Testnet Data Performance

ODX has witnessed engagement with over 3,300 users actively participating in the testnet experience. The total transaction volume has surpassed 200 million, demonstrating the platform's growing popularity. With such promising results, we anticipate a continued influx of users in the future.

Campaign

(1) Bug Bounty Campaign

In our continuous efforts to enhance user experience, we initiated an activity to gather feedback and improve our product. Through this process, we have identified and addressed issues such as blurry interfaces, failed closing position, etc. If you are still encountering something similar, please join our Discord and provide detailed screenshot.

(2) Testnet Campaign

We plan to distribute 3,000,000 esODX airdrop to our long-term users. Whether opening positions, closing positions, or providing liquidity, you will receive corresponding rewards. For more details, please go to this page.

Below is the current top 10 for rewards. Check to see if your name is on the list. Join in and claim your rewards!

(3) Halloween Campaign

We have set up a series of simple tasks on TaskOn to celebrate Halloween, and Official TaskOn have retweeted our post. We are delighted to see more than 1.2k participants and have randomly selected 10 lucky winners, each of whom received the bonus. You can check here for the winner list.

About ODX

ODX adopts Lumoz (previously Opside) ZK-RaaS (Rollup as a Service) technology, providing ODX zkEVM chain with extremely high transaction processing speeds and lower overall costs. Currently, only the OLP pool is available. Your OLP will be automatically staked and esODX (airdrop rewards) will be systematically calculated. The other two pools, BP pool and CP pool, will come soon.

We will forge ahead with collaborations with other projects in the following days to propel the development of our product and ecosystem. Simultaneously, we will persistently strive towards optimizing ODX, ensuring an exceptional user experience. Let us move forward together!

The ODX testnet will last for 3 months, and we sincerely invite the community to participate in testing ODX. For all users who contribute during the testnet, 3,000,000 esODX will be distributed as rewards. Rest assured that when the ODX mainnet is launched, users will be able to claim their well-deserved rewards.

Event Duration:

09/25 0:00 UTC - 12/31 23:59 UTC

Testing Focus:

The testnet will focus on two aspects: Products and Tokenomics. Products include the ODX official website and ODX App. The main testing contents include Staking, Trade, Add and Remove Liquidity, Liquidation, Oracle, Fee structure, and Tokenomics.

Testing Incentives:

3% of esODX will be allocated as community testing rewards, totaling 3,000,000 esODX. Refer to the economic model. The testnet will be divided into three incentive pools, corresponding to different roles of participating users:

Liquidity providers in Liquidity Provider Pool will be given 1,500,000 esODX

Traders in Trader Airdrop Pool will be rewarded 1,000,000 esODX

Profitable traders in Traders Trader Profit Airdrop Pool will get Max 500,000 esODX

How to Participate:

Step 1: Obtain Test Coins

GoerliETH:

Free way https://opside.network/goerli

Paid way https://testnetbridge.com/

OBTC：0xAAb8FCD8DD22a5de73550F8e67fF9Ca970d1257E

OUSDT：0xFefEab21A1CddBAda7c1077FBc1cC92e07B5ce78

OUSDC：0x6187f53e7AC4cfB95ea1c4E906e777d0d2f6763E

Note:

1. Go to the rollup bridge to transfer GoerliETH from the Goerli network to the ODX zkEVM chain.

2. Visit Sideswap, switch to the ODX zkEVM network, and exchange GoerliETH for the tokens you need.

Step 2: Interact with ODX

Visit dapptest.odx.finance, connect your wallet, and interact with ODX, including actions such as buying OLP (adding liquidity), trading, and swapping.

Reward Rules:

Liquidity Provider Pool

Reward: 1,500,000 esODX Users are required to provide liquidity on ODX, and the liquidity will be automatically staked. The reward for liquidity provided is directly proportional to the staking duration (measured in seconds). The longer the liquidity is staked, the higher the percentage of rewards it can earn.

Trader Airdrop Pool

Reward: 1,000,000 esODX, with 71,428 esODX weekly Users need to engage in trading activities on ODX, including opening and closing positions. Each successful position closure (excluding liquidation events) accumulates a closing volume recorded in USD. Rewards are calculated weekly based on the user's share of the total closing volume on the platform for that week. Rewards are updated weekly.

For example, if the total closing volume on the platform for a week is 10,000 USD, and Bob closes positions worth 100 USD during that week, Bob's Airdrop reward from this pool for that week would be 100 / 10,000 * 71,428 esODX = 714.28 esODX.

Trader Profit Airdrop Pool

Reward: Up to 500,000 esODX

During the testnet activity, the profit pool will dynamically adjust based on the current number of target profitable traders.

At the end of the testnet, profits will be distributed among profitable users based on their share of profits relative to the total profits generated by all profitable users. Here's an example:

Suppose there are 10 profitable traders at the end of the testnet, and their individual profits are as follows: 1000 USD, 900 USD, 800 USD, ..., 100 USD. Let's say Bob is the top profitable trader with 1000 USD in profit.

