Oraichain Launches OraiDEX

Leading AI-powered blockchain supplier and oracle Oraichain announced the official launch of OraiDEX, a DEX for smooth and secure transactions of ORAI tokens and tokens running on Cosmos (ATOM/USD) and other blockchains, Invezz learned from a press release.

An AI L1 blockchain with extra-high throughput

Oraichain is developing Oraichain Mainnet 2.0, an AI Layer 1 for data economy and oracle services with high throughput, support for EVM-based smart contracts, and greater decentralization.

OraiDEX boasts multichain interoperability with high liquidity and optimal speed. Oraichain will introduce a new, CW20-compatible governance and utility token, ORAIX, via a fair listing with the launch of OraiDEX.

Use cases  

ORAIX is a utility token that will be used to pay NFT Bridge fees, fees for meta-staking and pool creation on OraiDEX, and OraiBridge fees. Moreover, ORAIX holders can use the tokens to buy airdrop NFT tickets for newly listed projects on OraiDEX. There will be a 1 billion total supply of ORAIX, with its listing price set to be voted on by ORAI holders in the middle of April.

Delegators on the Oraichain Mainnet can stake single CW20 assets such as ATOM, LUNA, OSMO and UST, and earn rewards via OraiDEX’s liquidity mining program. They can benefit from lower impermanent loss at the same time.

Launch of the Fairdrop Program

Oraichain is also launching the ORAIX Fairdrop Program, which OSMO, LUNA, ORAI, ATOM, JUNO, AIRI and KWT token holders can access. This program will incentivize security of the Oraichain Mainnet.

The first wallets coming up

In the immediate future, Oraichain will capture its first snapshot and create whitelisted wallets for token holders, so the first airdrop of ORAIX tokens can take place. The allocation for each wallet will be based on a set of criteria.

These include the ratio between wallet balances and total delegated ORAI at the time of the snapshot, the total allocation for ORAI holders, activity history and required tasks on OraiDEX, and the max cap of each wallet.

Users who hold ERC-20 or BEP-20 ORAI will have to convert their tokens to Native ORAI via KuCoin and begin staking to become eligible for the snapshot.

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