### What is OAX?

OAX is a decentralized exchange (DEX) token that operates on the Ethereum blockchain. It aims to improve the digital asset ecosystem by enhancing efficiency, transparency, and governance standards. Developed by the OAX Foundation, which was established in 2017, the platform's primary purpose is to provide a decentralized exchange that combines the benefits of centralized systems with the security and transparency afforded by decentralized technologies.

### How does OAX work?

OAX operates on the Ethereum blockchain, employing a Layer 2 Protocol (L2X) to address key issues such as speed, scalability, and trust in digital asset trading. Unlike mineable cryptocurrencies, OAX is not based on Proof of Work or Proof of Stake; instead, it utilizes payment channels and mediator smart contracts for facilitating efficient and secure transactions. This approach allows OAX to overcome limitations associated with centralized exchanges, while ensuring on-chain dispute resolution without relying on third-party custodians.

### What are the potential use cases for OAX?

OAX has several key use cases, including:

- **Transactions**: Facilitating trading activities within the OAX platform.
- **Arbitrage**: Enabling token holders to engage in arbitrage trading.
- **Governance**: Allowing participation in governance decisions related to the platform.
- **Staking**: Providing the opportunity to stake OAX tokens for rewards.
- **Liquidity Provision**: Supporting liquidity on decentralized exchanges (DEXs) within the OAX network.

In addition to these, OAX is actively involved in the decentralized finance (DeFi) sector, leveraging payment channels and its L2X protocol to facilitate various blockchain applications like DeFi parachains on the Polkadot network.

### What is the history of OAX?

OAX was founded by Ken Lo, Hugh Madden, Dave Chapman, and David Tee as part of the OAX Foundation in 2017. It raised about $18.76 million during its Initial Coin Offering (ICO) by distributing 30 million tokens. Following its launch, the OAX project evolved as an open-source initiative for building decentralized exchange protocols. Over time, the platform has introduced major updates such as the L2X Protocol to improve speed and scalability. OAX's history is marked by collaborations with industry partners to expand its reach and impact within the DeFi ecosystem, continuously advancing its core mission to innovate and improve digital asset exchange infrastructure.

Deposits are not currently available for this coin.

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