1.1 Please describe your project. What is it doing to improve Cardano?
Orcfax collects real-world data from multiple sources for each data point and uses a distributed network of validator nodes to deliver truly decentralized oracle feeds .
Orcfax provides full audit logs of its data collection and validation process for each datum on a permisionless, decentralized storage network. This allows users to "trust but verify " the fact statements published by Orcfax.
Orcfax is finely-tuned to deliver authentic and accurate oracle data. This is a critical requirement to fulfill the mostly unmet promise of DeFi. There are also many other business models and industries that remain poised to leverage distributed trust technology.
1.2 What does the Token do? How many holders does it currently have?
The Orcfax platform includes a Cardano-native utility token that is used for:
- Payment for on-demand, oracle data publication
- Staking by our data validator nodes
- Reward payments to validators
- Voting power in Orcfax DAO governance decisions
At time of writing, there are about 1000 $FACT holders.
1.3. Why do you want a MIN Farm? How does the Minswap community benefit from offering a MIN Farm for your Token? Apart from the MIN Farm, will you add your own Token as incentives as well (Double Farm) If yes, how much?
Establishing a Double farm presents an opportunity for Minswaps and Orcfax’s communities. This will not only enhance the visibility of Minswap within the Orcfax community, but also raise awareness about Orcfax Decentralized Oracles within the Minswap ecosystem. Cardano needs Decentralized Oracles and DEXes.
We will start adding 5,000 $FACT tokens per day during the first few weeks. We will reevaluate each month and adjust based on the pool size and APR. Orcfax has set aside 20,000,000 FACT tokens for yield farming. We want to have interesting yield farming rewards for as long as possible.
1.4. How much circulating supply is there of your token? Please inform us briefly on your tokenomics, including the distribution and vesting schedule of the token (investors, team, yield farming, etc.)
At time of writing, ~158m (~16%) $FACT tokens are in circulation.
You can find more about our tokenomics, its allocations, cliff and vesting schedule here:
1.5. Is your Project audited? By whom?
At the time of writing we have not received any formal security audits.