IEO for Solana’s Latest DeFi Entrant Starts Tomorrow

Key Takeaways

  • Oxygen is a DeFi brokerage that allows users to stake, margin trade, and use leverage.
  • Its launch on FTX  is attracting a lot of attention. Serum launched at $0,11 for its IEO and now trades around $6.
  • Only users with $50.000 volume in the last 30 days on FTX will be able to participate.

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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.

https://ftx.com/en/ieos
Price evolution of IEO-launched tokens on FTX. Source: FTX

Oxygen 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…

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