# Overview

<figure><img src="/files/nqX8Ayj94Nn2ug3sBvAF" alt=""><figcaption></figcaption></figure>

The Open X Project writes smart contracts that facilitate the open exchange of value and ideas blockchains make possible. Its multi-chain aggregator, [vaults](/the-open-x-project/vaults-multichain), and [NFT Market](/the-open-x-project/nft-market-multichain) are permissionless, trustless, accessible, and immutable. Its [liquid wrapper](/the-open-x-project/opxvelo-optimism) features novel mechanics to tokenize the value of a vote-escrow position. The project has no outside funding. Its tokens were fair launched to perform functions within the project. Its developing governance structure is an [experiment](/the-open-x-project/nft-collections-optimism) in decentralization.&#x20;

\---

[Legal Disclaimer](/information/further-reading/legal-disclaimer)

[Preliminary project audit by 0xGuard](https://github.com/0xGuard-com/audit-reports/blob/master/OpenXSwap/OpenXSwap.pdf)


# OXP Token

OXP multichain token

## OXP Token Documentation

### Overview

OXP is the official token for the Open X Project (OXP), designed to provide seamless interoperability across multiple blockchain networks. OXP tokens are obtained by wrapping OpenX tokens and offer users a flexible way to interact with various chains.

***

### Key Features

* **Cross-Chain Compatibility:** OXP can move effortlessly across supported chains using:
  1. **Optimism Standard Bridge**
  2. **Hyperlane Bridge** (via messaging service)
  3. **Superchain Bridge** (planned but not yet enabled or released)
* **1:1 Wrapping Mechanism:** OpenX tokens can be wrapped to receive OXP tokens at a 1:1 ratio. OXP can always be unwrapped back into OpenX.
* **Single Deployment Address:** The OXP contract is deployed at the same address on every supported chain, ensuring consistency and simplifying cross-chain interactions.
* ERC20 Permit<br>

***

### Tokenomics

* **Max Supply:** The entire max supply of OXP has been minted and deposited into the wrapping contract.
* **Wrapping Process:**
  1. Deposit OpenX tokens into the wrapping contract.
  2. Receive OXP tokens at a 1:1 ratio.
  3. To unwrap, simply deposit OXP tokens back into the contract to retrieve OpenX tokens at the same 1:1 ratio.

***

### Bridging Options

#### 1. Optimism Standard Bridge

* **Description:** A reliable and widely-used bridging mechanism to transfer OXP tokens between Optimism and other chains.\
  <https://superbridge.app/optimism/0xba5ed706c58c053fce06544e29daf1a65cc6c0de>

#### 2. Hyperlane Bridge

* **Description:** Uses a messaging service to enable cross-chain communication and movement of OXP tokens.\
  [https://app.openxswap.exchange/#/Bridge ](<https://app.openxswap.exchange/#/Bridge >)

#### 3. Superchain Bridge

* **Status:** Planned for future release. This bridge aims to further enhance the seamless transfer capabilities of OXP tokens across chains.

***

### Contract Details

* **Deployment Address:** The OXP token contract is deployed at the **same address** across all supported chains: `0xba5ed706c58c053fce06544e29daf1a65cc6c0de`.
* **Supported Chains:** Ethereum (eth), Base, Optimism (op).
* **Wrapping Contract:** Manages the minting and burning of OXP tokens as OpenX tokens are deposited and withdrawn.

***

### How to Use OXP

1. **Wrapping OpenX into OXP:**
   * [Interact with the wrapping contract on OPTIMISM. ](https://app.openxswap.exchange/#/OXP)
   * Deposit OpenX tokens to receive OXP tokens at a 1:1 ratio.
2. **Unwrapping OXP into OpenX:**
   * [Withdraw OpenX tokens from the wrapping contract to retrieve OpenX tokens at a 1:1 ratio.](https://app.openxswap.exchange/#/OXP)
3. **Cross-Chain Transfers:**
   * Use one of the supported bridges ([Optimism Standard Bridge](https://superbridge.app/optimism/0xba5ed706c58c053fce06544e29daf1a65cc6c0de) or [OpenX Hyperlane Bridge](https://app.openxswap.exchange/#/Bridge)) to move OXP tokens across chains.

***

### Planned Features

* **Superchain Bridge:** Once released, the Superchain Bridge will further enhance the interoperability and usability of OXP across multiple chains.

***

### Support

For any issues or questions, visit the Open X Project website and join our community for assistance.\
Reminder that our admins will never DM you or ask for seed phrase, mnemonic, or private keys.


# NFT Market (Multichain)

Any-Erc20-for-Any-erc721 Permissionless Market

{% embed url="<https://marketplace.openxswap.exchange/>" %}
Link to the NFT Market - available on Optimism, Base, Linea, Ethereum, and Arbitrum
{% endembed %}

Most NFT contracts allow for listings in ETH only, which can be volatile. Our contracts allow any NFT to be listed for any token (including ETH and stables) while charging just 1% per transaction.

This is particularly noteworthy for veNFTs and fNFTs.&#x20;

## **Browsing and Listing Collections**

<figure><img src="/files/zeMM1njVLEPdoRLuiNSG" alt=""><figcaption><p>Landing page for the NFT Market</p></figcaption></figure>

From the landing page, users can browse various collections on their selected chain. To list or purchase an NFT (or fNFT, or veNFT), select the appropriate collection and follow these steps.&#x20;

Creators can follow this guide to list their Collection using our [Collection Interaction Tool](/the-open-x-project/nft-market-multichain/listing-collections).&#x20;

<figure><img src="/files/5kNzD1a2TIMiVJhocOR0" alt=""><figcaption><p>A sample of available veVELO v2 listings</p></figcaption></figure>

When browsing NFTs with *intrinsic ERC20 value*, such as veVELO (the value being the amount of vote-escrowed VELO x the spot price of VELO) or NFTs containing LP tokens (fNFTs), the price of the underlying tokens in the NFT will be displayed along with their list price. The Price : Locked column represents the difference in the value of the underlying tokens and the list price.&#x20;

<figure><img src="/files/nnvNl1PGpb50rrIXmGe7" alt=""><figcaption></figcaption></figure>

Clicking the icon that looks like a graph will display the sale history of the selected collection. The sale history, if any, of each individual NFT is available by clicking on individual listed NFTs.

