Revisiting The OXB Token and Staking
- OXB v1 will be migrating into OXB v2.
- No more reflection, but a 10% APR staking will be made available
- 2% Tax for all Buy/Sell transactions, to be utilized for Staking Pool and Dev Fund.
-Oxbull team will be using the existing tokens from Team, Development and Marketing allocations to fund the new Staking Pool Reward.
For more details, Read on:
The OXB token has always been the main utility and qualifying token in the Oxbull ecosystem. Being a Reflection Token, OXB holders earn passive rewards through the redistribution of 2% fees across all transactions within the ecosystem.
For IDOs, the team has experimented with Smart-staking where OXB users need only hold the necessary required OXB tokens in their wallets to be qualified for IDOs whilst earning the reflection rewards. Whilst originally intending to streamline and simplify user administration, the team has also noted the confusions and additional clarification required especially when it comes to new users to the Oxbull platform. With that in mind, the team has devised a new approach in alleviating the user problems.
OXB Token Migration
In a few moments, OXB shall no longer be a reflection token. Instead, a 2% Tax shall be in place for all Buy & Sell transactions which will be utilized as:
- 1% for Staking Pool (more on this later)
- 1% for Development Fund
Note: the 2% Tax is not applicable for sending/receiving or staking
In addition to the above, to provide assurance to the community that there will never be a risk of team dumping the coins, the Oxbull team will also be repurposing the team tokens to fund the Staking Pool Rewards. In exchange, the team will continue to develop and run the platform via the Development Fund incurred in the Buy & Sell Tax.
OXB v2 Tokenomics
With the above changes, the new Tokenomics will be:
Total Supply: 10,000,000 OXB v2
- Circulation/Holders : 71%,
- Staking Pool Rewards: 10%
- Pancakeswap Liquidity: 7%
- Liquidity for Potential Listing: 6% (Locked)
- Team Token: 4% (Locked)
- Burn: 2%
How to Upgrade your existing OXB Token?
To ease fear of not being the first mover, and also to discourage any unnecessary attempts at arbitraging, ALL CURRENT OXB BALANCE WOULD HAVE ARLEADY BEEN SNAPSHOTTED. All existing OXB v1 holders and LP holders are advised not make further trades during the current period, and would only need to visit www.oxbull.tech/upgrade to convert their existing OXB v1 tokens into v2.
Users will not be missing out on the 2% reflection, since there will be higher APR Staking rewards following the conversion of v1 into v2 tokens.
SPECIAL SIZZLING STAKE CAMPAIGN!
Detailed updates and instructions of the Migration will be further released via Telegram here.
IMPORTANT NOTES: If there are inaccurate OXB v1 tokens or OXB/BUSD LP pair during the swap to v2, the swap will not be processed. Users will need to revert to their original amount before the transaction will be successful. Hence, it is not advisable to trade OXB v1 further during the period of migration. Oxbull will not be responsible for any arbitrage losses stemming from the user’s own omission or errors.
Following the circumstances listed above and in view of the changes in the OXB token characteristics, the team shall be reintroducing staking as a method for users to yield higher returns and to qualify for IDOs.
The staking feature will be providing an APR of 10%
The qualifying amounts of OXB v2 to be staked shall be as per:
With the reintroduction of staking, the team will also be introducing an Unstaking Timelock as safety features to protect and encourage long term holding with hopes to avoid the volatile “Post-IDO Dump”. In the event where users decides to unstake:
- Their IDO qualification will be forfeited, and
- a 30 day time lock will be initiated and tokens will only be available to withdraw after 30 days have elapsed.
- Should the user decides to proceed with an emergency withdrawal (without timelock), the user will incur a penalty of 30% of the total staked amount.
With the above changes, the team hopes to foster a more nurturing community with far-sights instead of speculative hype-driven pump and dumps. The team has always strived to be community-driven, trustworthy and aims to further create a platform that rewards patience, kindness to one and another, and as the ultimate path onto further Web3 greatness.
At Oxbull, we’re always in it for the long run.
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