OAX Foundation to build parachain on Polkadot Network

OAX Foundation, an organization created to explore the future of decentralized asset transactions, today announced a strategic initiative to build a parachain within the Polkadot network, expanding the potential that decentralized exchanges hold in digital asset trading.

Having released OAX Layer 2 Protocol (L2X) during the course of last year, which addressed fundamental issues within decentralized exchanges, namely speed, scalability and trust, the OAX Foundation team continued to explore opportunities resulting from the ever-changing environment with its partners.

“As we start 2020, the OAX team is energized at the thought of all the exciting things we expect from the DeFi space, and nothing is more promising than working with a network like Polkadot. The OAX community has long been passionate about supporting the future of the digital asset economy, and the parachain that we are working on will open up doors to so many opportunities in the future.”
– Amanda Liu, General Manager of OAX Foundation

OAX + Polkadot

With a strong belief that the future of digital assets goes beyond cryptocurrencies and even the exchange of digital assets, OAX believes the future with lies with DeFi and the consideration of how digital assets can truly play a part in integrating with the larger financial network. The strong developer network, outlook on security, and potential opportunities with Substrate all resonate with the future that OAX sees within this space.

The decision to build a parachain within the Polkadot network also underscores a crucial objective by the OAX team – increasing utility for the OAX token. The parachain will serve as one of the first key milestones by the OAX team, and will bring a broad range of opportunities that exist within the DeFi market, with its rise fueled by an explosive growth in lending with more than USD1bn worth of ETH locked in lending smart contracts according to DeFi Pulse.