OIN Staking (Powered By OINDAO) Now Available On AscendEX!
OIN is pleased to announce AscendEX, formerly known as BitMax, will be implementing the OinStake smart contract from our OINDAO USDO1 pool to allow users to stake OIN on their platform! AscendEX, a top institutional-grade crypto exchange, will be integrating our DeFi service into its platform and allow users to earn rewards through the staking of OIN tokens.
The introduction of the new staking service will increase the exposure of both projects, adding value to AscendEX while simultaneously increasing the demand for the OIN token on the platform.
Partnership details
OIN’s cross-chain technology will allow AscendEX to become part of our stablecoin ecosystem. Users will be able to stake OIN tokens and, in exchange, receive the USDO1 stablecoin directly in their AscendEX wallets.
The USDO1 stablecoin will not be available for withdrawal but will serve as collateral for the staked tokens, meaning the AscendEX platform will burn USDO1 to redeem OIN tokens when the user wishes to unstake their OIN. All the rewards are shared from the USDO1 asset pool and the staking service will go live today, April 16.
Staking through AscendEX will be the same as staking through the OINDAO, as the smart contract used is from the USDO1 pool. This means that the user’s rewards, the total collateralized value, etc. will be the same for the user if they were to stake on the OINDAO.
About AscendEX
AscendEX is an inclusive and high-performance crypto exchange. It aims to cater to both retail and institutional investors, offering more than 200 trading pairs and a broad range of financial services which include derivatives, futures, and margin trading.
With its own native token (BTMX), the trading platform was formerly known as BitMax before recently rebranding to AscendEX. The project was founded back in 2018 by a group of Wall Street quantitative trading veterans and has, ever since, continuously evolved and brought new products and innovation to its platform.
As an early mover in DeFi adoption, AscendEX has built several integrations and partnerships with leading projects in the space and it is now among the leading digital asset exchanges in the industry.
About OIN
OIN is a decentralized stablecoin issuance and trading platform. While MakerDao allows only mainstream assets to be used as collateral to issue DAI, OIN DAO allows projects, large or small, to issue their own brand labeled synthetic assets that are collateralized by their own coins; in essence, any projects can mint their own stablecoins to participate in the greater DeFi ecosystem. Starting with Ethereum, and gradually expanding to other popular ecosystems such as Polkadot, Avalanche, and Near, OIN is on track to become a one-stop shop for cross-chain stablecoin issuance, trading, and implementation.
With planned off-ramps and use cases such as swapping for other mainstream stablecoins, adding leverage, hedging, lending, and a plethora of ecosystem-specific utility, OIN is expanding DeFi to cover all of the crypto space.
For all the recent updates and progress, connect with OIN Finance and become a part of our community at:
