Ooki is currently nestled within the Ethereum L1, Polygon, Optimism, Arbritrum, and Binance blockchains. Its total market cap currently stands at just over 7.8 million dollars and there are approximately 4.55 billion Ooki tokens in circulation (as well as a maximum supply of 10.5 billion tokens).
One of the main intentions of Ooki involves placing more power in the hands of the user.
This has been an extremely popular principle in recent times, so we're not surprised that Ooki is yet another example of how more personalized crypto solutions have become available to the general public as well as budding entrepreneurs.
A Bit About Ooki Protocol
Ooki was initially launched on 25 December 2021, so it has been trading for nearly two years (at the time that this article as written). Similar to many other DeFi tokens, the history of Ooki is a bit murky.
This only stands to reason when we remember the anonymous intentions of the project itself. However, the team at Crypto Lists was still able to track down one of its founders. James T. is apparently the Chief Commercial Officer of Ooki. It's anyone's guess what the Ooki acronym actually stands for.
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What's the best way to summarize Ooki? The community-based nature of Ooki also ensures that the users themselves have control over future decisions; a nice touch for those who are looking to get in on the ground floor of a relatively new DeFi opportunity.
The token itself can be described as a governance token which allows users to control aspects such as staking and voting within the Ooki DAO. Once again, the main intention of this protocol is to provide investors with a sense of community control.
It can be therefore be thought of as a crypto-based digital democracy in some ways. This token could also be a good tool for crypto and/or DApp newbies, as its official site contains a hands-on interaction learning center referred to as "Ookiversity".
Utility of Ooki Protocol?
Let's now delve into the nuts and bolts of Ooki. From a general perspective, we can think of this system as a protocol primarily focused around token-based margin trading, staking and P2P (peer-to-peer) lending. In other words, it's more of a functional crypto asset as opposed to a token solely centered around turning a profit. Ooki is also extremely useful for those who wish to create DApps with a flexible edge due to the fact that the token itself is found within numerous blockchains.
Other key attributes include lending out funds while tapping into dynamic interest rates, the ability to stake tokens in return for a percentage of the total protocol revenue and additional protection thanks to more than $1 million dollars in private insurance (such as if tokens are hacked).
Ooki Protocol Price details
ETH Contract address: 0x0De05F6447ab4D22c8827449EE4bA2D5C288379B
›› Details & Tokenomics
Advantages of Ooki Protocol
+ Ooki is regularly audited by independent firms to ensure transparency.+ There are plenty of tutorials found directly within the official website.
+ Margin trades using up to 15X leverage are supported.
+ Users who lend out funds will be provided with interest.
+ Tokens can be staked to earn fees that have been generated by the entire platform.
Disadvantages
- Ooki developers haven't released any recent news updates.- The volume of Ooki shares has been relatively flat since April 2022.
- Only a handful of crypto wallets are supported.
- Perhaps not the best DeFi token for crypto beginners.
- Not much market liquidity; making the Ooki token difficult to sell.
Costs
▪ Rated at 9/10Let's now assume that you wish to open an Ooki-based loan. In this case, you'll be subject to a one-time "origination" fee of 0.09% of the total amount. We should still remember that users might be subject to additional fees and/or commissions depending on their crypto wallet. Having said this, Ooki is currently supported by four wallets:
- Trust Wallet
- Meta Mask
- WalletConnect
- WalletLink
If you're interested in becoming involved, it's a good idea to check whether or not you'll be subject to charges by contacting the e-wallet in question. However, you'll be happy to learn that the initial fee of 0.09% will normally be offset by the interest earned for as long as the token is held.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 8/10
The Ooki ecosystem has received a fair amount of press since its inception. One of the biggest events occurred in March 2022. Its creators announced the release of Ooki 2.0; a significant upgrade from the original protocol. Some of the features which caught the eyes of traders included a handful of new trading pairs, automatically refreshing UIs (user interfaces) and the elimination of rollovers.
Ooki is also creating buzz thanks to a host of short-term goals. Its creators claim that they'll be further streamlining the ecosystem thanks to improvements such as decentralized limit orders and permission-less listings. Having said this, their official Twitter feed has been inactive since late 2021 and their separate blog page isn't available. This leaves the team at Crypto Lists wondering how much momentum still exists within the Ooki ecosystem.
FAQ
What does "open source" mean when referring to Ooki?
Open-source projects offer software that any qualified user can enhance or modify. This provides a degree of token-based flexibility. This is actually one of the same principles that major players such as Bitcoin have embraced over the years.
What if my e-wallet isn't recognized by Ooki?
There are currently four wallets that can work with the Ooki ecosystem. We aren't sure if more will be added. However, it could still be a good idea to contact their customer support team to determine if any other platforms will be offered in the near future.
How can I become involved with the direction that Ooki chooses to take?
Their developers allow participation within the Ooki DAO. You can use your tokens to vote on important issues such as new proposals and even to submit your own ideas.
History of Ooki Protocol
25 December 2021 - The Ooki DeFi ecosystem is officially made public.
26 December 2021 - The Ooki token reaches and all-time high of $0.049 cents.
29 November 2022 - Ooki creators update their logo and branding.
28 March 2022 - Ooki hosts their first Twitter Live Space podcast.
04 May 2023 - Ooki introduced 10X leverage trading within the Polygon blockchain.
03 April 2023 - Ooki tokens can now be traded within Arbritrum.
02 October 2023 - The official website updates its tutorial content to explain Bollinger bands.
Screenshots from Ooki Protocol
More sites where to buy/sell/trade Ooki Protocol
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Ooki Protocol details and tokenomics
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