News from the OGX Coin Development team on November 26, 2021
English Version
Warren: Hello guys, welcome to our AMA activity for Organix. Today we are glad to invite Totoro, the Chief of Organix. Totoro, please say hello to our community.
Totoro: Hello everyone, I’m Totoro, the Chief of Organix. Really happy to have the AMA activity for Organix in Token Pocket community.
1. What is Organix protocol
Warren: Welcome Totoro! Let me briefly introduce today’s AMA activity. In the first half hour, I will ask some questions related to the Organix project, which are also of great concern to everyone. After that, we will start a Q & A contest. Totoro will ask questions about the relevant contents of Organix. In this contest, a total of 20000 OGX tokens rewards are set. In addition to the winners who are the first to answer questions correctly , we will also randomly select some users participating in the contest to give rewards. The reward details will be announced together with the winning list after AMA. Now our AMA activity has officially started, Totoro could you please briefly describe Organix in a few words?
Totoro: Organix is a decentralized synthetic asset protocol. Theoretically, it can mint all assets supported by on-chain oracle, and all synthetic assets share unlimited liquidity within the system scale, so it brings the expectation that everything can be traded. Synthetic assets are financial instruments used to mirror basic assets (financial derivatives, etc.). In Organix system, users need to over-collateralize OGX to mint synthetic assets, and the price of synthetic assets is synchronized with external real assets through oracle.
2. What is OGX, how can we get OGX
Warren: Sounds interesting, so can you please introduce what OGX is? How could users get OGX?
Totoro: OGX is the original token of Organix protocol. Organix protocol can mint oUSD through over-collateralization of OGX. OUSD is the stablecoin in Organix system, and the price is fixed as 1 USD. In Organix system, the initial collateral ratio to mint oUSD is 800%, so as to ensure that oUSD can have sufficient value support even if OGX has great price fluctuation.
Warren: If I get some OGX tokens, how can I use Organix protocol, could you have more introduction?
Totoro: Through over-collateralizing OGX tokens, users can mint stablecoins oUSD in Organix protocol. Using oUSD, users can trade or short other synthetic assets like oBTC, oBNB, oETH in the system trading module. If users do not want to hold OGX tokens, they can also obtain oUSD in the synthetic asset loan module by over-collateralizing BNB, Eth and BTC.
4. How to earn profits in Organix
Warren: Got it, then how can users make profits in Organix? Trade synthetic assets and get the exposure of the corresponding assets?
Totoro: For users who collateralize OGX tokens and mint synthetic assets in Organix, Organix system adopts the mode of dynamic debt pool and shares the debt with all users. In a word, for a user, all others in the system are counterparties, and the gain/loss cannot be determined by obtaining the exposure of the corresponding assets of the synthetic assets. The gain/loss also needs to be determined according to the positions of other users in the system. If the increased value of synthetic assets held by a user is greater than the average level of system users, or the decreased value is less than the average level of system users, then the user is making profits, otherwise, losses will occur.
5. Are there any other rewards in Organix
Warren: Okay, so is it the only way to make profits? Are there any other rewards in Organix system?
Totoro: In addition to the dynamic debt pool, for users who collateralize OGX and mint oUSD, Organix system will provide OGX inflation rewards and transaction fee rewards every week. According to OGX tokenomics, OGX tokens will inflate according to a certain proportion and inflation rewards will be distributed. In addition, users will be charged a certain proportion of transaction handling fees when trading synthetic assets, fees will enter the fee pool and be allocated to users who collateralized OGX tokens. For more details, OGX inflation rewards and handling fee rewards will be distributed according to the debt proportion of users in the system. However, users need to have a collateral ratio of more than 800% to claim rewards. If the collateral ratio is insufficient, users can reduce the debt by burning ousd to increase the ratio. In addition, users using shorting function will receive some OGX inflation rewards.
6. Why BSC
Warren: Totoro, thank you for the introduction, I got some other questions, Organix is a protocol in EOS ecosystem, why did you choose BSC to deploy?
