Jan 28, 2021
What is OptionRoom and Why it deserves your attention?
New technologies and ideas are coming out of crypto markets every day. We should keep learning to catch up the pace of time in crypto industry. As the Decentralized Finance (briefly known as Defi) became popular in 2020, this trend becomes more and more irresistible.
You may have already heard of some new words like Oracle, prediction protocol, lending protocol, yield farming and liquidity mining, etc. These ideas standing out of the old school crypto projects because people can clearly see the use cases from them. OptionRoom is a brand new Defi protocol which leveraged the advantages from the latest technologies of other hot Defi concepts with its own creativities of self-sustainable mechanism. So what is OptionRoom and what’s the application scenario of it?
1. OaaS: User governed Oracle as a service
Oracle has been playing a key part for many Dapps. OptionRoom has the ability to serve as an OaaS — Oracle as a Service where oracle requests are solved by governance. Unlike some other oracle protocol which depends on one or few data source, OptionRoom will provide a solid and more reliable Oracle service.
2. User governed forecast market protocol
OptionRoom allows users to create and participate in event derivatives that are pegged to real-world outcomes by governance consensus. A properly designed prediction market will attract many users to OptionRoom platform even they have never touched crypto before.
3. LP mining and Dual token model
Unlike other single token protocols, OptionRoom has its original design of dual token model: ROOM serving as the utility token of OptionRoom and COURT serving as the governance token of the protocol. The governance token COURT can only be obtained by providing liquidity/staking the utility token ROOM. This design will generate incentives for ROOM token holder to participate Liquidity Mining.
4. Self-sustainable and User incentives
Protocol fees fuel a buyback mechanism. The founders of OptionRoom receive no percentage of the protocol fees. OptionRoom also rewards protocol and governance participants. Pools creators get rewarded with a percentage of the pool winnings, creating an incentive to promote their pools. According to this properly designed mechanism, OptionRoom has the potential to provide profits for its users in the long term.
5. Built on Polkadot
Another major feature for OptionRoom is that it is built on Polkadot. Polkadot is the flagship project by Web3 Foundation, a Swiss Foundation founded to facilitate a fully functional and user-friendly decentralized web. Its parity technologies make OptionRoom possible to become a highly scalable and sustainable Defi Platform.
OptionRoom is still in its early stage since Polkadot is also under development. But we are so excited to see what OptionRoom can bring to us as a brand new multiple use-cases Defi protocol.