<figure><img src="/files/qyZP6Vgzhg0KiTTqcU10" alt=""><figcaption><p>Sample veVELO listing</p></figcaption></figure>

Once one has selected an NFT to view, the NFT in question can be either [purchased](/the-open-x-project/nft-market-multichain/purchasing-an-nft) or [bid upon](/the-open-x-project/nft-market-multichain/placing-a-bid).&#x20;

\---

NFT Market contracts are deployed and verified but currently unaudited. Audits for more than half of our contracts are complete. The rest will be finished once the project can afford them.&#x20;


# Listing an NFT

These contracts create **an any-ERC20-for-any-ERC721 exchange**.&#x20;

We will use veVELO for VELO as an example. Allowing users to list veNFTs and fNFTs for any ERC20 allows users to create zero-slippage listings for otherwise volatile positions by listing the position for the same ERC20 or LP tokens etc. that are contained within the NFT itself.&#x20;

<figure><img src="/files/3Tdk0KoIBiReRzKMl8MS" alt=""><figcaption><p>We will use listing a veVELO veNFT as an example (note the 'List NFT' button)</p></figcaption></figure>

Upon clicking "List NFT," users will be met with the following prompt for the NFT's token id:

<figure><img src="/files/alMWh2AHUb14lEwtmKeC" alt=""><figcaption><p>The "token id" is needed when listing NFTs or veNFTs</p></figcaption></figure>

The user will then be asked to select the token (ERC20) that will be used in the transaction:

<figure><img src="/files/8VY4Csmvjk9ohyux9Uqg" alt=""><figcaption></figcaption></figure>

In this example, we will list a veNFT and accept VELO as the payment token:

<figure><img src="/files/DuwJNB3b5cPMhkcVhBgu" alt=""><figcaption><p>Select the token you wish to receive and list Sell.</p></figcaption></figure>

If you wish to make the listing private, select "Private Listing" and add the addresses you wish to whitelist for the transaction. No other addresses will be able to purchase the private listing.

<figure><img src="/files/6qr1GZr8faPIklaKRu3b" alt=""><figcaption></figcaption></figure>

Once the user has stipulated their offer, two transactions are needed to finalize the listing.&#x20;

<figure><img src="/files/P6PQLwesymL5AvCihQ7H" alt=""><figcaption></figcaption></figure>

To view your listing, return to the Collection or click the "My Listings" tab. To cancel your listing, select the listing in question, click the following icon, and execute the removal transaction.

<figure><img src="/files/E7rs5fIBUf3KETgObJm6" alt=""><figcaption></figcaption></figure>

\---

**NOTE:** Listing an NFT creates an open offer valid for **one month** by default. The timeline of a listing can be changed before submitting the transaction, but this is not currently offered via UI.&#x20;


# veSOLID (Ethereum)

This guide is similar to the veVELO example but made specifically for veSOLID on ETH Mainnet.

These contracts create **an any-ERC20-for-any-ERC721 exchange**.&#x20;

Visit <https://marketplace.openxswap.exchange/> and select ETH from the Networks tab.

<figure><img src="/files/6psOdA9QsJlwFdH6BHWq" alt=""><figcaption></figcaption></figure>

Select the Solidly Collection and select click the "List NFT" button to begin the listing process.

<figure><img src="/files/gHUPj1l0GOCiJugDZnEj" alt=""><figcaption></figcaption></figure>

Enter the Token ID of the veNFT you wish to list and click "Next."

<figure><img src="/files/Ek9ndKuTCNvgnuWhP2C4" alt=""><figcaption></figcaption></figure>

This screen will appear. Click "Select Token" to select the ERC20 you wish to receive for your veNFT.

<figure><img src="/files/fyBfx0ZPg6tMvykQRdbK" alt=""><figcaption></figcaption></figure>

This box will pop up. Select the token you wish to receive, then click "Sell."

<figure><img src="/files/p29i9tVkf79ZxMEoauY4" alt=""><figcaption></figcaption></figure>

If you wish to make the listing private, select "Private Listing" and add the addresses you wish to whitelist for the transaction. No other addresses will be able to purchase the private listing.

<figure><img src="/files/6qr1GZr8faPIklaKRu3b" alt=""><figcaption></figcaption></figure>

Once the user has stipulated their offer, two transactions are needed to finalize the listing.&#x20;

<figure><img src="/files/P6PQLwesymL5AvCihQ7H" alt=""><figcaption></figcaption></figure>

To view your listing, return to the Collection or click the "My Listings" tab. To cancel your listing, select the listing in question, click the following icon, and execute the removal transaction.

<figure><img src="/files/M3fqf9hvtXKLYrzJoubB" alt=""><figcaption></figcaption></figure>

\---

**NOTE:** Listing an NFT creates an open offer valid for **one month** by default. The timeline of a listing can be changed before submitting the transaction, but this is not currently offered via UI.&#x20;


# veRAM (Arbitrum)

These contracts create an any-ERC20-for-any-ERC721 exchange.&#x20;

Visit <https://marketplace.openxswap.exchange/> and select Arbitrum One from the Networks tab.

<figure><img src="/files/KsMH83W9hQGRNgjiLSs6" alt=""><figcaption></figcaption></figure>

Select the veRAM Collection and select click the "List NFT" button to begin the listing process.

<figure><img src="/files/uYVk4qgmkyNwlOhwrrFR" alt=""><figcaption></figcaption></figure>

Enter the Token ID of the veNFT you wish to list and click "Next."

<figure><img src="/files/05tlbaQHkszf5KCVEAvw" alt=""><figcaption></figcaption></figure>

This screen will appear. Click "Select Token" to select the ERC20 you wish to receive for your veNFT.

