Automated Market Makers (AMMs) like Uniswap and PancakeSwap are popular for the speed of transactions, as well as the multiple crypto assets you can trade on the pool.
One feature that new AMMs are looking to integrate is Farming, which has to do with the mining of new crypto coins and tokens.
While only a few AMMs have that feature, there are others that are already exploring how to farm via their different pools. Omniverse DEX is one of such Automated Market Makers (AMMs) that are tapping into the farming functionality.
This article explains in details, everything you need to know about the Omniverse Decentralized Exchange (DEX).
The Goal is to Bridge Multiple Blockchains to Work Together
The first feature of the Omniverse DEX is that it wants to be a bridge of sorts that connects multiple blockchain networks so they can work together.
This is highly imperative today that many blockchain networks are continually coming up with different approaches to how decentralized transactions should be done.
By bridging these multiple chain networks together, Omniverse DEX will be doing a great job of creating a thriving ecosystem that makes multiple universes or blockchain networks to work in unison.
It is the Season for NFTs
The introduction of Bitcoin ushered in a new financial system that will be used for many decades to come.
Now, the trend has moved from just the use of Bitcoin and Ethereum as the primary crypto assets. We can now use diverse crypto assets, including Decentralized Finance (DeFi) assets and the latest in the crypto industry — Non-Fungible Tokens (NFTs).
The Omniverse Decentralized Exchange is looking to create more adoption of NFTs via the venturing into the niche.
The highpoint of the Omniverse DEX intervention is the creation of the first cross-chain NFT protocol that empowers you to conveniently move your NFTs between multiple blockchain networks that are connected to the Omniverse DEX.
According to the Omniverse team, the development and integration of the NFT cross-chain would be rolled out in the second quarter of 2021.
A New Token for the Omniverse Decentralized Exchange
There will be a new crypto token to be used for most of the activities in the Omniverse Decentralized Exchange.
According to the token distribution data already available, the distribution of the new token would be allocated in the following ways:
· 15% of the total token allocation would be issued during an airdrop to the holders of the Polkazeck token (ZCK).
· The remaining amount of the token would be farmed in the Omniverse DEX pool.
Creation of a DAO
Decentralized Autonomous Organization (DAO) is also included in the features that the Omniverse Decentralized Exchange would roll out.
The creation of the DAO would empower the Omniverse DAO community to be a major part of the decision-making processes in the ecosystem.
Liquidity Provision
The Omniverse DEX would facilitate transactions in its pool via the liquidity provided by members of the broader Omniverse DEX ecosystem.
At the end of the day, 75% of the total fees generated or sourced from the liquidity provision would be distributed to the holders of the Polkazeck token (ZCK).
Cross chain NFT Auction Platform
The cross chain NFT auctions platform will be launched in Q2 that will be powered by the Omniverse token. The platform will allow artists to auction their art and will reward both artists and purchasers for their activity. Our NFT platform will be the first of its kind to operate on both Ethereum and Binance chain, and later Polkadot.
Cross Staking
The other way to earn free money or passive income from Polkazeck is via its Cross-Staking. This income and incentive model is Polkazeck’s way of rewarding the investors who staked some of their crypto assets (especially the ZCK tokens) on the platform.
The Cross-Staking reward mechanism is also an opportunity for those investors to earn rewards in the form of staking rewards for the crypto assets they earlier staked. Users will be able to stake ZCK to earn reward in ETH, DOT and WBTC. This will go live on the 15th of March 2021.
Conclusion
The new token called the Omnidex Token would also be used as the primary crypto token for transacting in the Non-Fungible Token (NFT) marketplace that would be launched by Omniverse DEX in the second quarter of 2021.
In all, the Omniverse DEX would be an inclusive digital asset trading platform that combines both the Decentralized Exchange (DEX) and liquidity pool for farming new crypto assets.
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