OLE is the native token that enables shared community ownership and protocol usage incentives. It will be minted by trading, lending, staking, referring new members, and participating in Clans Clash. OLE token is natively deployed on Ethereum and bridged via Multichain.
You can bridge your OLE tokens onto any supported chain using the Multichain bridge here. Please note that Multichain will charge a fee for bridging assets.
- 1.Log into the bridge with your wallet and make sure you are connected to the network with your OLE tokens.
- 2.Select the network where your OLE token is located.
- 3.Select the network you wish to receive your OLE tokens.
- 4.Enter the number of OLE tokens you want to bridge.
After you submit the transaction through Metamask, you can expect your funds to arrive on the receiving chain in roughly 10 minutes to an hour, depending on congestion.
Please make sure your MetaMask wallet is set to the receiving chain so you can see your funds when they arrive.
Locking the LP token of the OLE trading pair of DEX into a time-weighted escrow allows the OpenLeverage community to truly own and govern the protocol, share protocol revenue, boost earnings by usage, and build self-sustaining DEX liquidity.
The dual token system is designed to promote liquidity, protocol usage, governance, and the self-sustainability of OpenLeverage.
A total of 1,000,000,000 OLE have been minted and will be vested over five years, starting on the date when OLE becomes transferable. The total supply of OLE is as follows:
- 45.00% or 450,000,000 to the DAO treasury for community incentives, including but not limited to retrospective rewards, trading, lending, xOLE holders rewards, campaigns, and marketing events;
- 9.60% or 96,000,000 to an ecosystem development treasury;
- 28.40% or 284,000,000 to past investors of the OpenLeverage Foundation;
- 17.00% or 170,000,000 to founders, employees, and advisors.
A maximum perpetual inflation rate of 3.00% per year will increase the supply of OLE after five years, ensuring the community has the resources to continue contributing to the protocol.
OLE can be earned by using the protocol:
All rewards calculations and distributions operate on a 21-day cycle referred to as an epoch.
During each epoch, all OLE earned from protocol usage will be claimable and transferable 7 days after the end of the epoch.
Following OLIP-4 “Tokenomics Update Proposal” and Council member happystar’s proposal, OpenLeverage has initiated weekly $5,000 buybacks of OLE tokens, starting October 27 and will continue for 40 weeks.
xOLE represents the governance token for OpenLeverage. Users receive xOLE as a receipt for providing OLE-BUSD liquidity on a designated partner DEX and subsequently staking their LP tokens on OpenLeverage into a time-escrowed contract. Users may elect to lock their LP tokens for a minimum period of two weeks up to four years. Users who lock for the maximum duration (4 years) will receive 436% xOLE compared to those who lock for the minimal duration (2 weeks), similar to the Curve vote-escrowed model.
xOLE, therefore, encourages active liquidity provisioning for OLE and directly aligns token holders with the protocol’s interest over a longer time horizon.
xOLE holders will be eligible to participate in regular epoch voting rounds to determine lending and trading rewards for individual token pairs that meet certain eligibility criteria. Up to 47% of the total OLE supply, or 470 million tokens, has been designated to the OpenLeverage DAO fund which will continuously provide liquidity incentives.
As per the contractual off-chain agreement with all our previous investors, their allocation will require 90 days of lockup before being linearly vested by smart contracts over four years.
Founders, employees, and advisors of OpenLeverage Foundation will be issued OLE. All OLE distributions will be subject to 365 days of lockup before linearly vested by the smart contract over four years, and three months.
Unvested tokens will not be able to participate in the staking rewards or governance process.