May 2022 Community Update

End of May and the one month countdown has begun for our OAX Staking Campaign on OpenSwap. In this uncertain market, sometimes passive income utility is your best option, so use the opportunity to stake your OAX tokens to earn some OSWAP! Our friends from OpenSwap have also created a visual that highlights the current and potential utility of what OSWAP holders will gain.

Source: OpenSwap

As always, our OpenSwap campaigns are to thank our community for being OAX holders and supporting the grantees in our grant program. The work that the IJS team has put into developing the technology behind the OpenSwap platform is only the beginning of what we hope our grant program can do. We also invited the team at IJS to recap their last year (doesn’t time fly?) of development, so you can learn more about the changes that OpenSwap has made since launching their platform.

If any of you are holding OAX ERC-20 tokens and want to participate in the OpenSwap platform, be sure to wrap the tokens to BEP-20 standard first! We’ve also published an update to how to withdraw OAX tokens on Binance in an earlier blog post, so be sure to refer to the details or reach out to our team if you have any questions.

We mentioned passive income might be the best option in a market like this, and this last month has been one for the books in crypto history. Even to the weathered crypto HODLer the last month has seen quite a few dips thanks to the collapse of Luna and the depegging of the algorithm stablecoin UST.

Source: Messari

Stablecoins has been viewed with some weariness in the past, regardless of being backed by dollar reserves or the algorithmic stablecoin. But they offer some sense of comfort and a way to ease into the crypto market for others and are meant to play a relative role of stability in a very volatile industry. What’s your view on stablecoins and how much of your crypto is in stablecoin?

That being said, regardless of how Luna, UST and the rest of the industry will adjust to the latest roadbump, regulators have been quick to use this scenario to ring alarm bells. G7 countries called for “swift and comprehensive regulation” immediately after the market responded to the Terra Luna situation, and so we can expect to see governments expediting their efforts to implement crypto regulations around the world.

Whatever the case, it’s clear there’s never a dull moment in crypto, and we can expect more groundbreaking developments to come!