By Petrache Ionut Jun 5, 2022
0VIX is the first veTokenomics lending market with dynamic interest rates on Polygon. It's a DeFi money market, which means that assets can be borrowed against other assets. The protocol offers cutting-edge and tried-and-true methods for maintaining liquidity, protecting the protocol, and promoting the expansion of the Polygon ecosystem. To ensure the lowest borrow rate volatility in DeFi, 0VIX created its revolutionary dynamic interest rate model.
The protocol has undergone stress testing, and by utilizing a veTokenomics formula for long-term DeFi yields, 0VIX has established a strong and secure base upon which to expand Polygon's ecosystem. The project ultimately gains from Polygon's impressive liquidity, cheap transaction costs, and quick confirmation times on a decentralized, secure network. The protocol’s users will be able to also take advantage of well-known and user-friendly on-ramps, wallet technology, and interfaces thanks to Polygon's EVM.
0VIX comes from Zero Volatility, as VIX means Volatility Index - a nice word play for the project’s name but also a sign of confidence that their ground-breaking dynamic interest rate model will have DeFi's least fluctuating interest rates, maintaining the protocol's stability.
Some of DeFi Lendings' main problems, like unsustainable and high-volatility yields during Black Swan occurrences, are resolved by 0VIX. To evaluate the dangers DeFi consumers are subject to, they have developed a strong quantitative internal framework. To assure the health of the procedure, 0VIX has undergone rigorous stress testing. Using veTokenomics generates a positive feedback loop for sustainable yields and encourages community engagement, as demonstrated by Curve Finance as well.
The project has been audited by WatchPug and PeckShield as you can see right HERE
You can join the 0VIX beta right now and try out the available features.
What are the oTokens?
When assets are supplied to and withdrawn from a 0VIX market, oTokens, which are ERC-20 receipt tokens, are created and burned.
The appropriate oToken will be delivered when a user contributes an asset to a lending pool on 0VIX, allowing them to keep track of the money they gave out and the interest they accrued. For instance, if a user deposits USDC, he will receive oUSDC; if it is DAI, he will receive oDAI; and so on. Each asset has its own oToken.
Although oTokens are a representation of the underlying asset, their exchange rates are not 1:1. (1 USDC is not equal to 1 oUSDC). Users will engage with the applicable oToken contract whenever they mint, redeem, borrow, pay back, liquidate an account, or transfer oTokens.
On 0VIX, each token market has a unique supply interest rate.
The custodian automatically receives interest from the asset's borrowers when they hold a oToken for one second or more. This interest is expressed as a rise in the token's value relative to the underlying asset. The amount of the asset that can be redeemed for increases even when the number of oToken in a user's wallet remains constant. On any Polygon block explorer, users' tokens are displayed. They will be transferable like any other standard token because they adhere to the ERC20 standard. But transfers that would cause the user's account to become undercollateralized will fail.
Supplying and User Rewards
For a range of cryptocurrency assets, 0VIX offers numerous borrowing and lending markets. Users who deposit assets into the platform will receive 0VIX tokens in addition to a variable interest rate on their deposits. Additionally, the user may borrow additional assets by pledging collateral against the loan. The accumulating interest rates from borrowing are compensated by interest received on deposits of money.
The interaction of supply and demand, as well as their dynamic interest model, which is unique for each asset class, determine the size of the reward.
On top of that, the user will be rewarded with 0VIX tokens based on their interactions with the financial market. Accordingly, delivering liquidity (supplying assets) and borrowing assets will raise the potential 0VIX rewards for a user.
We think 0VIX has the potential to become the greatest lending and borrowing platform on Polygon, the team is highly passionate and constantly engaging with the community while developing their product to the highest standards and with careful attention to detail.
0VIX is currently in Beta. Become a beta tester at 0VIX.com and join the 0VIX Discord channel where you can give them valuable feedback and qualify for a massive $VIX airdrop.
Apply to become an #0VIXChad and earn juicy bounties via their ambassador program and also qualify for the $VIX airdrop!
Website - https://www.0vix.com/
Twitter - https://twitter.com/0vixProtocol
Medium - https://medium.com/@0VIXProtocol
Telegram - https://t.me/OVIXProtocol
Youtube - https://www.youtube.com/channel/UCmI3R7h5qQjOK8n8tpEaDdQ
Github - https://github.com/0Vix/0vix-contracts