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You must have heard a lot about PancakeSwap on Binance Smart Chain and Uniswap on Ethereum. OolongSwap is a similar product but is developed on an Ethereum Layer 2 scaling solution. Today’s article about OolongSwap and OLO token will give you a lot of detailed information, including:
- What is OolongSwap? What are the highlights of the project’s operating mechanism?
- Detailed information about tokenomics and how to store, buy and sell OLO Token.
- Development roadmap and team, strategic partners of the project.
- Some projects are similar to OolongSwap so that you can evaluate the development potential of this project.
What is OolongSwap?
OolongSwap is an automated market creation protocol (AMM) is also a decentralized exchange (DEX) on Boba Network, a Layer 2 scaling solution on Ethereum. Products provided by OolongSwap include: Swap, Farming, Staking, Add Liquidity to the pool.
OolongSwap’s goal is to provide the best trading experience including elements such as:
- Cheap transaction fees.
- Lowest Slippage Rate.
- Smooth transaction speed (because built on Boba Network).
Highlights of OolongSwap (OLO)
Unlike other AMMs, OolongSwap takes steps forward compared to traditional AMMs with the following outstanding features:
Dynamic Pair Fees
Usually, other AMMs will set a certain trading fee rate for all trading pairs and share this with liquidity providers.
However, OolongSwap has a mechanism to take fees from trading pairs of equal value lower than those with high volatility. From there, you will have less fees to trade trading pairs with low volatility.
Eg: Equivalent pairs like USDC-USDT or renBTC/WBTC.
This will be more fair to the trader as it balances the risk and reward ratio.
Protocol Controlled Value (PCV)
OolongSwap is designed with PCV architecture in mind – simply capturing value for the protocol. PCV as a form of Total Value Lock (TVL) is owned by the protocol and cannot be withdrawn by the user. Similar to a fund of a decentralized autonomous organization DAO.
Explore more: What is DAO??
PCV benefits the OolongSwap protocol by providing a more stable source of liquidity without being dependent on outsiders. You imagine the situation where a protocol with PCV would be like a business with good reserves without borrowing. This will bring cumulative value to the OLO Token as the protocol evolves.
This PCV liquidity autonomy model helps product users get the following benefits:
- Reduce high spreads due to low liquidity of pairs in pools.
- Reduce the possibility of price manipulation.
- Increase trust for OolongSwap Token holders as Protocol Control Value provides a stable source of liquidity for the protocol.
OolongSwap Token Information (OLO)
Key Metrics OLO
- Token Name: Oolong Token.
- Ticker: OLO.
- Blockchain: Ethereum.
- Token Standard: ERC-20.
- Contract: Updating…
- Token Type: Governance, Utility.
- Total Supply: Updating…
- Circulating Supply: Updating…
OLO Token Allocation
Currently OolongSwap has launched an official name for the project’s token, but Tokenomics has not yet been announced. I will update you guys as soon as I have information.
OLO Token Use Case
OLO token holders will have the following token use cases:
- Governance: Future Oolong Token (OLO) holders will have governance rights to OolongSwap’s PCV.
- Rewards from Fees: Adding liquidity to pools will help you receive rewards from transaction fees in the form of Oolong Token.
How to earn and own Tokens
Currently, Oolong Token’s Tokenomics has not been released yet, so I would like to add it after getting official information from the project.
Token exchange & storage wallet
In the future, because Oolong Token belongs to the standard ERC-20 so it will be stored on CHK Wallet, and will also be traded on CHK Exchange (select Uniswap).
Roadmaps & Updates
- On November 3, 2021, OolongSwap was officially launched on the mainnet of Boba Network.
- After the first two days of launch, on November 6, 2021, the total liquidity on OolongSwap fell to $ 1,167,000. This is a not too large number when compared to Uniswap or other major exchanges at the beginning.
However, it is also quite an impressive number for a newly launched and long-term AMM exchange like OolongSwap.
Boba Network partners include:
- Ethereum Scaling Solution – Boba Network.
- Code moderation partner – Certik.
- One of the two companies that built the Boba Network – Enya.ai.
- Genesis Block Ventures Investment Fund.
UniSwap: AMM DEX is built on the Ethereum Blockchain, allowing users to swap any ERC-20 tokens. Uniswap is currently the most commonly used platform because of its speed and convenience.
OolongSwap is currently a basic AMM model that provides simple and unmatched transactions or possesses great improved features like Uniswap when this AMM has 3 versions or SushiSwap with an ecosystem of small products. inside.
However, because it inherits the advantages of building on Boba Network, the project still has a good foundation. The project’s task now is to build more utilities to attract cash flow.
Above is the latest information about OolongSwap and the project’s token. How do you guys rate? Please comment below to discuss with CHK!
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