OAX (OAX) is developing parachains and a Layer 2 Exchange (L2X) protocol to bring decentralized finance (DeFi) into wide use.
In particular, OAX is building DeFi parachain features for the Polkdot Network (DOT). To elaborate, Polkadot (DOT) is a blockchain built to connect other blockchains. Parachains are advanced layer-one blockchains that connect blockchains and other networks.
Essentially, a parachain is a decentralized app (DApp) built with the blockchain itself. In contrast, most DApps are built with smart contracts. A smart contract is a digital robot that operates on a blockchain. Polkadot claims parachains are more efficient and secure than traditional DApps.
Notably, they claim parachains can leverage on-chain treasuries, giving everybody decentralized community access to the treasury and money.
Meet the OAX Parachains
OAX parachains include Full Feature Post, Full Video Multi-Transfer Post, Multi-Transfer Video, Atomic Swap Post, Atomic Swap Video, Burn Post, ERC20 Post, ERC20 Video, Burn Video, Free Delegation Post, and Free Delegation Video.
Features of OAX parachains include ERC20 (Ethereum Request for Comment) functionality. That means OAX parachains can represent tokens and cryptocurrencies on the blockchain. This allows OAX parachains to function as Ethereum (ETH) or EOS (EOS) tokens.
MultiTranser allows developers to batch multiple transactions into one. This could speed up blockchain by allowing a parachain to process one big transaction instead of many small transactions. In particular, they think MultiTransfer can lower the gas costs.
Atomic Swap allows swaps between tokens in one transaction. Traditional swaps can require two or more transactions.
Fee delegation allows third-parties to pay Ethereum gas costs. They claim free delegation makes DApp adoption easier because users do not need OAX (OAX) to make transactions.
Layer 2 Exchange (L2X)
A Layer 2 is a protocol that operates on top of a blockchain and expands its capabilities. For example, OAX’s Layer 2 Exchange (L2X) is a digital-asset trading exchange that operates on parachains and other blockchains.
They hope the OAX parachains and Layer 2 Exchange will form a DeFi ecosystem operating on the Polkadot Network.
OAX is being built by an organization they call the OAX Foundation. The Foundation promotes the expansion of DeFi through OAX Foundation Grants. Grants finance research, the building of DApps, portals, and new DeFi tools. In particular, the grants finance defi projects.
Grant recipients include IJS Technologies, which is building an open source DeFi swap platform and a Three-Part Research Paper on Crypto Regulation by Professor Syren Johnstone of the University of Hong Kong.
What Value Does OAX (OAX) offer?
Mr. Market thinks the OAX (OAX) token offers some value. CoinMarketCap ranked OAX as the 620th cryptocurrency on 5 October 2022.
Conversely, CoinMarketCap gave OAX a 23.55₵ Coin Price, an $18.146 million Market Cap, a $23.397 million Fully Diluted Market Cap, and a 24-Hour Market Volume of $4.776 million on 5 October 2022. They base those numbers on a Circulating Supply of 77.045 million OAX and a 100 million OAX Total Supply.
In contrast, CoinGecko ranked OAX as its 784th cryptocurrency on 5 October 2022. CoinGecko gave OAX a 23.54₵ Coin Price, a $13.571 million Market Capitalization, and a $4.786 million 24-Hour Trading Volume on 5 October 2022. They base those numbers on a Circulating Supply of 57.655 million OAX and a 100 million OAX Total Supply.
I think OAX is an interesting DeFi cryptocurrency that could obtain some actual value. Speculators seeking to cash in on the success of Polkadot (DOT) and the growth of defi need to examine OAX (OAX).
 the Future of DeFi?){kind=link}