Bob's reward would be calculated as follows:

Reward = (Bob's Profit / Total Profits of All Profitable Traders) * Total Reward Pool

In this case, Bob's reward would be: (1000 USD / (1000 USD + 900 USD + 800 USD + ... + 100 USD)) * 10,000 esODX = 1,818 esODX

So, Bob would receive 1,818 esODX as his reward from the profit pool.

Reward Distribution:

After ODX token launch, rewards will be automatically airdropped to the addresses of users who interacted during the testnet period.

In conclusion

The ODX testnet event promises to be an exciting community interaction experience, and we encourage every community member to actively participate. We look forward to embarking on this new milestone together with you!

ODX Team

Participants in perpetual contracts include traders and liquidity providers, both of whom face risks.

Oracle Price Feeds, 0 Price Impact

ODX utilizes the decentralized SupraOracle for price feeds, ensuring the accuracy and real-time nature of price-related data. The decentralized oracle guarantees the accuracy and timeliness of trading and liquidation on the ODX platform while providing traders with a 0 Price Impact experience.

Buffer Fee

To avoid price manipulation risks after oracle price feeds and potential losses for liquidity providers, ODX introduces the Buffer Fee to mitigate manipulation risks. The Buffer Fee is collected from users when they open a position and is calculated based on the risk exposure of the asset and the liquidity on mainstream exchanges.

Funding Fee

In ideal conditions, long and short positions in the market are balanced, and the profits of one party are borne by the other. However, in reality, when the market is in a one-sided trend, one side's position may be much larger. To limit and balance the imbalance of long and short positions, ODX introduces the Funding Fee, which is calculated based on the ratio of net positions to total positions on the platform. The higher-position side will pay the Funding Fee to the lower-position side.

Base Fund

ODX introduces the Base Fund to ensure the interests of all participants in the system. Details can be found in the ODX Tokenomic.

Other Measures

ODX carefully considers asset efficiency and balance in various fee settings, including multiple liquidity pools, as a measure to reduce risks.

Healthy and Friendly Economic Model

Unlike many DeFi projects, ODX ecosystem participants receive actual ETH returns. ETH returns primarily come from ODX/ETH trading pair fees and fees generated by trading on the ODX platform. There are multiple ways to obtain ETH returns, including providing liquidity and staking ODX.

Taking OLP as an example, liquidity providers in the OLP pool receive 70% of the ETH fees generated by that pool, while the remaining 30% is distributed to ODX stakers. ODX stakers, in addition to receiving ETH fees, also receive esODX. esODX can be converted to ODX after a certain unlocking period and provides multiplier points, which increase the share of ETH fees.

ODX's community governance also involves staking ODX. ODX staking comes in two forms: free staking and locked staking.

Free staking allows users to unstake at any time, while locked staking requires waiting for the lockup period to end before unstaking. Locked staking yields higher fee returns and, most importantly, veODX, a non-transferable token used for community governance. Possession of veODX enables participation in community voting.

Furthermore, ODX will serve as the Gas token for the ODX zkEVM Chain in the future, keeping ODX in a deflationary state.

Summary

Through the exclusive zkEVM app-chain, multiple liquidity pools, risk controls, and a healthy and friendly economic model, ODX addresses many problems faced by current decentralized perpetual contract exchanges, bringing a new experience to the perpetual contract ecosystem.

Currently, the ODX testnet is live.Users participating in the testnet will receive a certain percentage of airdrops when the ODX mainnet launches. We sincerely invite the community to participate in ODX testing and development, and move forward towards the future.

To address both security and scalability concerns, ODX adopts the zkEVM app-chain solution. Using Opside ZK-RaaS technology, ODX establishes an exclusive zkEVM Chain. This zkEVM chain is a ZK-Rollup based on the Ethereum mainnet.

In terms of security, compared to OP-Rollup, ZK-Rollup offers trustless security and faster withdrawal speeds. ODX zkEVM uses Ethereum as the settlement layer, fully inheriting Ethereum's security. User assets are rigorously protected.

In terms of performance and cost, ODX zkEVM is an exclusive app-chain for ODX. It boasts extremely high transaction processing speeds and lower overall costs. Since there are no other DApps competing for gas resources, ODX's Gas price can be reduced to zero, enabling users to trade decentralized financial derivatives without paying Gas fees. In the future, ODX zkEVM will use ODX tokens as the native token of this chain, rather than ETH (all current Rollups use ETH as gas fees), bringing more use cases and deflation mechanisms to ODX tokens.

In summary, the characteristics of the exclusive app-chain not only expand ODX's transaction performance but also offer users a safer and more user-friendly experience.

Community Governance

Blockchain belongs to the community, and decentralized ODX also belongs to the community. ODX is not just a form of decentralized perpetual contract exchange but engrains decentralization in its genes. After ODX's mainnet stabilizes, community governance will be initiated to truly return ODX's development to the community through decentralized governance.

