Token Spotlight: FACT
4/3/2023
FACT is the utility and governance token of the Orcfax Oracle ecosystem and was launched via the WingRiders launchpad. Orcfax is a decentralized next generation Oracle on the Cardano blockchain that recently open-sourced their ISPO dashboard for the benefit of the entire Cardano community. This article delves into FACT, its tokenomics, utility, and more.
FACT Distribution & Tokenomics
FACT has a total supply of 1 billion tokens. Currently 289.51 million of these are in circulation, equivalent to 29% of the supply. At 0.0372 ADA per FACT, this gives the token a Market Cap of $6,236,554 and a Diluted Market Cap of $21,542,094, placing it at #27 in the Top 50 tokens on Cardano.
There are currently 2,388 wallets holding the FACT token, up 7.95% in the last 30 days. The token has a Median Holder Balance of 2.47K FACT, equivalent to 91.78 ADA, and an Average Holder Age of 113.22 days, highlighting a community that has supported the project since its ISPO.
The above image details the tokenomics of FACT. Half the supply is reserved for upcoming validator rewards once the decentralized validator network goes live. Over 20% of the supply was earmarked for Launchpad, LP Bootstrapping, and the tokens ISPO.
Liquidity
FACT currently has 1.79 million ADA in liquidity across 5 Decentralized Exchanges on the Cardano blockchain. The vast majority of this liquidity is on the WingRiders DEX which holds 73.43% of the token’s total liquidity, followed by Minswap which holds 15%, and finally SundaeSwap, the third most liquid DEX for this token, which holders 11.41% of the total liquidity.
Volume
FACT has a Lifetime Trading Volume of 30.83 million ADA, equivalent to 692.71 million FACT. 15.2 million of this was buy volume and 15.63 million ADA was sell volume. The wallet that leads the trading volume of this token is the whale wallet size (1 Million ADA+), followed by the shark wallet size (100–250K ADA).
Utility
We’ll now delve into the utility that FACT has to offer its holders.
Governance
FACT holders will be able to participate in decentralized governance to help shape the future direction of the project.
Validator Rewards
When a fact statement is published on chain the validator that was randomly selected to put that statement on-chain will be rewarded with FACT tokens.
Staking Rewards
FACT token holders will be able to stake their tokens to Orcfax validators to earn a share of FACT rewards.
Price Feed Payments
Protocols wishing to utilize the Orcfax Oracle will need to pay for price feed usage with FACT tokens.
Conclusion
The FACT token powers Orcfax Oracle’s mission to enhance the Cardano ecosystem through a decentralized, next-generation oracle. This initiative is poised to redefine interactions within the blockchain space, providing a robust framework for real-time data verification and decision-making processes. As Orcfax continues to evolve and more projects integrate this oracle, it will be intriguing to observe the impact and expansion of its capabilities in the weeks and months ahead.
You can find out more about Orcfax at the following link: https://orcfax.io/
This article is strictly for informational purposes and does not constitute a promotion or financial advice. Our aim is solely to provide users with the latest news and updates within the Cardano ecosystem. Token info was accurate at the time of writing.
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