Totoro: The launch on the BSC main network is the choice made by the team, after considering blockchain performance, the number of users, the ecosystem and infrastructures, the community and other factors. The current user base of BSC is larger, the maturity level of the ecosystem on BSC is better, and the gas cost is low. Our team believes that the deployment on BSC is more conducive to our development. The gas on Ethereum is too high, which will lead to high cost. Layer2 Ecosystem is yet to mature at present. Of course, there are many other EVM compatible chains with amazing growth, and our team will consider deploying Organix to more chains later.
7. Product changes on BSC
Warren: Well, the whole process, I mean, from the decision to deploy Organix on BSC to completion is relatively quick, and the final delivery of the product is very timely. So are there any changes made at the product level in such a short time? Or are you still using the original EOS mechanism?
Totoro: For the major functions, we still use the original mechanism, but we have optimized and adjusted some functions.
Synthetic asset shorting: shorting is changed from the original i-class assets to the current independent module. Originally, users in EOS short synthetic assets by trading and holding i-class assets. At present, when users in BSC choose to short a synthetic asset, the system will directly sell the synthetic asset according to current price feeded from oracle, and the user will receive the equivalent oUSD. If users need to close their shorting positions, they need to buy back the synthetic assets they short.This change has the following advantages: first, it can reduce arbitrage from frontrunners, second, it can reduce the labor cost of price adjustment, and third, it can improve the efficiency of capital. I-class assets can only stay in the Organix system and cannot interact with external protocols. With the subsequent ecological expansion, oUSD will have more use cases.
Synthetic asset loan: on BSC, Organix launched loan as a new function, which is to enhance the liquidity of synthetic assets, stabilize the synthetic assets price, and provide a way for users who do not want to hold OGX to obtain synthetic assets.
8. The next step
Warren: These changes were completed when Organix launched the BSC mainnet right? Can you please tell us something about the next step for Organix?
Totoro: Of course, I actually have mentioned some of the follow-up development directions.
Our team will actively expand the Organix project ecology, increase the demand for synthetic assets, expand oUSD to integrate with other DeFi protocols, and try to create more use cases for synthetic assets like oUSD, so as to improve the user’s capital efficiency and expand the project scale.
Organix will deliver more new functions related to derivatives, such as leverage trading, options and others.
Many EVM compatible chains are with quick growth, our team will actively adapt to the Multi-Chain era and gradually deploy Organix on more chains.
9. Why use centralized cross chain approach instead of decentralized
Warren: Then I really look forward to the follow-up development of Organix. I also want to ask a question of great concern to the community. When choosing the cross chain approach between EOS and BSC, your team used the centralized exchange instead of some decentralized cross-chain bridge. What are the considerations for this choice?
Totoro: The team has had a lot of discussions on this topic. At present, Organix uses centralized exchange as the cross-chain approach mainly considering asset security. Cross-chain bridges have always been high-risk areas for the security of assets on blockchain. Since this year, many bridges have suffered various hacking, such as the poly network with the largest asset scale in the history of DeFi, the chainwap and anyswap hackings. And the pNetwork which supports cross chain between EOS and BSC also was hacked earlier this year. Considering the risk of being a liquidity provider on cross-chain bridges, the team, out of a cautious attitude, decided not to use decentralized bridges for the time being.
10. OGX price
Warren: Thanks for Totoro’s answer. Asset security is really the first priority. I have another question. I believe it is also one of the most concerned questions of the Organix community. After launching on BSC, the price of OGX does not seem to improve much at present, or may I say it does not reach the expection from the community. How do you think of it?
Totoro: Well, our team members are all long termists. At present, we are focusing on product functions and user experience. The rise and fall of OGX price is market behavior and it is not controlled by our team. I always believe that the market is a voting machine in the short term and a weighing machine in the long term. If our product can really bring value to users, I believe OGX tokens will finally capture the value, and OGX price will reflect the value in the market.
Chinese Version
Warren: Thank you, Totoro. The above are all for our AMA. Thank you guys for participating.
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