDLE Finance, Compound, Alpha etc. OnX's tokenomics is predictable, transparent and with fair token distribution!
newbie
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Yield Farming is one of the main aspects of this project as I see because 93% of the token supply will be distributed through yield farming pools
sr. member
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how frequent are they going to conduct the audit? is it quarterly or annual? not many defi projects can actually realise their objectives.
I just asked it to Mike and here's the reply he gave which makes a lot of sense when you think about it.

Quote
There seems to be confusion about what an audit actually is amongst some people. In blockchain and defi, we are talking about CODE audits for the contracts. There would be no point in repeating this as the code can’t be changed without launching a new contract, which would get its own audit before launch.

I believe some people are confusing this with a financial audit, which is unnecessary in blockchain as all transactions are public so anyone can audit the finances any time they like, even in real time.
sr. member
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the team seems working hard to cater defi supporters. audit is very important in any defi platform. but how frequent are they going to conduct the audit? is it quarterly or annual? not many defi projects can actually realise their objectives. look at how many defi sites are still in beta? looking forward to see this platform up and working.
I am myself also looking forward to seeing that but as you can realize like other DeFis they also started with farming and later introduced Privilege Pool AKA Staking. I had pretty insane APY from the LP in the first 25 days and now for Impermanent Loss's I have taken out my OnX/ETH from the pool as I was losing a lot of OnX due to its pump. They already had Beosin's audit publicly posted since the first day and now they sent out a couple of contracts to audit these and looks like we are right on schedule to launch onSynthetics that the team mentioned in the telegram group. FYI, they do not have any roadmap too!
legendary
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Quick Audits Update after getting back from the Beosin Audit farm--->

Quote
It looks like onSyn audit will be completed first. Currently they are just checking over the last parts. So it is expected that onSyn will be the first product to launch. Once the completed audit is in hand, the presale date will be set and announced with plenty of time for everyone to make arrangements.

The lending contracts are turning out to be quite a bit of work for the audit team. In order to ensure the highest level of safety they are proceeding with the highest level of caution and communication which means a lot of back and forth to understand all parts of the contracts and their interactions. This type of lending is a new concept and there aren’t really any similar enough contracts for an easy cross check. The price of innovation. But, there are no major issues to address and steady progress is being made. Thanks everyone for their patience as the team does their best to ensure the most secure experience possible.

Link: https://t.me/OnXFi/33577


the team seems working hard to cater defi supporters. audit is very important in any defi platform. but how frequent are they going to conduct the audit? is it quarterly or annual? not many defi projects can actually realise their objectives. look at how many defi sites are still in beta? looking forward to see this platform up and working.
sr. member
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Quick Audits Update after getting back from the Beosin Audit farm--->

Quote
It looks like onSyn audit will be completed first. Currently they are just checking over the last parts. So it is expected that onSyn will be the first product to launch. Once the completed audit is in hand, the presale date will be set and announced with plenty of time for everyone to make arrangements.

The lending contracts are turning out to be quite a bit of work for the audit team. In order to ensure the highest level of safety they are proceeding with the highest level of caution and communication which means a lot of back and forth to understand all parts of the contracts and their interactions. This type of lending is a new concept and there aren’t really any similar enough contracts for an easy cross check. The price of innovation. But, there are no major issues to address and steady progress is being made. Thanks everyone for their patience as the team does their best to ensure the most secure experience possible.

Link: https://t.me/OnXFi/33577
sr. member
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How do you think you will execute the life insurance? Claim would probably have to be paid out automatically, in the spirit of having a trustless environment. Otherwise there is no benefit over traditional insurance.
You have got a great question and that brings up a flaw that I see in this project so far because it looks like they should rebrand the "Insurance" term to replace it with "SAFU Fund". Kind of misleading imo. I will contact Mike to bring up this. I believe this is the wallet address which contains the "SAFU fund": https://etherscan.io/address/0x53d3b757af4d1b897d4a4f24a46769790b0052ba#tokentxns and the OnX holders being the holder of OnX platform's governance token holder will determine how the funds are going to be utilized in future.
copper member
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How do you think you will execute the life insurance? Claim would probably have to be paid out automatically, in the spirit of having a trustless environment. Otherwise there is no benefit over traditional insurance.
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Quote
With the recent emergence of the algorithmic stable coin space, the OnX platform is introducing the first ever synthetic assets platform for collateralized tokens to help the DeFi ecosystem. Starting with aETH (ankrETH) as the fractional reserve for the algorithmic Ethereum, this new synthetic assets platform will help unleash more potential in DeFi while creating new ways to manage wealth and even help enable future cross chain and layer-two solutions.

