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Dear community,
We are approaching exciting times for ONINO, with the planned launch of our Testnet. A friendly reminder to subscribe to our newsletter and our socials to not miss out on the wave of information regarding the next steps towards being a Testnet validator or the overall migration.
https://twitter.com/onino_io
https://newsletter.onino.io/
https://www.linkedin.com/company/onino-io
While our focus has been on building a robust product, forging meaningful partnerships, and nurturing a strong community and customer base, we've also been keeping a vigilant eye on market developments.
Why We're Concerned About Binance
Binance, one of the world's leading cryptocurrency exchanges, and its native BNB token have been subject to increasing scrutiny by regulatory bodies worldwide. This could lead to potential volatility and may pose a risk for projects closely tied to the Binance ecosystem. As a proactive measure, we have devised a 5-step plan to minimize ONINO's exposure to such uncertainties.
1. ONI | ETH Pool on Pancakeswap
Starting with the 21st of September we will be launching a new Liquidity Pool with a pairing of ONI and ETH hosted on Pancakeswap. This is facilitated by partially moving and taking out existing Liqudity from other pools. The goal is to limit our dependencies on BNB and BUSD, while being pegged to a more stable and widely accepted asset such as Ether.
How you can add Liquidity
Liquidity can be provided directly on Pancakeswap by choosing to add V2 Liquidity for ETH + ONI as a pairing. The rate will be set accordingly.
Why Ether and Ethereum are Stable Choices
Ether is considered a more stable and widely-accepted asset for several reasons. Unlike BNB, which is primarily used on Binance’s own platforms, Ether is used across a wide range of decentralized applications and platforms. Ethereum is also backed by a large, active development community, which makes it less susceptible to the actions of a single entity.
2. Transition to new Staking Contracts
Following the initialization of a new Pool on Pancakeswap, we will restructure our Smart Contracts for Staking. BNB and BUSD pools will be slowly phased out by encouraging a move towards newly dedicated smart contracts handling the ETH initiatives. Existing locks will remain present under their respective timeframe until the token migration to the ONINO Mainnet is initiated.
Visit https://farm.onino.io/ for getting direct access to the new pool as of the evening of the 21st September of 2023.
!! Be aware that with the discontinuation of BUSD, we will close the ONI | BUSD pool by the end of 2023 !!
3. Staking Incentivization
To expedite the transition, a short-term incentive campaign will be launched. This will offer additional rewards for those who move their assets to the new pools, encouraging a smooth transition and minimizing any liquidity shocks.
4. Migration to Ethereum
Our long-term plan includes moving all liquidity to Ethereum and ultimately our own network. This move will increase our project's accessibility and further diversify our risk profile. Be aware, that the migration to Ethereum is planned to go hand in hand with our native Network migration which is planned for 2024.
5. Migration to our native Network
Our final step of derisking any impacts towards ONINO is the migration of ONI token to our native Network. Marking a major milestone for 2024.
Each step as explained above is to minimize the risk exposure of ONINO, access further funds to strengthen our development efforts and making the project more accessible to other communities outside of the binance ecosystem.
We appreciate your continuous support and look forward to the coming months!
Your Team ONINO
