OAK Network incredibly excited to show off the cross-chain message passing capabilities of the Turing Network in partnership with Mangata. To offer auto-compounding of liquidity pool rewards on the MangataX decentralized exchange!

The OAK Network & Mangata are proud to be pioneering parachain cross-chain functionality for the Kusama & Polkadot ecosystems.

Introduction

After the $TUR successful bootstrap on the MangataX DEX. The Turing Network now offering technical functionality to auto-compound liquidity rewards for MGX liquidity pairs including $TUR:$MGX. The auto-compounding partnership between Turing and MangataX was established through the creation of key infrastructure. To allow XCMP calls across parachains to schedule future transactions. Firstly it will be use to auto-compound MGX liquidity pools but the infrastructure can still be used for even more advanced & complex actions.

The auto-compounding function utilizes the XCM compoundRewards call to schedule a future event on the Turing Network parachain which triggers an action on the MangataX parachain. By using the XCM protocol all user funds are secure and the action is completely non-custodial. The OAK team believes this impressive demonstration of the the key advantages for parachains on Polkadot & Kusama & the potential for XCM.

Using Auto-Compounding

The auto-compounding functionality allows developers to use Polkadot.js to set up automatic claiming of liquidity pool rewards on MangataX. Then automatically add the claimed rewards into a liquidity pool. Individuals may set their own percentage threshold and use the schedule parameter to choose to execute tasks at fixed times or recurring. Combining these actions creates a variety of use cases that we are excited to see how our communities utilize.

The Future

OAK Network is happy to be collaborating closely with Mangata to offer innovative new functionality to the ecosystem. MangataX continues to create more liquidity pairs, such as their recent listing of ZLK, and our team is excited to create auto-compounding for more parachain tokens.

Outside of MangataX the Turing Network & OAK Network is working to create automation and auto-compounding for other platforms and exchanges across Kusama & Polkadot.

About OAK Network

OAKNetwork layer one blockchain that enables multi-chain applications to automate single or recurring transactions using a simple transaction instruction. The OAK unlocks a diverse range of rich DeFi user experiences including scheduled and recurring payments, stable-cost-averaging, stop loss & limit orders, and non-custodial copy trading.

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OAK Network is wildly excited to announce the launch plan for the OakNetwork crowdloan on Polkadot.

With the Turing network launch complete and development progressing with the parachain partners (Acala Network, Parallel Finance, Bifrost Finance, Crust Network, and Phala Network) to bring automation features to Kusama, they are ready for the next stage. The OAK Network mainnet launch marks another key step in the journey of building the Web3 hub for cross-chain automation.

OAK Network will enable innovative automation functionality for Polkadot parachains and products in a secure, trustless, and scalable manner. Securing their parachain lease on the Polkadot network. Will allow the team to quickly ship new features to their Polkadot partners via OAK after first evaluating for quality and safety on Turing.

OAK Crowdloan

The OAK Network crowdloan will go live on September 20th, 2022 — 23:00 UTC in anticipation of the 28th auction beginning on approximately September 22nd, 2022 — 19:24 UTC. The complete Polkadot auction schedule and relevant information can be found here. Members of the community who are staking DOT and wish to contribute to the crowdloan will need to unbond by Monday, August 22nd — 23:00 UTC.

Contributors will receive up to 1.5% of the OAK tokens from an initial supply of 1 billion at a ratio of up to 100 OAK per 1 DOT contributed.

Bonus Rewards

They took a number of lessons away from their Turing Network crowdloan. Their team could not be more grateful for the support and feedback from the community. In an effort to show our thanks, we will be including early bird, referral, and community bonuses similar to the Turing crowdloan alongside an additional bonus for those who contributed to the Kusama crowdloan.

The OAK crowdloan website will be launching this Friday, August 11th at UTC 23:00.

Ways to Participate

To contribute to crowdloan via OAK Web App using a Polkadot.js wallet & extension to loan their unbonded DOT.

Stay tune for partnership announcement in the coming weeks allows a variety of crowdloan supporters to contribute. Directly through the website earning a referral bonus alongside a liquid derivative of their DOT.

What should I do next?

Prepare your DOT tokens — If you are currently staking DOT you wish to use for the crowdloan. Users will need to unbond those tokens. If this is your first time contributing to a Polkadot crowdloan. You will need to acquire some DOT tokens from a centralized exchange or other fiat onramp.

For anyone interested in joining the crowdloan we have resources available to help you learn everything you will need in our community Discord including guides and a helpful team of mods to answer questions.

If this is your first time hearing about OAK, they encourage you to check out their website for more information on the vision for Web3 cross-chain automation as well as information on our live canary network Turing.

The technically inclined should also make sure to visit the OAK developer portal to discover key concepts behind OAK including our live time trigger which enables auto-compounding for DeFi, subscription services, and stable-cost-averaging strategies.

About OAK Network

OAK (On-chain Autonomous Kernel) Network is an automation layer-2 blockchain for Defi and recurring payments. Our mission is to build a Stripe for Web 3.0 across protocols. Technically speaking, the blockchain built on Parity Substrate with an event-driven execution model.

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