<figure><img src="/files/HkWnYwrBdAR3DlfNcttg" alt=""><figcaption></figcaption></figure>

This box will pop up. Select the token you wish to receive, then click "Sell."

<figure><img src="/files/yFw0xvNYnWubRIZEXOLB" alt=""><figcaption></figcaption></figure>

If you wish to make the listing private, select "Private Listing" and add the addresses you wish to whitelist for the transaction. No other addresses will be able to purchase the private listing.

<figure><img src="/files/6qr1GZr8faPIklaKRu3b" alt=""><figcaption></figcaption></figure>

Once the user has stipulated their offer, two transactions are needed to finalize the listing.&#x20;

<figure><img src="/files/P6PQLwesymL5AvCihQ7H" alt=""><figcaption></figcaption></figure>

To view your listing, return to the Collection or click the "My Listings" tab. To cancel your listing, select the listing in question, click the following icon, and execute the removal transaction.

<figure><img src="/files/M3fqf9hvtXKLYrzJoubB" alt=""><figcaption></figcaption></figure>

\---

**NOTE:** Listing an NFT creates an open offer valid for **one month** by default. The timeline of a listing can be changed before submitting the transaction, but this is not currently offered via UI.&#x20;


# Purchasing an NFT

<figure><img src="/files/oFIgeYqsnEeutquqN12U" alt=""><figcaption><p>Sample veVELO listing on the NFT Market</p></figcaption></figure>

To purchase an NFT, simply click on a listing and click the "Buy button." You'll be prompted to sign an approval transaction for the NFT Market contract and the transaction for the actual exchange.&#x20;


# Placing a Bid

To place a bid, choose an NFT and press "Select Token" above the "Bid" button.

<figure><img src="/files/tlcYWkI7qddLD01C3V5S" alt=""><figcaption></figcaption></figure>

<figure><img src="/files/1lrEogcZoJa4hDPDAOzF" alt=""><figcaption></figcaption></figure>

Select the token you wish to offer, then type the amount and press "Bid."&#x20;

<figure><img src="/files/z1m1XtA0k2TbuTeh0p5B" alt=""><figcaption></figcaption></figure>

You'll be asked to sign one transaction to place a bid. Bids are public. If the owner of the listing accepts the bid, the transaction becomes a private sale between the lister and bidder.&#x20;

The bidder still needs to return to the NFT Market and purchase the NFT. Purchasing the NFT will follow the same steps outlined in [this section](/the-open-x-project/nft-market-multichain/purchasing-an-nft) and consist of two transactions on the blockchain.&#x20;


# Listing Collections

Docs coming soon, reach out to us on Discord for further information at this time.


# opxVELO (Optimism)

**opxVELO token address:** 0xc38464250F51123078BBd7eA574E185F6623d037

**opxVELO reserve address:** 0xa7ef8b87451694162374b7467d3d7e1981563513

## Minting opxVELO

1 VELO will **always** be convertible for 1 opxVELO, regardless of either's spot market price.

opxVELO is **never** exchangeable for VELO **except** via exchange on the spot market.&#x20;

**The minting process is irreversible.** Minting opxVELO is trustless and permissionless. Users and projects mint opxVELO to participate in the [stability pool](https://dexscreener.com/optimism/0xa80ad5c1f8c21b34b427ea432530ae7ff36e3926) or the [vote-matching program](broken://pages/5bC1oPNIJzdxDpS4SxVF).&#x20;

**Mint opxVELO here**: <https://app.openxswap.exchange/opxveProject/#/opxveProject>

## **The "Intrinsic" Value of a Vote-Escrow Position**

[Turning vote-escrow positions into NFTs](https://andrecronje.medium.com/ve-3-3-44466eaa088b) was a pivotal step for the future composability of decentralized exchanges. It also created one of the first collections of NFTs with intrinsic value *derived* *exclusively from on-chain activities* (as opposed to, e.g., NFTs that represent the value of some good or service that exists off-chain). "Tokenizing the lock position ... allows locks to be traded on secondary markets, as well as to allow participants to borrow against their locks in future lending market places."&#x20;

The intrinsic erc-20 value of veNFTs (viz. the value of tokens vote-escrowed in the NFT) creates a ceiling for secondary marketplaces. A discount develops reflecting the time-value associated with purchasing locked tokens. The free market determines the floor value for veNFT collections.

This development negates an important use case for the liquid wrappers found in DEX ecosystems with non-transferrable vote-escrow positions. veNFTs being transferrable makes them liquid. Also, ve(3,3) systems without LP-boosting negates the "boost socialization" use-case of liquid wrappers. For these reasons, a liquid wrapper found in a ve(3,3) system will require novel use-cases.

## Tokenizing the Value of a Vote

Projects wishing to pool liquidity with opxVELO will receive 1 vote for every 1 opxVELO in a pool with their project's token. A weekly snapshot captures the total opxVELO paired with partner tokens and allocate votes from the opxVELO project's position accordingly. Functionally, buying and pooling opxVELO with a token is the same as buying a vote for that pool (subject to IL, of course).&#x20;

This allows projects three ways to receive a boost in their APRs for such pools:

1. They can bribe each week, providing incentives for users to pool opxVELO with their token.
2. They can use their project's veVELO position to provide incentives for an opxVELO pairing.
3. They can bulk mint opxVELO and pool it without incentivizing it further.

This creates two unique opportunities for projects:

1. Projects are able to mint opxVELO and pool it, retaining their liquid exposure while simultaneously growing their exposure to veVELO incentives for their project's token.&#x20;
2. When opxVELO is trading below a 1:1 ratio to VELO, projects can purchase opxVELO on the spot market and pool it to increase exposure to veVELO and opxVELO at a discount.&#x20;

**Incentives** collected by each vote-matching pool are re-allocated to their respective pool weekly, returning them to the Velodrome ecosystem. **Fees** collected from these pools will be paired and deposited into a corresponding OpenXSwap [Vault](/the-open-x-project/vaults-multichain) ensuring perpetual liquidity provision for opxVELO and their token that grows over time for participating projects, acting as a *liquid rebase*.