To know more latest update on onSynthetics click here: https://onxfinance.medium.com/%EF%B8%8Fintroducing-the-onx-synthetic-assets-platform-onsynthetics-8a4cc4d8c6f2

This news has also pushed the price of $OnX too! Currently it is being traded at around $2.44! Yippee lol


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Latest Update!

Quote
Hey guys quick update. The lending contract has been completed and is currently undergoing an official audit before it can be released.

While we wait on the audit we're continuing work on the front end integration, and making a new lending post with more details, so we're ready for a quick release. The lending to start will be collateralizing aETH (the real value of aETH, not based on uniswap), and borrowing ETH against it. All at the same time earning ONX from the farm. Think about the aETH farm right now, except you will also be able to borrow up to 75% of its ETH value if there is enough supplied. More details to come on this.

Additionally the design for onSynthetics is completed, and the contract for that is nearing completion as well. Internal tests (like for lending) are next for onSynthetics starting Monday.

We will keep everyone updated when we hear back from the auditors, which should be this week maximum. We are in priority.


sr. member
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good token distribution strategy, I realized that the OnX per block is shrinking, meaning that it will be very difficult to get it, nice to see Onx tokens have been listed on several good exchanges, by the way, when will the airdrop program be launched?
Hi there glad to see you all replying in such positive ways! The team is hard at working to finish up lending dapps which should be released before the end of the month along with a top secret feature that will be announced soon. About the airdrop, it has already occurred, ANKR holders in big exchanges like Binance, Okex, Houbi, Bithumb, Gate got 1 OnX by holding 10000 ANKR. But I have talked to the CEO about doing a bounty program on the forum, he sounded interested. Let's see!


sr. member
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good token distribution strategy, I realized that the OnX per block is shrinking, meaning that it will be very difficult to get it, nice to see Onx tokens have been listed on several good exchanges, by the way, when will the airdrop program be launched?
jr. member
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ONX Lending contract has been completed and right now development team is working on the ONX collateral token swap and other. So team not sitting without business, good to hear that Smiley
sr. member
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So almost all amount of the token supply will be distributed over the next year through yield farming pools - 93%. What will be with the rest 7%?
7% tokens pre-mined! Out of those 7% the following are the percentages of tokens kept for these purposes:

  • 4.00 % Reserved for exchange airdrop campaign - participating exchanges
  • 1.75 % for OnX initial Liquidity and Marketing
  • 1.00 % for dev team - timelocked
Reference: https://onxfinance.gitbook.io/onx-finance/getting-started/tokenomics

FYI, We are on the tail end of this bonus month distribution curve!



Timer: https://etherscan.io/block/countdown/11692800
sr. member
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i don't really understand how this privilege pool work, can you explain me with a simple explanations ?
regards
Privilege pool is basically OnX staking without any involvement of any other tokens. It is different from liquidity farming. When you stake your OnX, you get the equivalent in sOnX, which represents your shares of OnX in real time. As more time goes on, OnX is added to the privilege pool externally, either from the 1x pool (for now from farming pool), or in the future from the lending contract and other products! This makes the value of sOnX shares worth more, think of them like coupons that are not tradeable. You can only see the OnX increment in OnX number in the tab of https://app.onx.finance/staking.

Quote
When fees are taken from products on the OnX.Finance platform, a portion of these fees are used to market buy ONX and distribute it to the Privilege Pool. For instance, with lending, a portion of the interest collected will be set aside to market buy ONX which will then be distributed to the Privilege Pool. To start the staking rewards, a 1X farming pool is going to be sending ONX to the staking contract every 12 hours.
Reference: https://onxfinance.medium.com/onx-staking-privilege-pool-6e9dfb0b5c22
jr. member
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So almost all amount of the token supply will be distributed over the next year through yield farming pools - 93%. What will be with the rest 7%?
sr. member
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OnX should be the first DeFi project platform specifically targeting collateralized tokens, but many services is still under development. For example vault is not ready. So we need to wait to see the whole potential of this project

looking at the price movement in gate.io, the price is in upward movement after the drop. but still need to be alert for what's to come in this project. they are still in very early stage.

