The OXP token
Last updated
Last updated
The OXP token serves as the cornerstone of the Bidds ecosystem, playing a vital role in powering the diverse functionalities across both the XRPL and Coreum platforms. As a multifaceted utility token, OXP can be seen as the gas token that fuels the layer-2 NFT ecosystem.
Transaction Facilitation: OXP is used to streamline transactions within the marketplace. Its role as a 'gas' token simplifies processes, a singular token that can buy NFTs on both chains.
Creator Support and Royalties: The token is instrumental in supporting creators on the Bidds platform. Bidds decentralized its marketing spots on the homepage. Users can burn OXP on their favorite project page in order for them to be visible on the homepage.
Deflationary: each month, 10% of the fees collected from the broker wallet through sales generated from the marketplace on both the XRP Ledger and Coreum, are used to buy back the OXP tokens from the open market. These are then subsequently used to boost collections voted on by everyone, and burned. Currently, more than 600,000 OXP has been burnt.
Cross-Chain Functionality: OXP's integration across XRPL and Coreum underscores its versatility. It bridges the two platforms, allowing users to engage fluidly within the Bidds ecosystem regardless of the underlying blockchain.
Enhancing Liquidity and Accessibility: Plans for creating liquidity pools and ensuring the availability of OXP on major exchanges are geared towards bolstering its accessibility and utility within the broader blockchain landscape.
Strategic Development: Bidds is committed to strategically developing OXP, ensuring it remains a relevant and functional asset within and potentially beyond the Bidds ecosystem.
Market Expansion: The goal of having OXP listed on tier-1 exchanges and creating easy onramp solutions is to have OXP listed on tier-1 exchanges and the creation of easy onramp solutions are part of a broader vision to enhance its market presence and utility.
Within the Coreum ecosystem a focus will be placed on enabling holders to participate in DeFi, Farming and Pooling. Emphasis will be placed on incentivizing this for $OXP.
Once XRP Ledger AMMs go live, an OXP AMM will be created wherein people can trade and provide liquidity.
