Omniverse is both a Decentralized Exchange (DEX) where you can trade a wide range of digital asset classes, as well as an Automated Market Maker (AMM) that bolsters decentralized transactions.
The platform is offering you an opportunity to be a part of the burgeoning Non-Fungible Token (NFT) sector, which is booming.
Just to prove how powerful the NFT ecosystem can be, Jack Dorsey, the founder of Twitter auctioned his first tweet for $2.5 million. While you may consider that to be an unnecessary expense on the part of the buyer, it is a wise investment.
Unfortunately, only a few people can make the most out of the NFT market. The Jack Dorsey tweet auction is already a pointer that the NFT market is a budding industry for those who have the funds to spare.
So, the Omniverse Decentralized Exchange opened up arrays of opportunities for you to be a part of the Non-Fungible Token (NFT) market.
In this article, I explain some of the things you need to know about Omniverse DEX, especially the native token, $OVEX.
1. Dedicated Farming Pool
I must mention that Omniverse is also creating an opportunity for you to farm new crypto tokens before they are launched for the general crypto community to start investing in them.
In this case, the Omniverse farming pool will be dedicated, just like every other project will have separate pools. For example, there will be farming pools for Polkadot projects like Plasma Pay, Poolz, Mantra DAO, Stafi, Riofuel, Bondly, Akro, Ring, Polkastarter and Phala.
The Polkadot Community
Omniverse DEX is a solid project debuting on the Polkadot ecosystem. As you know, Polkadot projects are one of the most thriving at this time.
So, you should expect the native token of Omniverse DEX ($OVEX) to pull a similar stunt as the others like $DOT.
Rewards for Farmers
Farmers or cryptocurrency investors who become early adopters of the Polkazeck token ($ZCK) will be shortlisted to receive rewards.
From the tokenomics released by Omniverse DEX, ZCK token holders will earn the rewards that would be distributed.
2. Use Case of the New Token
The Omniverse DEX Token ($OVEX) is the new token in reference here. According to the team, the use case of the token would be much more than just scaling transactions.
In addition to that, the $ZCK token would also be used as a governance token. You would recall that Omniverse DEX is setting up a Decentralized Autonomous Organization (DAO) that creates room for more ZCK and OVEX holders to become a part of the decision-makers on the platform.
To that end, the use case of the OVEX token as a governance token is justified because it creates an atmosphere for only the token holders to be a part of the governing team.
Main Currency of the NFT Marketplace
As Non-Fungible Tokens (NFTs) are gaining widespread adoptions, it is high time that a viable platform is created to bolster how they are used.
The OVEX token also doubles as the primary and main cryptocurrency that powers the Omniverse NFT Marketplace.
In this marketplace, different kinds of NFT goods would be sold, including arts.
Because the OVEX token is the primary currency of the Omniverse NFT Marketplace, it means that the token must be used by anyone that wants to explore the full features of the marketplace.
As such, both the users/buyers and the artists displaying their products would use the token.
For example, users or buyers of the OVEX token would need the token so they can gain unrestricted access to the exclusive NFTs on the Omniverse NFT Marketplace. Also, the artists or NFT service providers would be rewarded or paid for their products and services listed on the NFT Marketplace using the OVEX token.
Shared Profits
The qualification for receiving the profits is that you must hold at least 5,000 or more units of the Omniverse DEX Token ($OVEX).
Airdrop for ZCK Holders
The issuance of the Omniverse DEX Token ($OVEX) is not limited to only the holders of the $OVEX token.
The token will also be distributed as an airdrop to the holders of the Polkazeck Token (ZCK).
3. Supply of the $OVEX Token
The team already publicized that there would be no initial supply as tokens will be minted per blocks. There will be a buyback feature to sustain the value of the tokens.
It is from that number that a part of the tokens would be used as airdrops and rewards for qualified participants in the pool.
Airdrop Ratio
The major concentration is the airdrop to be issued to the holders of the Polkazeck Token (ZCK).
7% of the total $OVEX tokens would be delegated for this purpose. That means that a total of 70 Million $OVEX Tokens would be used as airdrops for holders of the Polkazeck Token (ZCK).
The ratio for the distribution will be 2:1. That is, if you hold 1 Polkazeck Token (ZCK), you will qualify to receive an airdrop of 2 $OVEX Tokens.
So, the higher the number of the ZCK tokens you hold, the higher the number of the $OVEX tokens you will receive.
What Happens to the Remaining Tokens?
If just 7% of the $OVEX tokens will be used for airdrops, what will then happen to the remaining 93%?
The Omniverse DEX team explains that the remaining 93% of the $OVEX tokens would be earned, only that this time, the mode of earning the tokens would be via providing liquidity in the pool and farming the token.
For either of the two (farming or providing liquidity), you will receive a specific amount of the $OVEX token as a reward.
Conclusion
The Omniverse DEX Token ($OVEX) will be the currency-powerhouse of the Omniverse NFT Marketplace where art and music classic will be sold to the highest bidder in a decentralized and transparent system.
I am optimistic that the Omniverse DEX Token ($OVEX) will gain massive adoptions, as a part of the burgeoning Polkadot ecosystem that is the rave of the moment in the cryptocurrency industry.
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