The price is quite good, although it is still far below the price when it was first listed on the exchange, yeah based what I see on CMC. They indeed in early stage since most of their service is still stated on their website as coming soon. It just over $24 Million TVL that they have is interesting thing to see.
legendary
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OnX should be the first DeFi project platform specifically targeting collateralized tokens, but many services is still under development. For example vault is not ready. So we need to wait to see the whole potential of this project

like most defi platforms, a lot of their features are still in beta. now, you just hope that they will indeed develop their platform.  looking at the price movement in gate.io, the price is in upward movement after the drop. but still need to be alert for what's to come in this project. they are still in very early stage. one feature that they should have is the life insurance, now, let's see how far they will accomplish on that aspect?

sr. member
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Keep it Simple guys :)
Privilege Pool sounds interesting, basically scheme is well known - you simply stake your ONX and receive a share of platform fees

what make this Privilege pool interesting my friend?
i don't really understand how this privilege pool work, can you explain me with a simple explanations ?
regards
newbie
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OnX should be the first DeFi project platform specifically targeting collateralized tokens, but many services is still under development. For example vault is not ready. So we need to wait to see the whole potential of this project
sr. member
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A bit of teasing by the team as they just introduced this OnSynthetics which will be released soon as the CEO said. Can't find anymore details on it though now. Will update the community when they announce what is this OnSynthetics!



Meanwhile let's take a look at OnX price as of posting this,






sr. member
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we all know that trading fees in the eth network are very burdensome, like myself making transactions with a small nominal value is very meaningless, whether in the future we will not join other networks, even though it is also not very important but meaningful to interested people
From my understanding OnX privilege pool will have less transaction fees or not at all when you withdraw OnX reward. But can't confirm it as of now because reward emission starts will start in a couple of hours.

To answer you second concerns, I have heard that there is also a talk about publishing a Layer 2 version of OnX. They are looking at Polkadot Interoperability. they are currently exploring various parachains to build on top of as well to expand the ONX platform. If it is true then that will spread out OnX's utility on various cross-chain registries and cross-chain computation. Let's wait for further confirmation.  Smiley
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Community asked the team has listened or was it just one of their plans all along to introduce a OnX Privilege Pool? Well, it sure looks like a great implementation. The next big update should be the announcement of the Lending product!  Cool

"When fees are taken from products on the OnX.Finance platform, a portion of these fees are used to market buy ONX and distribute it to the Privilege Pool. For instance, with lending, a portion of the interest collected will be set aside to market buy ONX which will then be distributed to the Privilege Pool. To start the staking rewards, a 1X farming pool is going to be sending ONX to the staking contract every 12 hours."

To know more: https://onxfinance.medium.com/onx-staking-privilege-pool-6e9dfb0b5c22




we all know that trading fees in the eth network are very burdensome, like myself making transactions with a small nominal value is very meaningless, whether in the future we will not join other networks, even though it is also not very important but meaningful to interested people
sr. member
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Community asked the team has listened or was it just one of their plans all along to introduce a OnX Privilege Pool? Well, it sure looks like a great implementation. The next big update should be the announcement of the Lending product!  Cool

"When fees are taken from products on the OnX.Finance platform, a portion of these fees are used to market buy ONX and distribute it to the Privilege Pool. For instance, with lending, a portion of the interest collected will be set aside to market buy ONX which will then be distributed to the Privilege Pool. To start the staking rewards, a 1X farming pool is going to be sending ONX to the staking contract every 12 hours."

To know more: https://onxfinance.medium.com/onx-staking-privilege-pool-6e9dfb0b5c22



sr. member
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Even though onx token has pretty good supporters in the telegram group, and is already listed on many exchanges, but since the first time of being listed on coinmarketcap, until now the price has continued to decline, what happened there?
Product brings value, as of now only staking is available in a couple of pools which is resulting in whales harvesting their farmed OnX and swapping on Uniswap for other assets which is very much acceptable for a month old project. Being listed on CEX or CMC doesn't mean it is top notch attraction for those who are looking for values in product. In this case we have to wait a few more weeks to see the release of Lending service. Then price of OnX should react to it hopefully.  Smiley
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Even though onx token has pretty good supporters in the telegram group, and is already listed on many exchanges, but since the first time of being listed on coinmarketcap, until now the price has continued to decline, what happened there?
I would like to let some more time pass... People know to act strange and seeing it coinmarketcap can sometimes be a bad thing at the begining. Some people expect too much and sell when they see that the coin is not in top20 or something similar.
sr. member
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Even though onx token has pretty good supporters in the telegram group, and is already listed on many exchanges, but since the first time of being listed on coinmarketcap, until now the price has continued to decline, what happened there?
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aETH/ETH LP, aETH/USDC LP rewards are over. Meanwhile it is a good news that the increase of the multiplier in eth/OnX LP!