ODX's governance includes but is not limited to:

• Distribution ratio of fees for different pools

Currently, in the OLP pool, 70% of ETH fees go to liquidity providers in the OLP pool, and 30% go to ODX stakers. Once community governance is initiated, adjustments to this ratio will be made through community voting.

• Parameter settings for fees in different pools.

This includes settings for opening fees, borrowing fees, funding rates, etc. These settings will also be adjusted through community voting.

ODX's decentralization is not only reflected in on-chain contract trading and community governance, but also deeply ingrained in its economic model. Details can be found in ODX Tokenomics.

Permissionless Liquidity Pool

To balance the security of platform liquidity assets with the variety of assets, ODX divides liquidity pools into three categories: OLP, BP, and CP.

OLP pool includes BTC, ETH, and two stablecoins. BTC and ETH have high liquidity and lower risks. Those providing liquidity in the OLP pool will receive 70% of the fees generated by that pool.

The independent pool allows for the expansion of asset trading types, but it also divides liquidity of assets in the pool. To minimize the division of liquidity while expanding tradable asset types, ODX introduces BP and CP pools.

The BP pool still aggregates multiple assets and includes assets with good liquidity such as BNB and SOL. The BP pool effectively isolates the risks of BTC and ETH while expanding tradable asset types. As assets in the BP pool have higher risk compared to BTC and ETH, liquidity providers will receive 90% of the fees generated by that pool.

CP pool allows any user to create liquidity pools on ODX without permission. Unlike OLP and BP pools, each CP pool is independent and contains only one pair of tradable assets. Fees generated by this pool will be distributed entirely to liquidity providers since these assets have lower market liquidity.

Perpetual contracts were born on centralized cryptocurrency exchanges, where traders profit by predicting the rise and fall of cryptocurrencies. Leverage is a key tool in perpetual contract trading, allowing traders to amplify their returns with a smaller initial capital.

The genesis of cryptocurrencies was rooted in the desire for decentralized finance. People aimed to use blockchain to transfer cryptocurrencies without intermediaries. However, blockchain networks themselves faced limitations such as slow transaction speeds, high network fees, and complex cryptographic accounts, hindering the development of decentralized on-chain blockchain products. Ironically, centralized exchanges, inheriting the Web2 model, became the core platforms for cryptocurrency finance, giving birth to perpetual contracts.

Yet, centralized exchanges have issues stemming from data opacity and asset custody. Users cannot ensure asset security nor avoid malicious liquidation behaviors.

Today, with the advancement of Ethereum's scalability solutions, more decentralized perpetual contract exchanges are emerging rapidly.

Pain Points:

Behind the acceleration of on-chain perpetual contract exchanges, there are still many problems and pain points concentrated in two aspects:

Firstly, the limitations of public chains' performance and high Gas fees. Although various Layer 2 scaling solutions exist, most are Rollup solutions, including Arbitrum, Optimism, zkSync Era, etc. However, the Gas fees of these Rollups remain high, and there are still performance bottlenecks. Moreover, these Rollups are public, allowing developers to freely deploy applications on-chain, leading to intense competition for limited on-chain resources and even higher Gas fees on Rollups. Similarly, the TPS of these Rollups is shared among all DApps, resulting in limited TPS for each DApp.

Secondly, there are design shortcomings in the products:

Decentralized applications adopt centralized management. Although the product logic is deployed on-chain in the form of contracts, contract and product parameter modifications remain in the hands of individuals and can be changed at will. Such decentralized exchanges only have the form of decentralization without its essence, exposing users' assets to the risks of this formalistic decentralization.

• Unreasonable risk control

For traders, risks come from non-redeemable returns, price manipulation, and delayed responses in closing transactions. For liquidity providers, risks come from price manipulation by traders and becoming the counterparty for traders, leading to lost profits.

• Limited asset types (specifically for spot perpetual contract exchanges)

Different liquidity assets have price differences between perpetual contract exchanges and external exchanges. The size of the price difference relates to asset liquidity; assets with high liquidity have almost no price difference, while assets with lower liquidity have larger price differences. To control risks, many exchanges restrict the types of tradable assets, reducing risks to a certain extent but clearly limiting the expansion of asset types.

• Issues with economic models

Many perpetual contract exchanges, including many DeFi products, lack a balanced economic model. This results in a plethora of bubbles and imbalances between ecosystem participants, ultimately leading to a death spiral.

ODX Solution: Deploying Permissionless Perpetual Contract Exchange on Exclusive zkEVM App-Chain

ODX was created to address the various problems faced by decentralized perpetual contract exchanges. ODX adheres to the spirit of blockchain decentralization, with tenets of decentralization, community governance, and permissionlessness. ODX follows the principle of originating from the community and returning to the community, and aims to create a permissionless perpetual contract exchange.

About ODX: ODX has its own zkEVM chain by adopting Opside ZK-RaaS technology, and aims to build a decentralized, community-governed, and permissionless perpetual contract exchange.