OX FUN Copy Trading Crypto Platform
Trade Meme Coins with up to 50x Leverage
OXFUN is a fresh and innovative cryptocurrency exchange. Branding itself as “The House of Memes,” OXFUN is a gamified perpetual futures (perps) exchange built around its native token, $OX. This platform aims to redefine how traders interact with perps by leveraging the popularity of memecoins and offering unique tokenomics. In this review, we’ll delve into what sets OXFUN apart and explore its key features.
Start here with OX FUN
Introducing OXFUN: A New Paradigm in Perps Trading
OXFUN distinguishes itself by denominating profit, loss, and liquidations in $OX rather than traditional fiat currencies like USD. This design choice addresses many of the risks historically associated with portfolio margin architectures. By using $OX as the primary currency, OXFUN allows traders to leverage their entire portfolio — including memecoins and other crypto assets not typically offered on mainstream exchanges — at industry-leading Loan-to-Value (LTV) ratios.
Structural Bullishness in Market Downturns
One of the standout features of OXFUN is how it handles market downturns. All liquidated non-$OX collateral becomes a bid on $OX, meaning that bearish market conditions can be structurally bullish for the $OX token. This contrasts sharply with traditional platforms that struggle during market declines, often desperately hunting for USD liquidity.
OX Tokenomics: The Backbone of OXFUN
At the heart of OXFUN’s ecosystem is the $OX token, which serves as the Profit and Loss (PNL) currency on the platform.
How PNL is Calculated
When users trade a perp on OXFUN, they gain or lose 100 $OX for every $1 price change per contract in the underlying token. For example, if you purchase 25 ETH perp contracts and the price of ETH increases by $10, your PNL would be:
25 contracts * $10 price change * 100 $OX = 25,000 $OXThis mechanism ensures that for any isolated perp position, fluctuations in the price of $OX do not affect the liquidation price. However, both the price of the perp and the price of $OX at the time will influence the PNL, offering traders amplified upside and downside potential compared to USD-denominated perps.
Amplified Gains and Losses
Due to the dual impact of the perp’s price and the $OX token’s price, traders may experience significantly higher gains — or losses. For instance, if both $OX and a BTC perp double in value, a trader could potentially see a fourfold increase in gains (before fees), adding an element of “fun” and excitement to trading activities.
Earning $MILK Tokens on Losses
In an interesting twist, OXFUN rewards traders who realize losses by granting them $MILK tokens. This feature adds a unique incentive structure and softens the blow of unsuccessful trades.
Token Supply and Distribution
- Maximum Supply: 9.86 billion $OX tokens
- Current Circulating Supply: 3.5 billion $OX tokens
The initial holder supply was minted via a 1:1 bridge by burning the Open Exchange ($OX v1) token. This conversion process closed on March 15, 2024. Moving forward, $OX can be acquired on the open market or through the “Buy OX” function on OXFUN.
Multicollateral Support and the Rise of Memecoins
OXFUN’s architecture enables it to accept a wide array of tokens as collateral, including memecoins and utility tokens that other exchanges might shy away from.
Embracing the Memecoin Economy
Memecoins have become a significant part of the crypto ecosystem, boasting a market capitalization exceeding $55 billion. With venture capital investments and increasing mainstream acceptance, memecoins are more than just a fad — they are a cornerstone of modern crypto trading.
OXFUN capitalizes on this trend by allowing traders to deposit memecoins like $MOG or $RETARDIO as collateral. This feature reduces the opportunity cost for memecoin holders, who previously had to sell their assets to leverage their positions or diversify their portfolios.
Leveraging Holdings Without Selling
By enabling the use of memecoins and other volatile assets as collateral, OXFUN allows traders to:
- Long or Short Any Other Token: Without liquidating their memecoin holdings.
- Hedge and Employ Advanced Trading Strategies: Using assets that would otherwise be sidelined.
Collateral Partnerships: A Win-Win Proposition
OXFUN offers token projects the opportunity to partner and list their tokens as acceptable collateral on the platform.
Benefits for Token Projects and Their Communities
- Leverage Existing Holdings: Holders can use their memecoins and utility tokens as collateral to trade perps.
- Referral Revenue: Teams and holders can earn a 69% referral commission on trading fees from referred community members.
- Marketing Exposure: Access to OXFUN’s extensive marketing channels, including influencers and social media platforms with over 1 million cumulative followers.
- Community Engagement: Access to unique stats about deposits, trading volume, and other metrics that can foster community pride and engagement.