This means that 100% of all incentives and fees collected by the opxVELO project return to the Velodrome ecosystem either in the form of recycled incentives or deeper liquidity. &#x20;

If your project is interested in this program, please open a ticket on our Discord.

\---

[opxveVELO -> opxVELO migration guide.](/information/further-reading/opxvevelo-migration)


# Collateralization

The collateralization model is unique to veVELO mechanics. It ensures that no opxVELO can *ultimately* come into existence without being over-collateralized, but also involves strategies that include *locking* value. This under-collateralizes the circulating supply until returns - which are structured to outperform the target APR due to these mechanics - replenish the liquid backstop.&#x20;

A majority of VELO is vote-escrowed and thus illiquid, meaning it cannot preserve the peg. This however will be used to accumulate a basket of assets for the liquid backstop. veVELO veNFTs receive rebases, increasing the VELO to opxVELO collateralization rate; only note that this VELO is returned to veNFT, max-locked, and thus cannot be counted as part of the backstop.&#x20;

VELO collected from trading fees is added to the liquid backstop or veVELO position as needed.&#x20;

**There is no max supply of opxVELO, but minting can be paused if necessary.** No opxVELO enters circulation without 1 VELO being permanently bonded to our project. opxVELO is removed from circulation when diluted (under peg) for the cost of < 1 VELO using the liquid backstop.&#x20;

This allows the **tokenized** value of the OpenX's Project veVELO position to be and remain liquid.


# OpenXSwap (Optimism)

Optimism Native Decentralized Exchange

**OpenXSwap:** [**https://app.openxswap.exchange/**](https://app.openxswap.exchange/)

**---**

OpenXSwap’s native token, [OpenX](/the-open-x-project/openswap-token/openx), serves as the base pairing for our exchange. Liquidity Providers receive it in exchange for participating in **Active Yield Generating Pools.** These emissions will be determined by the Core development team until the project has passed into its Governance phase.

At that time, users and projects can propose to the Governance community new pools to receive OpenX emissions. Once accepted, an epoch-by-epoch emissions allocation is determined by the number of votes it gets from the users (or project) relative to other Active Yield Generating Pools.


# OpenX

**OpenX Token Address :** 0xc3864f98f2a61A7cAeb95b039D031b4E2f55e0e9

**There was no presale or ICO for OpenX.** \
\
All tokens in circulation were fairly distributed to liquidity providers and governance participants.

\---

OpenX has a hard cap of 16,624,999.99.&#x20;

Emissions for LPs are scheduled to run until 2027.&#x20;

**No more OpenX than this can ever be minted.**&#x20;

Expansionary emissions multipliers will last for three months after emissions begin.&#x20;

The schedule is as follows:

<figure><img src="/files/RVdMFSXKuuRRosB8qOuA" alt=""><figcaption><p>Some dare call it fair and sustainable.</p></figcaption></figure>

\---

Breakdown of OpenX (Optimism) distribution:

**40%** of tokens minted will be used as rewards for Active Yield Generating Pools on OpenXSwap.\
**36%** of tokens will be used in initial LP with OP. \
**12%** of tokens will be minted for the treasury wallet for operations, maintenance and marketing.\
**6%** of tokens will be set aside for reimbursement of Harmony's OpenX.\
**6%** of tokens will be minted to fund development, vested over two years.&#x20;

<figure><img src="/files/wX8q8bvifoyG0rqiVzJD" alt=""><figcaption></figcaption></figure>

\---

Further reading: [Emissions (Topic)](broken://pages/EOgTTFpWpMKftzYBcrkU).


# xOpenX

OpenXBar: <https://app.openxswap.exchange/SoloStake>

**xOpenX Token Address:** 0x2513486f18eeE1498D7b6281f668B955181Dd0D9

**---**

xOpenX is the Governance Token of the Open X Project.&#x20;

It must be [vote-escrowed](/the-open-x-project/openswap-token/vexopenx) in an OpenX-OP NFT to participate in governance.&#x20;

OpenX tokens can be used to mint xOpenX tokens at an ever-increasing rate (ever-increasing since xOpenX earns inflation from the MasterChef and [transaction fees](/the-open-x-project/openswap-token/fees-and-distribution) from the OpenXMaker).

<figure><img src="/files/MycIoOvm98acPKrh1xH2" alt=""><figcaption><p>Snapshot of the OpenX Bar</p></figcaption></figure>

**APR:** Current annualized rate of emissions (denominated in OpenX) from the MasterChef.

**TVL:** Market value of the underlying OpenX tokens deposited in the bar.

**PVL:** Personal market value of the connected wallet's OpenX tokens deposited in the bar.&#x20;

**Stake Weight:** Weight of xOpenX tokens in connected wallet relative to all xOpenX tokens.

**Total OpenX Staked:** Amount of all OpenX currently deposited in the bar.&#x20;

**Total xOpenX Supply:** Current total xOpenX minted and circulating.

**1 xOpenX =:** Current mint ratio, or the amount of OpenX one receives per 1 unwrapped xOpenX.


# vexOpenX

Vote-Escrowed xOpenX

**This page will be updated once the formula for calculating vexOpenX value is made public.**

vexOpenX is not a token. It is a value generated that determines the relative voting power of one OpenX-OP NFT compared to the rest of Governance. This value is, however, tokenized via its NFT and theoretically could be used to post collateral or sell the *value* of the votes in the future.


# Fees and Distribution

The .3% fee\* applied to each trade is collected and broken down as follows:

**50%** of all fees are returned to Liquidity Providers and accrue in real time.\
**33%** of all fees are used to buyback and burn\* OpenX, removing it from circulation forever.\
**17%** of all fees are used to buyback OpenX and distribute it to holders of xOpenX.

