What Is OMAX Token (OMAX)?
OMAX is a blockchain-based platform prioritizing decentralized apps (dApps) and tools for platform users to gain trust and complete control on their dApp funding. The platform aims to revolutionize the cryptocurrency space and encourage enthusiasts to be deeply involved with decentralized apps and utilize dApp's full financial potential within a safe and secure framework.
One problem facing users was finding a platform for DApps—decentralized application tools. On top of that, traders were also typically looking for a platform that can help to guide and educate them while helping them maintain control over DeFi funds. In response, the OMAX platform aims to implement cryptocurrency to serve the daily needs of users. The OMAX blockchain seeks to satisfy the needs of the world by offering a means of payment using OMAX token point-of-sale. OMAX also provides a marketplace for DApps that can be used by OMAX token holders.
The OMAXtoken is a utility token functioning on the Binance Smart Chain (BSC). The community-driven DeFi token executes three functions with every trade.
Firstly, the burning mechanism—where a set percentage of taxes incurred during trade get burned. Burning ensures a decrease in the total supply of tokens available in the market.
Secondly, liquidity—a fixed rate of taxes incurred during trading moves towards the OMAX liquidity pool.
Finally, reflection—a set percentage of taxes incurred during trading goes to the OMAX token holders for showing their loyalty by holding the tokens. The OMAX token seeks to get upgraded and used as a native token on the OMAX blockchain.
In summary, OMAX seeks to reshape e-commerce by using the blockchain on existing platforms.
History of the OMAX Token (OMAX)
The OMAX platform comprises a team with years of blockchain expertise. The global team consists of developers, marketers, and influencers.
According to the roadmap found on the website, the platform has dedicated the first quarter of 2022 to team building, blockchain building, and sharing the concept of OMAX with the world through press releases. The second quarter of 2022 was spent on media advertisements, building the NFT collectibles for the OMAX platform, and designing the OMAX Swap feature.
The OMAX whitepaper was already released in the fourth quarter of 2021, along with the cryptocurrency's official website development. A presale event, the Pancake Swap listing, along with the exchange listing of OMAX token, was also done in the latter part of the fourth quarter in 2021.OMAX has a maximum total supply of 10,000,000,000 OMAX tokens.
How Are New OMAX Tokens Earned?
The OMAX token holders use a staking mechanism to earn rewards on the platform. Staking aims to ensure stability in the token price on the platform. The traders or users keep locking the OMAX tokens to attain staking rewards in the form of OMAX tokens. The OMAX Vault feature can be used by token holders to lock in the tokens. The OMAX Vault, a dApp, will aim to stabilize the value of OMAX tokens while the OMAX blockchain is being tested and developed by the core developers of the platform. The traders also get staking rewards on the platform for holding (and not only trading) the tokens. Thus, the platform’s stability gets long-term growth and hence further acceptance in the world. OMAX swap is the DApp to provide traders with a means to acquire more crypto tokens. Users can swap OMAX tokens with other tokens and other tokens with OMAX tokens as well.
