OXP: Current Utility, Ongoing Developments & Long-Term Vision
In this comprehensive article, we will delve into the current utility of OXP, discuss the ongoing developments the team is working on, and explore the long-term vision for this token. OXP is committed to building a sustainable business with a robust token economy that offers valuable utility to its holders. So, let’s take a closer look at the current utility and future prospects of OXP.
Current Utility of OXP
OXP Platinum: One of the key features of OXP is the OXP Platinum membership. By holding 10,000 OXP tokens, users gain exclusive benefits, including whitelist spots for certain projects and a remarkable 50% reduction in trading fees. This utility encourages OXP holders to maintain a long-term commitment to the token.
Integration with the Maladroids Game: Although there haven’t been many public updates, the team, along with a group of testers, has been working diligently on the game. They have not abandoned the development of Maladroids. While the game is still in the proof-of-concept phase, significant progress has been made, and the second map is almost complete. The team has exciting plans for Maladroids and firmly believes it will be a highly successful game, providing substantial utility and value for OXP.
Monthly Buybacks and Token Burning: Starting in 2023 Q2, OXP has conducted monthly buybacks and subsequently burns a portion of the tokens based on the fees collected from their marketplace. At the time of writing, 150968.77 OXP has been burnt. To improve communication and transparency, the team will begin providing updates on the amount of OXP burned each month, as well as the cumulative total. This buyback and burn mechanism creates a deflationary environment for OXP, enhancing its scarcity and potential value.
Bridge to Avalanche for DeFi: OXP has successfully established a bridge to the Avalanche network, enabling users to participate in decentralized finance (DeFi) activities. By providing liquidity through the onAVAX DEX, users can collect fees generated from trading pairs, further enhancing the utility and potential benefits associated with holding OXP.
Payment Method on the NFT Marketplace: OXP serves as a convenient and widely accepted payment method on the team’s NFT marketplace. This integration allows users to seamlessly transact and acquire digital assets using OXP tokens, adding another layer of utility to the token.
Additional Functionality For The Token
Cross-Chain Functionality: The team is actively working on implementing cross-chain functionality for OXP. By enabling seamless operations across different blockchain networks, this feature will expand the accessibility and potential use cases for OXP, attracting a broader user base and fostering greater utility.
Undisclosed Deflationary Functionality: To maintain a competitive edge in the market, the team is developing an undisclosed deflationary feature for OXP. While they cannot disclose the specifics due to competition, they express enthusiasm and confidence in the potential of this feature. The undisclosed functionality aims to further enhance the scarcity and long-term utility of OXP, ensuring its sustainability in the evolving cryptocurrency landscape.
On-Ramps: Recognizing the importance of accessible on-ramps for users to acquire OXP, the team is actively working on developing efficient and user-friendly on-ramps. Although this feature may take some time to implement effectively, it demonstrates the team’s commitment to improving accessibility and expanding the OXP ecosystem.
Long-Term Vision for OXP
The team envisions OXP as a prominent layer-2 token for games and NFTs. By focusing on building sustainable utility and expanding its reach, OXP aims to establish itself as a valuable asset within these ecosystems. The team’s vision is to create a robust token economy that benefits its holders, drives innovation in the gaming and NFT spaces, and contributes to the overall growth and adoption of associated platforms.
Regarding listings, the team has made a strategic decision not to pursue costly listings that do not drive adoption in the current market climate. However, they remain open to opportunities in the future, understanding that circumstances can change, and listing requirements may align with their goals and objectives.
While it is understandable to feel frustrated by OXP lagging behind other cryptocurrencies, it is important to remember that building a sustainable business and token economy takes time. The team continues to work diligently to provide more utility and enhance the overall OXP experience. The marketplace is thriving, the DEX is undergoing a redesign, and the Maladroids game is continuously improving. These efforts demonstrate the team’s dedication to their long-term vision and the journey of OXP towards success.