What is OIN Finance (OIN) | What is OIN Finance token | What is OIN token

OIN is described to be the first DeFi platform to provide liquidity mining and loans on Ontology, and ultimately on other top platforms through cross-chain functionality. The platform will build the bridge technology to seamlessly integrate Ethereum into its ecosystem, opening up to all of the current DeFi space. Cross-chain technology is crucial in DeFi and its growth as a legitimate financial infrastructure, after all, traditional finance also integrates the whole world, its currencies, and its different financial systems.

The currently available beta version allows users to mint USDO1 by locking in OIN in a smart contract. The USDO1/OIN trading pair will also be available on UNISWAP, allowing an easy method to leverage OIN to increase your stake in OIN.

This first step we’re taking in developing the OINDAO platform will set the stage for our future development. Allowing an easily accessible method to stake and leverage your assets will be a key defi function that we will provide not only to our immediate community, but also the future community of OIN and our partner’s communities.

Why stake OIN?

1. Mining Rewards are available to those who stake. The OIN rewards will be distributed according to your proportion of the total stake.

2. Leveraging the stake to mint USDO1, you can increase your stake in OIN, further increasing the available rewards.

3. Pooling is available through other platforms as well, such as Balancer, yEarn, and Curve to get additional rewards while still earning mining rewards with your collateralized stake.

The beta version, with only access to OIN and USDO1, is for our community and our drive to open defi applications to the crypto community in general. This platform will allow our users to stake, leverage, mine rewards, and even leverage existing OIN holdings to increase your positions by purchasing more OIN through exchanges such as Uniswap.

Beta Vs. Full Versions

Although the basic mechanisms in which users can interact with this platform will roughly be similar, the key features of the full version is something we’re excited for.

Being able to leverage and mint other ERC20 tokens on the market is a significant leap in defi accessibility for the wider community, and will allow greater reach for both our community, and the ones who are desperately looking to take part in this new use case.

Different paths to reward our users are also being explored at the moment, with some great possibilities that we’re considering. The full details will be announced at a later time after we have seen the usage of the beta platform, along with future partnerships that may help shape just exactly how we reward our community and users. We’re always exploring ways to not only grow our community, but also reward in the most optimal way possible for the health of the system, and prosperity of the users.

Rewards

Currently, the OINDAO will generate 5 OIN for rewards per block, totaling roughly 28,000 OIN per day. This is distributed on the block, and users can claim these rewards through the OINDAO at any time. The rewards are shared proportionally with the rest of the participants. The amount of rewards that is generated is subject to change, at first through internal decisions (such as the initial amount set), or through voting and other methods later on.

USDO1 Pool

The USDO1 pool will be run with a reference price of OIN at 0.20 USDT/OIN, with a minimum first stake of 100 USDO1. This means that to satisfy the 700% collateralization rate of OIN to USDO, a user must stake 35 OIN to mint 1 USDO1. This does not change with price. This reference price was determined to provide the most stable pool when taking into consideration several factors, such as price volatility of OIN and the altcoin market, the value of the OIN token, and the strength of the crypto market, among others.

Additional pools with new reference prices may be created at a later date, depending on the price movements of OIN and the market in general.

OINDAO and its Future

With the great potentials this platform holds in terms of features, we will be keeping a close eye on how our users utilize its features, on where the market is heading, and the needs of our community and partner ecosystem. Please keep an eye on our announcements, such as this Medium page, our Twitter, and Telegram groups for further news. As always, we thank everyone who has stayed with us whether you joined in the beginning or just now learning about us, and we look forward to seeing you on the OINDAO platform.

References

OINDAO: https://dao.oin.finance

About OINDAO: https://dao-oin-finance.gitbook.io/925/

About OIN Finance

OIN will be the first DeFi platform to provide liquidity mining through their Decentralized Exchange, and a loan platform starting with the Ontology platform, and ultimately expand to other top platforms through cross-chain functionality. OIN will build the bridge technology to seamlessly integrate Ethereum to start into its ecosystem, opening up to all of the current DeFi space. The dedication to this end is reflected in a three-pronged mission: become the gateway into DeFi, promote the DeFi industry, and grow the DeFi Space to maturity.

Here is a quick and simple tutorial on how to use OINDAO to leverage, mint USDO1, and claim your rewards. This is for the beta release of OINDAO, with only OIN tokens staked and USDO1 minted. The full release of OINDAO will allow users to stake other ERC20 tokens to mint their respective stablecoins!

Things to get prepare:

• A Chrome web browser
• A MetaMask Chrome extension (instructions below)
• A Ethereum wallet with ETH (gas fees), and OIN (available on exchanges such as BitMax, Gate.io, and Uniswap)

1. How to Connect Your Wallet

First, you need a MetaMask Chrome extension.

1. Go to the Chrome Web Store.

2. Search for and install the MetaMask Chrome Extension.

3. Create your own wallet (if you haven’t already), or import your wallet following the wallet’s prompts.

4. Ensure that the wallet shown in MetaMask has your OIN assets, and sufficient gas fees to cover transactions.

5. Open OINDAO, and you will be prompted to connect you MetaMask wallet to the OINDAO app.

2. How to Stake

1. On our OINDAO page, click “Staking” to open the staking module.

2. Enter the amount of USDO1 you wish to stake. The first stake needs to be greater than 100 USDO1.

3. Click the “Mint” button to stake.

4. The MetaMask wallet will pop up and ask you twice to confirm.

5. Once the transaction is recorded on the ETH network, you can see your staked amount on the OINDAO display after a successful stake.

3. How to Claim Your Mining Rewards

1. If you have staked OIN and minted USDO1, you should start stacking up your rewards as shown on the Mining module.

2. You can click on the “Mining” module, which will bring you to the page shown below.

3. To claim, click “Claim Rewards”, then follow the prompts shown in MetaMask

4. How to Redeem Your Staked OIN

1. If you wish to redeem your staked OIN, you must click the “Redeem” module.

2. Enter the amount of USDO1 you want to return in the input box. You can redeem any amount of OIN that you have staked.

3. Click the “Redeem” button and click confirm on the pop-up wallet on the page.

5. Transaction Records

1. Click on the “Records” module to enter the transaction history page, where you can view your own transaction records.

2. If you click on the hyperlinks under the “trading hash” column, you’ll be taken to its corresponding Etherscan page where you can verify its completion.

With future updates on features, and with the upcoming full version release, we will update this article when needed, or post a new tutorial for larger updates.

If there are any further questions, feel free to contact us at any time in our Telegram groups. Our community managers are always wiling to help!

About OIN Finance

OIN is a cross-chain layer 2 platform that enables users to take part in DeFi regardless of what project they’re coming from. Starting with OINDAO, users can leverage their assets to create their own stablecoin, allowing new use cases and methods of incentive distributions. OIN will build the bridge technology to seamlessly integrate Ethereum and others to start into its ecosystem, opening up to all of the current DeFi space, leveraging their assets and providing yield stacking, mining pools, and more. The dedication to this end is reflected in a three-pronged mission: become the gateway into DeFi, promote the DeFi industry, and grow the DeFi Space to maturity.

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