Oraichain unveils OraiDEX with meta-staking and announces ORAIX Fairdrop Program
Leading Artificial Intelligence-powered oracle and blockchain ecosystem supplier Oraichain has launched a decentralized exchange called OraiDEX, for secure and smooth transactions of ORAI and other tokens including those built on the Cosmos blockchain.
Oraichain is currently building artificial intelligence (AI) Layer 1 called Oraichain Mainnet 2.0 for offering Oracle services and Data Economy. The AI Layer one will have a greater decentralization, high throughput, and support for both EVM and CosmWasm smart contracts.
The launch of OraiDEX shall bring more liquidity to Oraichain by providing the Oraichain community with an opportunity to benefit from token airdrops, governance of the mainnet, and staking rewards.
OraiDEX – a CosmWasm-based DEX
OraiDEX is a decentralized exchange built on using CosmWasm and it allows for multichain interoperability with vast liquidity and optimal speed for users.
With the launch of the OraiDEX, Oraichain shall also introduce a new CW20-compatible governance and utility token called ORAIX. The token shall be introduced through a fair listing on OraiDEX.
The ORAIX token shall be used to pay fees for meta-staking and pool creation on OraiDEX. It shall also be used to pay for NFT Bridge and OraiBridge fees. ORAIX holders shall be able to use it to buy airdrop NFT tokens for newly listed projects on OraiDEX.
ORAIX total coin supply is capped at 1 billion and the listing price is expected to be voted on by ORAI, the current native token of Oraichain, holders in mid-April.
OraiDEX features
One of the unique features of OraiDEX is its meta-staking program for ORAI and ORAIX tokens that allows users to earn APR on the Oraichain Mainnet and through liquidity mining rewards on OraiDEX.
The holders of ORAI tokens can delegate ORAI tokens on the Oraichain Mainnet and then stake ORAIX on the OraiDEX. The delegators shall also be allowed to stake other CW20 tokens like ATOM, OSMO, UST, and LUNA and earn rewards through OraiDEX’s liquidity mining program that boasts of lower impermanent loss.
ORAIX Fairdrop Program
Besides launching OraiDEX, Oraichain also unveiled the ORAIX Fairdrop Program that is open to LUNA, OSMO, JUNO, AIRI, ATOM, KWT, ORAI token holders.
The purpose of the fairdrop is to incentivize delegators to secure the Oraichain Mainnet.
To be whitelisted for the fairdrop program, delegators must first stake ORAI tokens on the Oraichain Mainnet and their tokens must be delegated to at least one chain validator.
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