Happy Farming!

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The first product's testing phase is now going on and here's the official update on how Lending on OnX dApp: https://onxfinance.medium.com/onx-lending-platform-update-bf2517cd5355

Also Binance has announced that it has completed OnX distribution for the ANKR holders on theor exchange's wallets!
Link: https://www.binance.com/en/support/announcement/2127a89b19364e3c97d9bb0c7d1027f3
sr. member
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As I read on the website there will be more future use cases as new services and products are added to the platform. How soon it can be possible?
A more detailed roadmap plus release of the first product announcement will be coming after the holidays. The team is already in product testing phase for the Lending and Vault products for certain types of collateralized assets. Subscribe to their announcement channel to get updated. Here is the link: https://t.me/OnXFiNews
sr. member
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Great news as OnX is going to be listed on Gate.io which is the first official CEX listing by the team. There is a timer for gate listing on their website for onx/eth and onx/usdt pairs as well.


Announcement link: https://www.gate.io/en/article/18765
jr. member
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ONX.finance has a pretty comfortable application for staking and farming. Also there is a staking tutorial for OnX.finance Smiley
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ZERO real value, just some people trying to make quick bucks around the DeFi hype.

There are a lot of projects that are similar, but none of them focus on LP tokens and Bond tokens like aETH. Projects like Aave, Curve, Compound and Yearn aren't too different from this one, but each focus on different aspects of decentralized finance. If a token has no utility other than being farmed and sold at almost no price by farmers sounds worthless tbh as it can be reflected in the current price. The value of OnX are in lending, collateralized token vaults, Automated Asset Management, Automated market maker, insurance which are very unique concept for a DeFi project though.

OnX Finance currently only have 'Farming'. Everything else is 'Coming Soon'.
Roadmap and along with their first priority of launching lending platform will be released in the coming weeks hopefully. It's not just empty promise from my point of view. Those who are farming from the start ae getting good APY, also bear mind that it is also being helped more by the multiplier weight of each farming pool of farmers. Happy farming!  Smiley
legendary
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Gitbook for documents. Interesting method. Good idea, i`ll try too  Smiley What`s about roadmap? Not found it

OnX Finance currently only have 'Farming'. Everything else is 'Coming Soon'.
In my eyes this is pretty Ann + pretty site and ZERO real value, just some people trying to make quick bucks around the DeFi hype.

sr. member
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Well DeFi is on fire in the last couple of months and Ive been watching all of them closely..
It says there will be no sales for ONX, we need to follow price movements then.
Well, OnX airdrop for ANKR will be from existing tokens. But farmers are dumping their staking tokens now which is understandable also marketing stuff has not started yet fully hence the price dump for now. https://www.dextools.io/app/uniswap/pair-explorer/0x62f22a47e5d2f8b71cc44fd85863753618312f67

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Well DeFi is on fire in the last couple of months and Ive been watching all of them closely..
It says there will be no sales for ONX, we need to follow price movements then.
sr. member
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Gitbook for documents. Interesting method. Good idea, i`ll try too  Smiley What`s about roadmap? Not found it
I am currently farming. Provided OnX/ETH LP. It has been going great, but APY is currently going down as more users are farming. About roadmap, the project itself is only a two weeks old and they want to release the roadmap after this holiday period. Farming is enabled already and also they have concluded their OnX airdrop for ANKR holders on big exchanges just 4 days ago.
newbie
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Gitbook for documents. Interesting method. Good idea, i`ll try too  Smiley What`s about roadmap? Not found it
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Disclaimer: I am not part of the OnX Finance team. I am posting this ANN on their behalf. If you have questions about this project, kindly contact @OnXMike who is the founder of this project but wants to remain anon with his other team members.
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