bZx Protocol

bZx Protocol Rebrands Into Ooki Protocol

bZx Protocol underwent a significant rebrand with the migration of its primary fee-sharing token, BZRX, to a new smart contract and a new ticker symbol, OOKI. The migration process, initiated on December 18, 2021, allowed users to seamlessly convert their BZRX tokens to OOKI tokens on the Ethereum network. Notably, there was no deadline imposed for this migration, providing users with flexibility in executing the conversion. The conversion rate was set at 1 BZRX = 10 OOKI.

To facilitate the migration, users accessed the migration UI on the Ooki Platform, where they could choose the chain and token to migrate, subsequently approving the transaction via MetaMask. This strategic move aligned with the broader rebranding and platform launch of bZx, with the entire process governed by community proposals, discussions, and on-chain DAO votes, emphasizing the decentralized nature of Ooki Protocol's decision-making processes.

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Recent Video Interview

Main points of the interview:

• Ooki's permissionless listings feature allows anyone to add any token.
• Ooki emphasizes decentralized governance, inviting developers and marketers to contribute via forums.
• Ooki's user-friendly interface supports trading, staking, borrowing, and lending in a fully decentralized manner, enhancing accessibility without KYC requirements.
• Ooki plans to introduce limit orders in 2022.

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What is Ooki Protocol?

Ooki is a protocol for tokenized margin trading and lending, serving as a financial primitive for activities like shorting, leverage, borrowing, and lending. It operates on a decentralized and efficient blockchain, primarily on Ethereum. Ooki is currently deployed on Ethereum L1, Optimism, Arbitrum, Polygon, and Binance Smart Chain.

The community-run project is governed through a voting mechanism, allowing the community to decide on major protocol changes. Key features include:

• No KYC: Ooki is a decentralized margin trading platform that requires no verification or Know Your Customer (KYC) procedures.
• Non-Custodial: Users maintain control of their keys and assets during both lending and trading activities through Ooki's non-custodial solution.
• Minimal Liquidation Penalties: In case of undercollateralized positions, only a partial liquidation occurs to bring margin maintenance from 15% to 25%.
• Perpetual Positions: Ooki offers a frictionless trading experience with positions that automatically renew and no rollover fees.

What can users do on Ooki?

Ooki users have a range of activities they can engage in:

• Margin Trading: Trade with up to 15x leverage on a fully decentralized platform.
• Lending and Borrowing: Users can lend out funds to earn interest or borrow against collateral.
• Staking: Ooki token holders can stake their tokens to earn a share of fees generated by the platform.
• Governance Participation: Users can actively participate in platform governance through the Ooki DAO, voting on proposals and submitting new ones.

Trade

Ooki simplifies decentralized margin trading with up to 15x leverage. Users can go long or short on margin positions while retaining custody of their funds. Margin trading involves borrowing assets to amplify trade gains or losses. Ooki provides a fully decentralized trading interface.

Borrowing on Ooki

Users can borrow funds against deposited collateral on Ooki. The borrowing process involves selecting the desired asset, clicking the borrow button, and specifying the collateral amount and borrowed sum. Repayment is done through the "Your Loans" tab.

About Staking

Holders of Ooki tokens can stake them to earn a share of protocol fees. While staking is currently only possible on Ethereum, fees generated across all deployment chains are earned by OOKI stakers on Ethereum. The staking page within the Ooki App provides details on rewards and staking statistics.

Staking rewards are distributed to users proportionally to their stake in the total OOKI staked supply. Users can view and claim their rewards through the staking page, including 3CRV and OOKI rewards earned.

Ooki DAO

Ooki's governance is distributed among its community through the Ooki DAO. The governance process involves forum discussions, snapshot votes, and on-chain ratification. Proposals go through stages, requiring community input and approval through token voting.

How safe is Ooki?

Ooki prioritizes safety through several measures:

• Governed by DAO: The Ooki DAO governs the protocol, making decisions through a community-driven voting mechanism.
• Secure Oracles: Chainlink’s decentralized oracle network provides reliable price information.
• Insurance Fund: In cases of undercollateralized loans, an insurance fund funded by a portion of borrower interest repays lenders.
• Open Source: Following DeFi principles, Ooki is committed to interoperability and open-source code development.
• Fully Audited: Ooki's code has undergone thorough audits by leading auditing firms.

Ooki Protocol Tokens: OOKI, vBZRX, and iTokens

• OOKI: The primary governance token with a maximum supply of 10.5 billion, stakable to earn fees and vote on protocol upgrades.
• vBZRX: A vesting token that gradually releases tokens claimable for OOKI, also providing voting power.
• iTokens: Interest-accumulating tokens representing shares in a growing lending pool, allowing trading, collateral usage, and more.

Project Development

Ooki has made significant strides in advancing its ecosystem, focusing on various initiatives to bolster functionality. Recent accomplishments include the successful integration of UniswapV3, improvements to the lending platform, an enhanced 'Best Rates' widget, and adjustments to the protocol. Noteworthy updates involve OOKI token utility expansion, the creation of a new subgraph for Permissionless Listings on Polygon, and the successful launch of the icrvUSD token through governance.

Looking ahead, Ooki is actively developing Permissionless Listings, Limit Orders, and icrvUSD to enhance trading functionality in the decentralized finance (DeFi) landscape. Permissionless Listings aim to streamline collateral management through the integration of the 'permit2' function for iTokens and other tokens. Limit Orders are being refined to offer robust order management, accompanied by a tailored user interface for efficient trading interactions.

The deployment of icrvUSD and custom swaps on Curve will enable margin trading, while the introduction of 15x stable-to-stable trading options for icrvUSD will provide enhanced leverage for traders. Ooki remains committed to delivering a seamless and user-friendly experience, ensuring these innovative functionalities meet the high standards set by the platform in the DeFi ecosystem.

bZx Protocol Price Analysis

As of November 24 2024 bZx Protocol has a marketcap of $3.2M. This is {{percentagefromath}} from its all time high of $1.64. In terms of its tokenomics, there's a total supply of 1B with 95% currently outstanding. Keep in mind bZx Protocol has a fully diluted value of $3.3M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.