OpenOcean DAO is Live. Since its inception, OpenOcean has rapidly risen to prominence as one of the premier DEX aggregators. Therefore it has always been a natural evolutionary step to introduce a DAO, to give the most important people (our community) a voice in which to help shape the future of decentralization. The DAO will directly impact the future of the platform, with the ability to change the intricacies of how OpenOcean operates. Let’s dive in to know more about OpenOcean DAO!

What is OpenOcean DAO?

In the broadest sense, the OpenOcean DAO is a platform on the OO hub which will empower the community. This is done through the introduction of proposals and polling. DAO community members can introduce proposals to affect the platform, change certain details or shore-up new partnerships. OpenOcean’s DAO is open to everyone who’s passionate to build the community & ecosystem sustainability together.

The DAO platform will seek to democratize power and allow the community to have their say. For the proposals and voting, we will only allow OOE stakers (xOOE holders) to participate and further decision-making of OpenOcean DAO initiatives. The DAO will be focused on building to ensure the success of the platform and empowering the community.

DAO Proposals and Voting

We believe that in order for a more simple and consistent approach proposals made to the OpenOcean DAO need to take into mind a particular set of considerations but also should share a similar design in their submission. For continuity it is best that proposals follow and consider the following process: Idea Initiation & Discussion; Proposal Formalization; Snapshot Voting and Implementation.

Who can submit: DAOs are nothing without their proposals, that’s why we’ve decided to introduce a required amount of staked OOE in order to be eligible to receive rewards, this is currently set at 12,000 xOOE.

To learn more details regarding the proposal process, please refer to the doc section.

OOE Staking and xOOE

Along with the launch of the OpenOcean DAO, xOOE is introduced as a key component for platform governance power. Additionally, the benefits of xOOE include participation in our gas rebate program, tokens earned through staking APY and most importantly, the future protocol profit sharing.

xOOE is a non-tradeable receipt token unique to OpenOcean and cannot be traded/sent. In terms of xOOE, 1 OOE will always equal 1 xOOE in value. Once you’ve locked OOE into the staking contract you’ll receive xOOE tokens as representation.

Incentive programs

We want to encourage as many individuals as possible to try out our DAO staking platform, by increasing the number of users who are staking we can fulfill our aim of further decentralizing the DAO governance process. We therefore have incentivising rewards in the form of staking APY, gas fee rebates for users, and future profit sharing.

Staking rewards:

In order to maintain platform stability and token health, we’ve decided to introduce a realistic approach when deciding on the overall end disbursement rate. The longer you choose to lock up your OOE, the more rewards you will earn.

If you want to understand more about the calculation of xOOE rewards, you can refer to the doc section.

Gas fee rebates:

To show our loyalty and gratitude to those who participate in the OOE staking on the DAO, we’ve decided to introduce a lucrative gas fee rebate program which stacks and works alongside our ongoing referral program. Gas rebate reward levels are unlock based on the amount of OOE staking. More OOE staked = bigger discounts.

Future protocol profit sharing:

We like the idea of future-proofing both the platform and the community, that’s why we will look towards protocol profit sharing in the future. This would mean that those who have staked OOE will be able to share in the profit generated by the protocol.

Governance, when you want it:

One feature of the crypto world is that it moves so fast. A tremendous opportunity for those who have interest in decentralized finance to be involve with a commitment. Now it’s time for OpenOcean and all the Oceaneers to take this exciting new voyage with us, into the vast and wide OpenOcean of crypto!

About OpenOcean

OpenOcean the most efficient DEX aggregator, integrating major DEXs across 17 blockchains. OpenOcean intelligent routing algorithm optimizes swaps for maximum returns and is completely free to use.

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