<figure><img src="/files/3oCOd1enP1BsMrpAfxSN" alt=""><figcaption></figcaption></figure>

\---

Trades utilizing the [aggregator](/the-open-x-project/openswap-token/aggregator) are subject to an additional fee of **.03%**.&#x20;

\------

\*Any user [may call this contract](https://optimistic.etherscan.io/address/0x1d5a5061fa9bd120576aa8062856bf161c94089b#writeContract).


# Aggregator

OpenXSwap Aggregator

The router for OpenXSwap on Optimism aggregates liquidity from OpenXSwap, Velodrome, and Zip Swap, allowing users to utilize liquidity on each exchange with just one transaction. We intend to add more exchanges to the aggregator as other projects deploy on Optimism.&#x20;

Our aggregator is our "most deployed" contract. It is available on the following chains:

Optimism: 0x777E713B6f87765C314BFA682cDc04C02Cb64777\
Polygon: 0x7e710c4cd8be478a2c52ed93b90b968a87777777\
Harmony: 0x7e710c4cd8be478a2c52ed93b90b968a87777777\
Ethereum: 0x7e710c4cd8be478a2c52ed93b90b968a87777777\
Avalanche: 0x7e710c4cd8be478a2c52ed93b90b968a87777777\
Fantom: 0x7e710c4cd8be478a2c52ed93b90b968a87777777\
BSC: 0xb4f4B60DC1FA2bFb9fF9fc054ca2e40bB1aa889c\
Optimism Goerli: 0x777E713B6f87765C314BFA682cDc04C02Cb64777

\---\
\
Old OP contracts: 0x4f9bca4ece0aad33c2183075996bac0a7a777420<br>


# Vaults (Multichain)

Bounty-driven, low fee, LP-Compounding Vaults

<figure><img src="/files/7vLESi45wgZ4Lz3gwqrS" alt=""><figcaption></figcaption></figure>

Our LP-compounding vaults currently support almost all projects\* with liquidity on Velodrome.\*\*

As of this writing, our vaults have the lowest fees (and thus highest APYs) on Optimism and Base. There is no deposit or withdrawal fee. Vaults compound when a user deposits or claims a vault bounty.&#x20;

93% of vault rewards are swapped to the underlying LP tokens, compounding the deposits. \
6% of vault rewards are converted into OpenX-ETH LP (collected by the Open X Project).\
1% of vault rewards are due to the user that claims a bounty to compound the vault's LPs.&#x20;

To claim a bounty, simply click on "Bounty" for the vault(s) worth\*\*\* claiming (remember to account for gas fees). Claiming is permissionless, accessible, and an easy way to get involved.&#x20;

## Deposits and Withdrawals

To deposit or withdraw, click on a vault to prompt the deposit and withdrawal interface.&#x20;

<figure><img src="/files/69CvOMM7GFebaMGaPchI" alt=""><figcaption><p>Selecting "Gauge" allows one to unstake LP currently deposited on Velodrome. Selecting "Vault" will allow deposits of unstaked Velodrome LPs into the vault.</p></figcaption></figure>

The user needs unstaked Velodrome LP tokens to deposit into the vault \*or\* one of the tokens that constitute the liquidity pair to zap into the vault. If you already have Velodrome LP tokens, simply make your selection, chose the number of LP tokens you wish to deposit, approve spending of your LP tokens, and confirm the deposit transaction. Withdrawal follows the same process in reverse.&#x20;

## Zapping in and out of the Vaults

<figure><img src="/files/7RLr6486NlxmaHW5saOr" alt=""><figcaption><p>The Zap and Unzap (pictured) features perform multiple actions in the same transaction. They are used in conjunction with our vaults to quickly make and break LP tokens. </p></figcaption></figure>

If you hold one of the tokens of your preferred pair but do not currently have LP tokens, you can utilize the zap function to skip the process of making LP tokens. Zapping (and sometimes unzapping) involves swapping tokens to create or break LPs. and is subject to slippage. Visit the swap page to create a mock transaction using our aggregator to gauge slippage if needed.

Unzapping allows you to remove and break the LP in one transaction. Select "both" to simply break the LP and return the tokens to your wallet. Select either of the tokens (in this example, OpenX or WETH) to break the LP *and* swap either of the tokens for the other in one transaction.&#x20;

\--

\*Tokens with a tax on transfer are not currently supported. If your project would like a vault added for your token, please contact us on Discord. We reserve the right to refuse to list tokens deployed using proxy contracts. **A vault listing is not an endorsement of the token(s) that constitute the LP.** Users are encouraged to do their own research on each project before depositing into a vault.

\*\*Vaults for other exchanges on Optimism are in development.&#x20;

\*\*\*Do your own evaluation, NFA, etc.&#x20;


# NFT Collections (Optimism)

Infrastructure for blockchain-native governing bodies

OpenX Reserve NFT Collections feature underlying LP tokens, vote-escrow functionality, and customizable upgrade schedules to make liquidity provision and on-chain governance accessible.

Projects launching on Optimism that wish to host their governance on OpenXSwap [can apply for their own NFT Collection, vote-escrow contract, emissions gauge, and governance forum. ](/the-open-x-project/nft-collections-optimism/governance-tooling)

Vote-tokens for *all* projects choosing to host their governance on OpenXSwap can be escrowed into a single OpenX Reserve NFT, meaning users who mint just one NFT, no matter which Collection it belongs to, can participate in governance for any project using our infrastructure.

The design of the [OpenX-OP](/the-open-x-project/nft-collections-optimism/openx-op-reserve) Collection is but one of countless arrangements made possible by Reserve NFT contracts, but serves demonstrate the possibilities of upgradability, vote-escrow functionality, and LP management. Contact us on Discord if your NFT community is interested in utilizing the OpenX Reserve NFT contracts to deploy governance or incentives on OpenXSwap.


