Last week, gamified crypto derivatives exchange OX.FUN secured a round of financing of USD 4 million. OX.FUN launched in January 2024 as a hybrid CEX/DEX perps exchange with Su Zhu and Kyle Davies (former Three Arrows Capital) onboard as advisors. Its mission is to make crypto trading attractive, engaging and rewarding again.
Advisor Su Zhu:
"OX.FUN solves the adversarial dynamics that characterize typical trading venues. It also has the most resilient community of this cycle. The best is yet to come.”
Advisor Kyle Davies:
“OX.FUN offers something for everyone, from active traders to passive stakers, in a flywheel ecosystem. The crypto community wants a fair product mechanism that's fun - and OX.FUN delivers.”
What the FUN?
OX Coin (OX) is OX.FUN’s centerpiece. It is used as its on-platform collateral (with all PNL paid in OX) and reward currency. Users earn OX rewards when completing daily trading missions at 50% APY or passively HODLing OX on OX.FUN. The exchange has also started burning OX from collected fees.
OX.FUN provides a gamified trading experience and adopts an innovative dual-token trading model. Traders earn OX for closing winning trades - but even closing losing trades is rewarded with OX.FUN’s secondary token, $MILK. OX.FUN has recently listed 45+ pairs with deep liquidity and offers up to 10x leverage.
Now live: Copy trading vaults
OX.FUN has launched another avenue of earning: Copy Trading Vaults. It allows users to earn by copying the trades of the most interesting traders in the OX Community.
By staking a Copy Trading Vault, users are automatically copying Master Traders’ trades and earning from the Vault’s PnL. Staking is set up flexibly: users can stake and redeem at any time, and stake multiple vaults simultaneously.
1 million OX prize pool for SU vs KYLE Vault Battle
True to its playful nature, OX.FUN is launching copy trading with a gamified twist. Enter: Vault Battles. The first of its kind will be between none other than Su Zhu and Kyle Davies - with a prize pool of 1M OX.
Users can stake the Vault which they believe will have the highest PNL at the end of the battle, and be eligible to win a share of the prize pool. And on top: stakers will be earning from Su and Kyle’s Vaults as they battle it out.
WHAT’S NEXT: EARNING FEES in PRISON and MORE
Since its inception, OX.FUN has reached the impressive milestone of 1.5B OX deposits and volumes of 20 billion OX. So what’s next?
Launching in March, “the Prison” is a passive fee earning product which rewards stakers with a portion of collected fees plus treasury emissions. The longer you stake, the more you earn. Also on the horizon are multi-collateral and asset conversion to make onboarding even easier and attract a wider range of traders.
For more information, visit https://ox.fun and follow OX.FUN on X/Twitter.
Media contact and inquiries: Jon Crane - [email protected].