Welcome anon, to the deep depths of the blockchain and cryptocurrency space. Without wasting much of your time, let’s dive into the rabbit hole.
Introducing Otnac
Otnac, which is clearly $CANTO in reverse, is a decentralized exchange on the $CANTO network dealing with spot and leveraged facilities of crypto assets (think $Ethereum, $Bitcoin, $Canto)
What are perpetuals?
A perpetual contract is comparable to a futures contract in that it enables the purchase or sale of an asset at a given time and at a predetermined price.
Perpetual contracts, which are different from both of them in that they have neither an expiration nor a settlement date, let you buy or sell depending on your predictions of how much an asset will cost in the future.
Perpetual contracts, in other words, provide you the ability to maintain leveraged positions indefinitely. These bets, whether long or short, profit from changes in asset prices. You can LONG a particular asset (speculating a positive price movement) or SHORT a particular asset (speculating the contrary).
You would usually require KYC to perform these transactions, but the blockchain is all about privacy, you can do the same at Otnac with your wallet.
What is CANTO?
In someone else’s best words:
Canto is a permissionless, layer-1 blockchain that runs the Ethereum Virtual Machine. It is part of the Cosmos network of blockchains, apps, and services and it offers a native stablecoin called NOTE. Canto’s developers say that the ecosystem was “built to deliver on the promise of DeFi,” which it aims to do by centering itself as a choice execution layer for original development work and by offering unique incentives for the development of DeFi protocols.
Furthermore, with hints towards Oracles, and furthering the open source code, we see a good future.
https://twitter.com/scott_lew_is/status/1622334112269729792
Exploring $OTNAC:
The utility and governance token for the app will be $OTNAC. To put it another way, holding $OTNAC will be comparable to holding part of the platform.
Having said that, you will be able to stake $OTNAC to have a say in the administration and voting of the app. Not to add that 20% of the commissions from leveraged trading and swaps will be converted to $CANTO and dispersed to token holders of $OTNAC.
The pre-seed:
$OTNAC is backed by no VCs, and no firms. We will be doing a simple $7,500 raise through 15 members on the telegram, after which, we will be launching it with an LP on $ETHEREUM, with 5/5 taxes.
The taxes, instead of the initial coin investors, fund the project in large. This is done so that our pre-sale isn’t extremely large, which often comes with several exponential uncontrollable variables that we’d rather not touch.
The taxes in and of themselves are largely used to fund the development and maintenance of the protocol. Whilst we will not deny that a large part of Otnac Finance will be forked (we want to be completely honest about this), we do put forth the claim that we will bring several changes in UI as well as tokenomics, for longevity and core strength.
The token is set to be launched within 48 hours of the completion of the pre-seed.
In order to know complete details on the pre-seed, join our Telegram community.
Socials:
https://twitter.com/Otnacfinance
Telegram
https://t.me/+2uu8YbjPR15hOGI9
Finally, please be aware that cryptocurrency and perpetual trading involve significant risks that could lead to loss of funds. Make sure you understand the risks and invest only reasonable amounts that you can afford to lose.