- Future Innovations: Participation in upcoming token battles and SocialFi features, offering additional incentives and engagement opportunities.
How to Get Listed as Collateral
For teams interested in partnering with OXFUN:
Token Requirements:
- Must be a SOL, ETH, BASE, AVAX, or BSC token.
- Have a market capitalization greater than $1 million.
- Be in existence for more than 30 days.
Process:
- Direct Message: Contact the OXFUN Team at @OXFUNHQ to confirm suitability.
- Pair Bonding:
- Purchase a minimum of $5,000 worth of $OX.
- Create a TOKEN/OX liquidity pool on a decentralized exchange (DEX).
- Send the liquidity provider (LP) tokens to a null or renounced address.
- Listing: Provide the pool link to OXFUN for listing and announcement within 48 hours.
- Co-Marketing: Begin collaborative marketing efforts.
Prison Staking: Earning While Trading
OXFUN introduces Prison Staking, a unique feature that allows users to earn passive yield on their $OX holdings.
How Prison Staking Works
- Deposit $OX: Users can lock their $OX tokens in Prison, OXFUN’s fee staking vault.
- Select Jail Term: Choose from four different jail terms:
- 7 Days: 1x fee earning rate.
- 30 Days: 2x fee earning rate.
- 60 Days: 5x fee earning rate.
- 360 Days: 10x fee earning rate.
Dual Benefits with xOX Tokens
When users lock $OX in Prison, they receive xOX tokens in return on a 1:1 basis. These xOX tokens can be used as collateral to trade on OXFUN at a 50% LTV ratio. This setup offers the best of both worlds:
- Earn Passive Yield: Gain from staking rewards based on the platform’s trading fees.
- Continue Trading: Utilize xOX as collateral to engage in perps trading.
Popularity and Impact
Since its launch, Prison Staking has attracted approximately 600 million $OX tokens, effectively reducing the circulating supply and potentially adding upward pressure on the token’s value.
Copytrading and Battle Vaults: Engage and Compete
OXFUN enhances user engagement through Copytrading and Battle Vaults, offering traders new ways to interact and profit.
Copytrading Vaults
- Create a Vault: Any user can set up a Copytrading Vault.
- Attract Stakeholders: Other users can stake $OX in the vault.
- Set Commissions: Vault owners can specify a commission rate on the profits generated for stakeholders.
- Transparency: Full visibility of open positions, PNL, and trade history.
- Social Verification: Vault owners can link their social media accounts for authenticity and promotion.
Battle Vaults
OXFUN hosts trading competitions where multiple traders go head-to-head:
- Stake and Support: Users can stake their $OX in the vault of their preferred trader.
- Competitions: Traders compete over a set period, and the vault with the highest returns wins.
- Example Event: A high-profile battle between Su Zhu and Kyle Davies attracted over $1 million in staked $OX, with a 1 million $OX prize distributed to winning stakers.
Leaderboards, Competitions, and Community Engagement
OXFUN fosters a competitive and engaging environment through various features:
- Leaderboards: Track and compare lifetime PNL and other trading statistics among users.
- Trading Competitions: Participate in periodic competitions with attractive prizes.
- Token Battles: Upcoming innovative competitions between collateral partner communities.
Referrals, Missions, and Points: Incentivizing Early Adoption
Referral Program
Early OXFUN users can earn a generous 69% commission on trading fees from users they refer to the platform. This program incentivizes community growth and rewards active promoters.
You can use our link here to start trading on OX FUN.
Missions and Points
While the initial season of Missions focused on bootstrapping liquidity through daily trading challenges, future seasons may introduce new ways to earn and engage. Users are also accumulating points, hinting at potential rewards or benefits down the line.
Conclusion: A Platform Poised for Growth
OXFUN presents a compelling offering in the crypto exchange space by combining innovative tokenomics with a focus on memecoins and community engagement. Its unique features like Prison Staking, Copytrading Vaults, and support for a wide range of collateral assets position it as a platform to watch.
Whether you’re a seasoned trader looking for amplified gains, a memecoin holder seeking to leverage your assets without selling, or a project team aiming to provide additional utility to your token, OXFUN offers tools and incentives that cater to a broad audience.
As always, potential users should conduct their own due diligence and consider the risks inherent in cryptocurrency trading. With its blend of innovation and community focus, OXFUN stands out as a novel approach to perps trading in the ever-changing crypto landscape.
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P.S. Nothing here is financial advice, purely educational content. The above links are affiliate.
