Hey Onyx Community,
We are ready to propose a new market in the Onyx Protocol — PEPE.
Abstract
OIP-22 proposes an extension of the Onyx Protocol’s capabilities to include support for the Pepe token market, a niche within the cryptocurrency space that revolves around a digital asset named “Pepe,” represented as an ERC-20 token. PEPE is inspired by the cultural phenomenon of the “Pepe the Frog” meme.
This proposal suggests integrating the Pepe token, allowing for the secure, decentralized supplying and borrowing of Pepe tokens within the Onyx Protocol ecosystem, leveraging the platform’s existing infrastructures and promoting diversification of assets and transactions on the platform.
Discussion
Background
The Pepe token encapsulates the viral nature of the Pepe meme within the framework of digital currencies, creating a unique cultural digital asset that holds value among enthusiasts and traders alike. As the Onyx Protocol specializes in facilitating a decentralized platform for various crypto transactions and NFTs, supporting an ERC-20 token like Pepe is a natural progression, broadening its market appeal.
Rationale
The integration of Pepe token transactions into the Onyx Protocol will attract a new segment of traders and enthusiasts, expanding the market reach and the overall volume of transactions within the ecosystem.
The Pepe token represents a bridge between internet culture and digital finance. By supporting such assets, the Onyx Protocol positions itself as a culturally relevant platform in the crypto space.
This integration would not only attract Pepe token holders but also encourage current users to diversify their portfolios, promoting a more robust DeFi environment and community engagement.
The Pepe token, like other ERC-20 tokens, requires high-security standards during transactions, something that the decentralized nature of the Onyx Protocol can provide, ensuring secure, reliable, and transparent dealings. This integration does not strictly require a following security audit of the platform, as it is based on previous security-proved Onyx markets.
Technical Integration
The incorporation of Pepe token support necessitates several technical adaptations and enhancements to the current Onyx Protocol:
Lending Interface: A dedicated PEPE market page on the Onyx Protocol app, that recognizes the Pepe token’s unique qualities, allowing users to supply and borrow easily.
Smart Contract Adaptation: Developing oPepe smart contracts that handle token transactions, specifically tailored for Pepe to ensure secure and efficient lending.
The Pepe’s Price Oracle: A data source for the oPepe smart contact, which ensures the token price value.
Connection to Liquidity Pools and Partnerships: Searching for liquidity pools for Pepe and possibly seeking partnerships with existing exchanges to facilitate easy and seamless DeFi experience.
Community and Educational Resources: Providing resources and forums where users can learn more about Pepe tokens, engage with the community, and stay updated on relevant news and updates.
Market parameters
Supply cap: 1,000,000,000,000,000 PEPE ~$659k
Borrow cap: Uncapped
Daily XCN distributed: 200k ~$142
Collateral factor: 50%
Summary
OIP-22 is a forward-thinking initiative that acknowledges the growing influence of digital culture within the cryptocurrency space. By integrating support for Pepe tokens, an ERC-20 asset inspired by meme culture, the Onyx Protocol is set to broaden its horizons, welcoming a diverse group of traders and enthusiasts. This move not only enhances the platform’s cultural relevance but also promises an expansion in TVL and user engagement, marking an important step in Onyx Protocol’s growth and development in the Web3 ecosystem.
Awaiting for your feedback, dear Onyx Community.
