OpenOcean Unveils Its First Round of Airdrops Ahead of its OOE Token Release

Achal Arya DeFi News published March 16, 2021 | modified March 16, 2021

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OpenOcean Unveils Its First Round of Airdrops Ahead of its OOE Token Release

OpenOcean, a decentralized aggregation protocol that sources liquidity from mainstream public chains, has unveiled the first round of its retroactive token airdrop with up to 10 million tokens available for claims. 

OpenOcean which prides itself as a one-stop entrance for crypto trading on decentralized exchanges (DEXes) and centralized exchanges (CEXes), helps users to detect the best price and lowest slippage on its supported trading platforms by applying a deeply optimized intelligent routing algorithm.

The round one of the airdrop will distribute the OOE tokens, the protocol’s native token to qualifying OpenOcean users, that is, those that have “successfully finished 4 valid transactions OR have finished at least one transaction with total transaction volume above 40 USDT,” according to details shared by the platform.

Additional Airdrop Eligibility, and Mode of Claim

Users can confirm their qualification for OpenOcean Round 1 airdrop if they have interacted with the OpenOcean platform, completing the earlier noted trade requirement, since the launch of the platform on the 8th of March 2021. 

To claim the tokens, users will need to register for an OpenOcean account on the platform’s official website using a functional email address. The awarded token airdrops can be claimed in the user’s OpenOcean account.

While the defined date of issuance of the OOE tokens is yet to be confirmed by the team, a scan through the platform’s roadmap shows this will happen before the end of the first quarter ending March 31st, 2021.

OOE Token Utility and Tokenomics

Though the OpenOcean platform is new, the utility the protocol is heralding as well as its associated OOE token is sure to place it as a project to reckon with as it grows in mainstream adoption.

The early beneficiaries of the protocol’s round 1 airdrop will be the pioneer users of the OOE tokens and amongst many things, they will be able to participate in the full governance of the protocol. Additionally, holders of the OOE tokens will be able to leverage the platform’s liquidity mining product, as the outfit has aggregated with different public chains for the best offer the industry has to offer.

In all, holders of the OOE tokens will have access to CEX VIP Membership with additional benefits including Maker/Taker fees and subsidized transaction fees. The network’s own tokens can also be used as collateral for margin lending.

Per the tokenomics, OpenOcean noted that approximately 2% of its total token supply of 1 billion is allocated for the airdrop and will be released at the time of the token issuance. Liquidity mining takes 34% of the total supply and is scheduled to be released within the span of 5 years. 

Other important token allocations include those reserved for protocol development, ecosystem foundation to reward community loyalty, investor share as well as for the team and advisors. Each of these has its percentage cut of the total supply and a varying release timeline.

Other Notable Events To Anticipate

OpenOcean may yet conduct the second round of airdrop to expand the offerings of the first according to hints shared earlier. While no further details have been released with respect to this, the team behind the project is committed to expanding the aggregation of Centralized and Decentralized Finance respectively.

Amongst the proposed innovations and products to integrate in the coming quarters include Vanilla Options, as well as lending and insurance products to expand the OpenOcean protocol.

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Achal Arya 390 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
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