# OpenX-OP Reserve

Proof-of-Concept Mint for the OpenX Reserve NFT contracts

<https://app.openxswap.exchange/Nft>\
\
\---

## OpenX-OP Reserve NFT Collection

50 OP tokens are required to mint an OpenX-OP Reserve NFT.&#x20;

**-12.5 OP** tokens will be used to purchase OpenX\
\&#xNAN;**-12.5 OP** tokens will be paired with OpenX and staked in the OpenX-OP pool\
\&#xNAN;**-25 OP** tokens are collected by the project to fund initial developement and audit expenses.

(Please note: Reserve NFTs must be burned to retrieve **all** deposited LP and Governance tokens)

<figure><img src="/files/yF6qG52DKZbSOGkkIE7A" alt=""><figcaption><p>Disclaimer: Please consider these NFTs as experimental blockchain infrastructure. Manage risk accordingly. These NFTs simply represent a complex <em>position</em> on a blockchain, and their custody is the sole responsibility of the user.</p></figcaption></figure>


# NFT Management

## NFT Management User-Interface and Functionality

From the "Manage" interface the following information and interactions are available:

<figure><img src="/files/0NyydldmNAOmeKC2kwcC" alt=""><figcaption><p>"Manage" Interface for OpenX-OP Reserve NFTs  </p></figcaption></figure>

**Select NFT ID:** Selects an NFT. Please note that users can deposit tokens into *any* NFT, even if they do not own it. All remaining functions are available only to the owner of the particular NFT. Please do not deposit tokens into an NFT without ensuring the correct NFT has been selected.

**Upgrade:** Boosts user's vexOpenX value (voting weight) by 4%

**Burn:** Burns the NFT, breaks the LP tokens, and transfers all underlying tokens to user's wallet.

**Paired:** Shows the underlying OpenX and OP tokens constituting the staked LP tokens. (Depositing OpenX or OP in this section creates a swap: it sells half of the deposit to create staked LP tokens.)

**Vote Tokens:** Shows escrowed or deposited tokens separate from the staked LP tokens. (Depositing xOpenX or other vote tokens creates an escrow, locking the NFT for the duration. Users can also deposit OP tokens into their OpenXReserve NFTs and delegate them from the NFT's Manage interface; only note these tokens are again only retrievable by burning an unlocked NFT.

**Pending Rewards:** OpenX emissions due to the underlying LP tokens. (The Collect function claims the OpenX tokens and transfers them to the user's wallet; the Compound function claims OpenX and sells half for OP tokens to create more staked LP tokens; the Convert function claims OpenX, wraps it into xOpenX via the SushiBar contract, and escrows it into the user's NFT.)


# Upgrades, Governance

## Upgrades for Liquidity Provision, Vote-Escrowed Governance

Upgrades boosting governance weight for the OpenX Project are based on an OpenX Reserve NFT's lifetime accumulation of OpenX. Each upgrade boosts the NFT's vote weight by .04%. There are twenty-five possible upgrades for the OpenX-OP Collection, each represented by a different material. The commodities represented become more precious as the levels pass, symbolizing the rarer and rarer levels of decentralized coalition building required for a DEX's longevity.

Block-by-block emissions rewarded to underlying staked OpenX-OP LP tokens will be claimable in real time. Additional OpenX and OP tokens can be deposited into the NFT. These will be converted into LP tokens and staked, hastening the accumulation of emissions needed for an upgrade.

**Upgrades cannot be purchased.** OpenX is a *currency* distributed for actions beneficial to the protocol. Similarly, upgrades are *issued* for cooperative action, not sold to the highest bidder.

**xOpenX** will be used as the "ve" token. Governance weight is (in part) determined by the locked xOpenX amount and lock duration. Vote-escrowing xOpenX locks *all* deposited tokens for the lock duration. Locked NFTs cannot be burned until all underlying vote-escrowed tokens are fully vested.

Vote-escrowing xOpenX generates a **vexOpenX Value**, the voting weight of an individual NFT.


# Governance Tooling

As mentioned above, projects launching on Optimism that wish to host their governance on OpenXSwap can apply for their own NFT Collection, vote-escrow contract, emissions gauge, and governance forum. Projects wishing to have a presence on OpenXSwap can engage with as little or as much of our infrastructure as needed, according the objectives of their project.&#x20;

There is work left to be done for the UI for this project as well, after which we will update this page.


# hOpenX Migration

1M OpenX (Optimism) tokens have been allocated for users who held OpenX on Harmony.

To redeem these tokens for OpenX Optimism, follow these steps:

1. Connect to app.openxswap.exchange and select the Harmony network.

<figure><img src="/files/ZQ5k7pIYabE1rwf4P8vj" alt=""><figcaption></figcaption></figure>

2. Click the "Burn" tab

<figure><img src="/files/okAUGSOk6sMY0Qey4Iq1" alt=""><figcaption></figcaption></figure>

3. Approve spending of OpenX Harmony and burn tokens using the User Interface.\*

<figure><img src="/files/JRGFWDwjZMdq9pxvd5KR" alt=""><figcaption></figcaption></figure>

4. Wait for your OpenX Optimism tokens to be airdropped to you.\*\*
5. Note that the redemption rate is fixed at 26.3478185753 hOpenX per 1 OpenX Optimism tokens.&#x20;

\---

\*Do not burn tokens by sending them to the burn address. Use the UI to burn the tokens.&#x20;

\*\*Airdrops will be performed weekly. The first airdrop is tentatively scheduled for January 6th, 2024.


