IEO for Solana’s Latest DeFi Entrant Starts Tomorrow

Investors are following the latest DeFi project to launch on Solana. Oxygen’s IEO kicks off tomorrow, bringing staking and levered trading to the Solana ecosystem.
A History of Insane Upside Post-IEO
After the successful launch of Raydium on FTX, Oxygen is the next piece of the Solana puzzle.
Speculators have been particularly interested in this offering. Historically, similar tokens have seen incredible growth after their release. Leading the way is FTX’s native token FTT up more than 180x since its launch.
Price evolution of IEO-launched tokens on FTX. Source: FTXOxygen is a DeFi prime brokerage service built on Solana and powered by Serum’s on-chain infrastructure. Similar to dYdX on Ethereum, users will be able to earn yield on their crypto by lending it to traders or borrow from the protocol’s pools to increase their own leverage.
The OXY token will serve as a governance token. It will also distribute to its holders 100% of the fees generated by buying back OXY from the market and burning it.
The protocol’s revenue will come from three sources:
Network fees (a fraction of the yield received by users).
Trading fees.
Liquidation fees.
Fees are close to null on Solana, allowing for the kind of dynamic actions performed daily by traders. On a platform such as dYdX, taking a position can easily cost north of $50, which further slims the potential margins that traders can exploit.
While the Ethereum network compensates its high gas fees with higher amounts of liquidity and …
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