What is Ooki Protocol (OOKI)?
OOKI is a utility token powering the Ooki ecosystem. Ooki is an Ethereum-based cross-chain protocol that offers decentralized finance (DeFi) services such as lending, borrowing, and margin trading. Besides that, Ooki allows developers to build decentralized applications (dApps) for the aforementioned DeFi services. Take a look at the Ooki Protocol price chart above to see the live OOKI price.
Ooki protocol’s main selling point is a variety of passive income generation options, including leverage trading, borrowing, lending, and staking. Besides, the protocol’s fully decentralized exchange enables users to easily trade long-term or short-term. Users can open these trades at fixed-interest borrowing rates.
Another significant feature of this protocol is its comprehensive insurance plan. The insurance fund covers any loss that may arise from a cyberattack. In addition, the protocol has coverage worth $1 million through Tidal insurance.
Lastly, it's important to note that Ooki is governed by community members. The entire Ooki ecosystem design emphasizes community control through voting and fee sharing.
Who Founded Ooki Protocol?
James T, the chief commercial officer of Ooki, is one of the project's co-founders. Though there is not much information about the other co-founders and their roles in the project.
Use Cases of OOKI Tokens
OOKI is both – governance and utility token of the Ooki Protocol. OOKI token holders can suggest and vote on various changes to the protocol.
Additionally, the token powers the lending and borrowing features of the protocol. The lending feature enables users to lend their funds to lending DAOs and earn interest while doing that. Though they can also borrow funds from lenders. The interest rates for lending and borrowing change with market factors. Consequently, it ensures that both lenders and borrowers enjoy optimum interest.
In addition, as a token holder, you can stake your funds and receive a portion of the network fees as a reward. The protocol distributes 50% of the fees generated by the protocol to OOKI stakers. The other 50% goes to the insurance program and the Ooki protocol treasury.
Interested in buying Ooki Protocol coins? Before doing that, make sure to check the Ooki Protocol price chart. Knowing the current and the previous OOKI price will help you to make more informed purchasing decisions.