# Social Media

You can interact with OpenSwap through the following Social Media platforms:

Twitter: <https://twitter.com/OpenXSwap>\
Telegram: [**https://t.me/OpenXSwap**](https://t.me/OpenXSwap)\
Telegram Announcements: <https://t.me/openswap_announcements>\
Discord: <https://discord.gg/KkByzg4ETs>\
Github: <https://github.com/TheOpenXProject>\
App/Dex: <https://app.openxswap.exchange>\
Website:[ https://openxswap.exchange](https://openxswap.exchange)\
\
CoinGecko: \
token: <https://www.coingecko.com/en/coins/openxswap>

CoinMarketCap: \
token: <https://coinmarketcap.com/currencies/openxswap/>


# Smart Contracts

#### UniswapV2Factory:&#x20;

0xf3C7978Ddd70B4158b53e897f980093183cA5c52\
Creates new pairs

#### UniswapV2Router02:&#x20;

0x744776F27080b584D447A780ba260c435f3aE7d5\
Routes trades

#### Openx:&#x20;

0xc3864f98f2a61A7cAeb95b039D031b4E2f55e0e9\
Simple erc20 burnable token but non mintable.

#### OpenXMaker:

0x1D5a5061fA9bd120576aA8062856BF161C94089b\
Converts Fees Collected and burns 66% OpenX. Sends 33% to xOpenX holders.

#### xOpenX:&#x20;

0x2513486f18eeE1498D7b6281f668B955181Dd0D9\
Lock your OpenX for the first 6 months after deployment and get yields from farms and trades. Token serves as voting power for Governance.

#### MasterChef:

0x237aeF9e106f35406ba435d865Ab151E2bA82d7B\
Deposit LP and get yields\
Holds OpenX preminted.

## Treasury Contracts

#### Core Treasury Contract:

0xFDAEc4bf7A1Bae950A77dF549A18d6013409cc21\
Releases 1,994,999.9988 OpenX over 2 years.

#### Dev Treasury Contract

0x950cF66BEf352325D0e4ddcf3f32deFBc24605a0\
Releases 997,499.9994 OpenX over 2 years.

#### LP Core Treasury

0x59D421C98240edB1F96E9007A6ccBe5aca00dA65\
Releases initial liquidity over 2 years.

**opxVELO Primary**&#x20;

0xa7Ef8b87451694162374B7467d3d7e1981563513

Github: <https://github.com/TheOpenXproject/OpenXSwap-Optimism-Contracts>


# Project Links

## Exchange&#x20;

Optimism: <https://app.openxswap.exchange>\
Harmony: <https://app.openswap.one> ( Deprecated )\
(Old aggregator available on harmony,eth,bsc,avax,polygon: <https://app.openswap.one>)

## opxveVELO Project

[Multi-Sig](https://app.safe.global/balances?safe=oeth:0xa7Ef8b87451694162374B7467d3d7e1981563513)

[Tour de OP Multi-Sig](https://app.safe.global/home?safe=oeth:0x8C69330B0a40ef18f81832446D238311194FE8B8) (Created per Velodrome team's request, same signers).

As with all blockchain-native projects, the entire history of the project is open for inspection.&#x20;


# Further Reading

Select a topic for a more detailed discussion

[**Re-Launch**](/information/further-reading/launch-re-launch)

[**Decentralization**](/information/further-reading/decentralized)

[**Privacy Policy**](/information/further-reading/privacy-policy)

[**Legal Disclaimer**](/information/further-reading/legal-disclaimer)

[**opxveVELO Migration Guide**](/information/further-reading/opxvevelo-migration)


# Launch, Re-Launch

Decision to leave Harmony, Re-imbursement for Harmony users

OpenXSwap was a decentralized exchange featuring contracts derived from Uniswap and Sushiswap that launched on the Harmony blockchain in June 2021 (as "Open Swap").&#x20;

The project originally deployed on Harmony to fulfill Harmony's mission statement:

**"We are committed to the creation of a radically fairer economy."**

## Re-Launch on Optimism

Defi is not sustainable on Harmony until pegged assets are restored. Read more about our decision to leave Harmony [here](/information/further-reading/launch-re-launch). Several chains were considered, each weighed for what made it unique.

We chose to deploy to Optimism to aid **in producing infrastructure that promotes the growth and sustainability of public goods.** We are committed to building tools that make blockchain applications intuitive and accessible for users and builders alike for every generation to come.

## Horizon Bridge, OpenXReserve, Re-Launch

No project on Harmony escaped difficult losses due to the [Horizon Bridge hack](https://blockworks.co/defi-cross-chain-horizon-bridge-hacked-for-100m/).&#x20;

Changes in pairings and incentivization were made hoping to salvage a base layer of liquidity and keep the DEX functioning. A recovery plan has not materialized. We cannot wait for this to happen.

This is not a migration, it is a re-launch. We are **not** abandoning our users on Harmony, they are coming with us. After the Horizon Bridge was hacked, a pre-sale of our OpenXReserve NFT pre-sale collection was introduced so users that believed in the project could help us provide initial LP for our re-launch. The NFTs were sold for 10,000 ONE tokens apiece, 186 in total sold.

Harmony users who purchased our NFT pre-sale will receive their OpenXReserve NFTs once contracts are finalized. These users are already receiving emissions from the underlying LP tokens. There is no further action needed for Harmony users unless they wish to participate in governance.  Those in the latter case will be able to lock xOpenX in their NFTs as soon as they are minted.&#x20;

### Reimbursement for Harmony Users

**6%** of new OpenX tokens will be set aside for reimbursement of Harmony's OpenX. It is unlikely this allocation will be needed in total. There is no absolute timeline for these events. We are not responsible for the Horizon Bridge hack but our users were affected. We have created a sustainable model and set achievable goals to accomplish all of our intentions.&#x20;

The reimbursement will be fixed at a rate of $0.0095, OpenX's value at the time of the Optimism announcement. No snapshot will be taken. The reimbursement goes to the holders of the tokens.

**We do NOT advise anyone bridge funds to Harmony to try and purchase the old OpenX token.**

Even if there is an arbitrage to be made, liquidity is extremely low. The DEX is no longer supported.


# Decentralized?

The question of *decentralization* is by no means settled. We are not satisfied that the question itself has been properly formulated, in truth we have little interest in formulating it. We believe experiments in decentralized governance must first be performed, analyzed, and mined for data before a conceptual framework for "sufficiently decentralized exchange" achieves consensus in popular culture. We are preoccupied only with our experiments and their founding principles.&#x20;


# Privacy Policy

Privacy Policy for The OpenX Project

Effective date: July 27, 2023

Welcome to The OpenX Project. We respect your privacy and want to protect your personal information. To learn more, please read this Privacy Policy.

