The last few weeks have been dominated by the FTX disaster and everything that hinged on it. As it turns out, FTX was not nearly liquid enough than they pretended to be and on top of that used user deposits to transact their business. All backed by their in-house token FTT, which was created out of thin air, basically had no real value but was used as collateral for multi-billion dollar trades.
Then there was the FTX hack, in which further vast sums were stolen. Is this an inside job? One doesn't know.
However, through his extensive connections and political donations, SBF will, it seems, get off lightly. Others are serving time for many years, and for crimes that were not nearly as costly as this farce. This tragedy has led to another massacre in the markets and has once again shaken investor confidence. A recovery is not in sight anytime soon, as in the meantime other market participants have come into the public eye, such as crypto.com and others.
The important question now is, what do we take away from this story? What are the lessons we can learn this time?
There are a few answers to that.
- DeFi wins! And this is probably the most important: not your keys, not your coins! Don't leave your assets to other entities, always be your own bank.
- Don't be manipulated by the media. Whether it's a Tom Brady, Shaquille O'Neal, Larry David, Kevin 'Mr. Wonderful' O'Leary or anyone else. They all want one thing - your money!
- Never invest more than you are willing to lose. Assume from the beginning that you will lose everything.
- Practice risk diversification. Those who invested in so called "Sam coins" (FTT, SOL etc) in the last months are among the biggest losers.
But let's get to the topic now, you've probably wondered what's going on at Ooki.
First of all, we are in no way affected by the disaster around FTX. Not at all, no points of contact. And that's good. Now to the daily business.
- Deployment of iToken as collateral on Polygon
- Finished Symbiosis crosschain lending on backend
- Deploying Ooki on IPFS
- Creating new rest API endpoints
- Working on permissionless listings
- Integrating WSTETH (Lido) for margin trading and as collateral for loans
- Working on UI for limit orders
- Working on various contract wrappers
- Working on a more personalized user experience (user avatars, username, latest users txns etc.)
- Extension and optimization of the stats page
- We are on the lookout for new partners/platforms to collaborate with for AMAs, interviews, PRs and so on. (Let us know if there is a platform where you would like to see Ooki.)
- Working on a sensational marketing surprise (yes still do 😊. First part will be published soon.)
- Working on various articles for Blog/Ookiversity.
As you can see, we are on it. We have always been on it and will remain so. We have been in the market longer than most and will remain so. Stay safu!
About Ooki Protocol
Ooki is a protocol for margin trading, borrowing, lending and staking enabling the building of Decentralized Applications for lenders, borrowers, and traders to interact with the most flexible decentralized finance protocol on multiple blockchains. Ooki is a fully decentralized, community-run DAO, governed by the community vote for all major changes to the protocol. Ooki users can engage in margin trading with up to 15x leverage using a fully decentralized trading platform.