How Oax Blockchain Works? & How to buy OAX Token in India?

The development and evolution of technologies from the times of ICOs and STOs until the development of DeFi have addressed the technical challenges at each phase of life. Hence, the Oax Foundation aims to offer optimal support within the DeFi space via tools, applications, technology, and better community support. 

Oax, previously known as openANX, is a blockchain platform that leverages the advantages of technical evolution, like payment channels, and utilizes them to overcome the hurdles faced by the current centralized exchange model.  

Who Are the Founders of Oax?

The Oax platform was founded and launched by Hugh Madden, Dave Chapman, Claudia Lau, David Tee, and Ken Lo. The Oaxs were first introduced in 2017 and later developed their 0x-based prototype in June 2018 in collaboration with developers from Enuma. Further in 2020, the OZX Foundation announced plans to develop code and features for the Polkadot network as they believed DeFi opportunities would expand through Polkadot. 

How Does Oax Work?

The smooth functioning of Oax is largely dependent on the following features:

Notifs App: It is a DeFi portfolio tracker that helps users get visibility and updates relevant to their portfolio. It was launched recently, in 2023.

OAX DeFi Parachain Features: It was developed for Polkadot network-based parachains, aiming to explore five features developed by the protocol.

OAX Layer 2 Protocol: This layer was released in August 2019. It is a layer 2 solution (L2X) that focuses on addressing scalability, dispute resolution, and more for decentralized exchanges.

OAX Community & Research: The Oax community supports the development of the platform internally and has also been exploring the regulations within the space. 

Read more: Ethereum Layer 2 Solutions explained

What Makes Oax Use Cases Unique?

• The Oax platform is designed to improve efficiency and transparency and promote high standards of governance.
• The Oax crypto exchange also claims to combine the benefits of the centralized exchange model into the Anyonomus decentralized exchange system.
• The inbuilt credit risk assessment, structured dispute resolution, and colletarized deposit scheme improve usability and also empower users with more options.
• It is an open-source and hence any developer can contribute to the development of the platform.

Oax(OAX) Price Analysis

Source: Tradingview

• The OAX price is trading within a rising wedge pattern wherein the resistance and support levels have compressed, indicating the price is approaching the apex.
• The possibility of sustaining bullish momentum increased as the price experienced unusual spikes recently, as the buying volume was largely dominated by the bulls.
• Moreover, the strength of the rally has increased as the ADX is appearing to be bullish as it is heading toward the north.
• Presently, the price is hovering around $0.322. It may further ignite a bullish rebound after testing $0.308 and quickly surge above $0.4 to reach levels around $0.43 in the next couple of days.

How to Buy Oax in India?

To buy Oax in India, just follow the below-mentioned steps:

• Download the CoinDCX app on your Smartphone
• Enter the details required for registration.
• Complete KYC
• After your profile is verified, fund your wallet and buy OAX.