This Privacy Policy explains how we collect, use and (under certain conditions) disclose your personal information. This Privacy Policy also explains the steps we have taken to secure your personal information. And this Privacy Policy explains your options regarding the collection, use and disclosure of your personal information.

By visiting the Site directly or through another site, you accept the practices described in this Policy.

### Data we collect

We collect non-personal data, such as IP addresses, and personal data, such as email addresses, when voluntarily submitted by users. We use this data to fulfill your service requests, streamline your experience on our site, and send you relevant information about our services.

Due to the nature of our decentralized exchange, we do not hold, control or have the ability to access any of your cryptocurrency holdings, accounts or keys.

### Cookies and Other Tracking Technologies

Some of our Web pages utilize "cookies" and other tracking technologies. Most browsers allow you to control cookies, including whether or not to accept them and how to remove them.

### Information Use and Disclosure

* Internal Use: We use your personal information to provide you with customer service. We may internally use your personal information to improve the Sites’ content and layout, to improve outreach and for our own marketing efforts (including marketing our services and products to you), and to determine general marketplace information about visitors to the Site.
* Communications with You: We will use your personal information to communicate with you about the Site and your orders and deliveries. Also, we may send you a confirmation email when you register with us. We may send you a service-related announcement on the rare occasions when it is necessary (for example, if we must temporarily suspend our service for maintenance.)
* External Use: We want to provide you with excellent service and to offer you a great selection. We do not sell, rent, trade, license or otherwise disclose your specific personal information or financial information to anyone.

### Data Security

The Site incorporates physical, electronic, and administrative procedures to safeguard the confidentiality of your personal information, including Secure Sockets Layer ("SSL") for all financial transactions through the Site. We use SSL encryption to protect your personal information online, and we also take several steps to protect your personal information in our facilities if any.

### Questions and Feedback

We welcome your questions, comments, and concerns about privacy. Please send us any and all feedback pertaining to privacy, or any other issue.


# Legal Disclaimer

Disclaimer

## Terms of Agreement

Before interacting with [https://openxswap.exchange](https://openxswap.exchange/) or any associated sub-domains (collectively known as the "Website"),  **please diligently review this disclaimer.**

**By accessing or using the Website, you signify your acceptance** of this legal disclaimer and consent to adhere to its provisions.

<mark style="color:red;">**If you do not agree, you are kindly requested to abstain from using the Website.**</mark>

### Non-Advisory Nature of Information

The content displayed on the Website is purely informational and does not constitute investment, financial, trading, or any other form of advice. You are urged not to interpret any content on the Website as such.

The Website, as a public service, disclaims all responsibility and liability for any damage or loss resulting from the use, reference, or reliance on any information contained within the Website.&#x20;

While we endeavor to regularly update the information on the Website, we do not guarantee its correctness, completeness, or timeliness.

### Risk Acknowledgement&#x20;

The Website disclaims responsibility for any losses, damages, or claims arising from circumstances including, but not limited to, user errors (like sending payments to wrong addresses), software complications of the Website or associated software or services (including malware or insecure cryptographic libraries), technical glitches (such as hardware wallet malfunction), security breaches encountered by the user (like unauthorized wallet access), and actions or inactions of third parties (such as service provider insolvency, security breaches, or third-party fraud).

### Investment Risks&#x20;

Cryptocurrency investments carry a risk of financial loss and are subject to significant price fluctuations. The information on the Website does not guarantee protection against potential losses.

Users of the Website should comprehend these risks, conduct their own due diligence, and make educated decisions when interacting with the Website.

### Tax Obligations

Users of the Website are solely responsible for determining any tax consequences associated with their cryptocurrency holdings. The Website's owners or contributors have no obligation to establish the tax implications related to user transactions.

### Disclaimer of Warranties&#x20;

The Website is delivered on an "as is" basis without any warranties of any kind regarding the Website and/or any content, data, materials, and/or services offered on the Website.

The continuous operation of the Website is not guaranteed and can be partially or fully suspended without prior notice.

### Security&#x20;

Despite conducting some security audits, the Website cannot guarantee absolute security or immunity from bugs or viruses.

### Limitation of Liability&#x20;

Unless mandated by law, the Website's owners or contributors shall not be held liable for any damages of any kind, including, but not limited to, loss of use, loss of profits, or loss of data arising out of or in connection with the use of the Website.

### Arbitration

Users of the Website agree to arbitrate any disputes originating from or in connection with the Website or this disclaimer, barring disputes related to copyrights, logos, trademarks, trade names, trade secrets, or patents.


# opxveVELO Migration

**Update 6/29/23 - Migration of opxveVELO to opxVELO for Velodrome v2\***

opx**ve**VELO mints have been discontinued. The project has renounced ownership of the contract.

We have redeployed the project as **opxVELO** for Velodrome v2. We have repurposed the SushiBar contract to accept both opxveVELO and VELO (v2) in exchange for opxVELO at a 1:1 ratio.

The rest of the project's details remain the same. To exchange opxveVELO tokens for opxVELO, visit <https://app.openxswap.exchange/opxveProject> on Optimism. Select "opxveVELO v1" as the input token and approve spending to exchange opxveVELO for opxVELO.

<figure><img src="/files/BZWNHYcc1tt1NyKhzy0T" alt=""><figcaption></figcaption></figure>

You'll receive opxVELO in return 1:1. We do not recommend bonding VELO v2 tokens in exchange for opxVELO until the token is at least soft pegged. The only other change of note to the project will be a change from a .05% swap fee to a .3% swap fee for opxVELO-VELO pool on Velodrome v2.&#x20;

\--

**opxveVELO (v1) token address:** 0x46f21fDa29F1339e0aB543763FF683D399e393eC