v1 vs. v2 OXD
Version 1 of OXD was used to bootstrap 0xDAO's TVL, with the primary goal of obtaining a position among the top 25 protocols by TVL on the Fantom blockchain and being rewarded a share of Solidly's veNFT airdrop. Phase 1 of our strategy was a clear success, with 0xDAO amassing US $4 billion in TVL in only a matter of hours, securing the largest share of veNFT from Solidly.
OXD v1 was designed to be a fractional representation of 0xDAO’s veNFT. However, with the evolution of the protocol into a yield maximizer for Solidly, it needs to become much more.
Version 1 OXD token holders are our partners and as such, should be entitled to a share of the Solidly veNFT they helped us acquire. v1 OXD can be seen as a fractional representation of 0xDAO's veNFT.
Holders of v1 OXD can burn their v1 OXD tokens to receive their portion of oxSOLID (fractionalized representation of 0xDAO’s SOLID lock).
So for instance, if you burn 1% of the OXD supply, then you get 1% of the veNFT as oxSOLID.
Our intention from the outset was to preserve long-term value for the Fantom ecosystem — and to accomplish that goal, we are transitioning 0xDAO to be a liquidity hub on Fantom. Version 2 OXD is the token that will power 0xDAO's new goal.