In a crypto market that has seen better days, a new derivatives trading platform is injecting some much-needed fun and innovation. OX.FUN, a gamified crypto exchange that launched in January 2024, has already made waves with its unique approach to incentivizing and rewarding traders. This month, the exchange secured $4 million in funding, underscoring investors’ confidence in its promising model.
The brainchild of advisors Su Zhu and Kyle Davies, formerly of Three Arrows Capital, OX.FUN aims to revitalize crypto trading by making it “attractive, engaging and rewarding again.” As Zhu stated, “OX.FUN solves the adversarial dynamics that characterize typical trading venues…The best is yet to come.”
Dual Tokens and Baked-In Rewards
At the heart of OX.FUN’s appeal is its dual-token system centered around OX Coin ($OX) and MILK token. $OX serves as the platform’s core collateral and reward currency, with traders earning $OX rewards for completing daily missions at a staggering 50% APY. Holders also earn $OX simply for keeping their tokens staked on the platform.
But the real ingenuity lies in how OX.FUN handles losing trades. Rather than leaving traders empty-handed, the platform rewards them with its secondary MILK token. This approach upends the typical zero-sum mentality of trading.
Since launch, OX.FUN has attracted ample liquidity, listing over 45 trading pairs with up to 10x leverage. The exchange has already seen an impressive 1.5 billion in $OX deposits and 20 billion $OX in trading volume.
Pioneering Copy Trading Vaults
Now, OX.FUN is rolling out an innovative new product – copy trading vaults. This first-of-its-kind feature allows users to effortlessly copy the trades of top-performing traders in the community by staking a “vault.”
Stakers earn directly from the vault’s profits and losses (PNL), with the flexibility to stake and redeem at any time across multiple vaults. The possibilities are enticing for both seasoned traders looking to diversify and newcomers hoping to emulate successful strategies.
A Million Dollar Showdown
True to its playful ethos, OX.FUN is debuting copy trading vaults with a gamified flair. The inaugural “Vault Battle” will pit none other than Su Zhu and Kyle Davies against each other, with a tantalizing $1 million $OX prize pool up for grabs.
Users can stake whichever “Master Trader” vault they think will come out on top, earning rewards from that vault’s PNL as well as a chance to claim part of the seven-figure bounty. It’s an audacious display of OX.FUN’s commitment to injecting fun into every aspect of the platform.
The Future of Rewarding Crypto
While the copy trading vaults are the marquee new addition, OX.FUN shows no signs of slowing its ambitious roadmap. Recently launched is “Prison Locking” – an ingenious passive income product that rewards stakers with a cut of the platform’s collected fees.
The longer you remain “incarcerated” by staking, the more lucrative your sentence becomes. Multi-asset support and conversions are also on the docket, streamlining access for a wider range of traders.
In a crypto market plagued by adversarial platforms, drained incentives and fading interest, OX.FUN represents a much-needed jolt of energy, fun and innovation. With its baked-in rewards, gamification elements and forward-thinking products, this emerging exchange could catalyze a renaissance in rewarding crypto derivatives trading.