Boosting the Spotlight: Introducing the Boost Functionality at onXRP
At onXRP, our core ethos revolves around creating a dynamic and engaged community for the best trading experience. Today, we’re thrilled to introduce our latest functionality: Collection Boost – A way to increase the visibility of your favourite project on the onXRP marketplace.
What is a Collection Boost?
The Boost feature is a bridge between community participation and deserved project exposure. It democratizes the visibility of your favourite collections and brings more utility to our native token, OXP. Projects can be boosted in two ways:
- Spending OXP tokens to boost your favourite project (which sends OXP directly to the blackholed wallet).
- Spending XRP to boost a collection – using XRPL’s pathfinding mechanism this will be converted to OXP, and then burned.
For those unfamiliar, XRPL’s pathfinding is a system that identifies optimal paths for asset exchanges, facilitating swift cross-currency transactions.
To ensure fairness and provide recurring opportunities for exposure, the OXP used foor boosting expires after a month.
For now, we’re initiating the Boost rollout exclusively for our verified projects to ensure seamless integration. Once we’ve concluded its flawless functionality, we’ll extend it to our broader community.
Why Boost a Collection on onXRP?
Until now, being featured on our homepage banner was a decision made by onXRP. Recognizing the value of decentralization and the importance of community-driven choices, we’ve decided to create this Boost functionality to:
Empower the Community: The power is now with our users! The banner prominence is determined by the amount of OXP burnt. This not only empowers our community but adds a vibrant, competitive spirit to our platform.
Create Equal Opportunity: With Boost’s monthly resets, we’re ensuring that the spotlight remains dynamic, providing fresh exposure opportunities.
Elevate OXP’s Utility: OXP is now central to the Boost function, thereby amplifying its utility and fostering increased community engagement.
Building on our commitment to transparency and community involvement, starting from November 2023, onXRP will leverage its buyback mechanism to further empower the Boost feature. Every month, the buyback amount will be divided into four separate portions, corresponding to each week of the month. The community will have the opportunity to vote in the onXRP Discord on which project receives the OXP as a Boost for that specific week. To provide some context, since Q2 2023, onXRP has been conducting monthly OXP buybacks, followed by burning a portion of the tokens based on fees collected from the marketplace. Previously, these tokens were simply burned to reduce the OXP supply. Now, this approach provides the tokens with added purpose before they are permanently removed from circulation.
While Boost will first only be available for verified projects, this will not remain to be the case forever. Soon, every project, regardless of size, will benefit from the Boost’s visibility-enhancing power.
Our ultimate goal? To spotlight a variety of XRPL NFT collections who deserve it.
Dive in, amplify your picks, and let the community spotlight their favorites!