May 31, 2022
ORIGYN Foundation is one of the longest standing projects built on the Internet Computer (IC). Sonic is a premiere decentralized exchange (DEX) on the IC. It’s high time for a mashup!
We are incredibly excited to announce that trading of OGY is now live on Sonic (app.sonic.ooo) for Wrapped ICP (WICP)! The OGY utility token is used to mint ORIGYN NFTs and certificates of authenticity based on an object’s biometry or natively digital assets.
Listing OGY on Sonic is one of the first ways for the public to access our utility token, and it’s just the beginning of more exchanges to be announced in the near future. Because of our deep commitment to the entire IC community, Sonic was a key DEX to integrate with as we offer our community more and more avenues to access OGY.
What is Sonic?
Sonic is a decentralized exchange and automated market maker (AMM) that runs on the IC blockchain. One of Sonic’s best features is that there are zero gas fees. It also offers permissionless swaps and liquidity mining that provide users a way to earn regular rewards by collecting fees from others performing swaps.
While OGY is the first community token to be added to Sonic, the exchange has a long roadmap of other tokens to come. Also, due to the IC’s direct integrations with chains like Bitcoin and Ethereum, Sonic will be able to offer multi-chain services, also bridging ERC20 tokens over via Terabethia.
How to Swap ICP to OGY
Swapping your ICP to OGY is simple and efficient, and the first available pair will be WICP/OGY. Using ‘Chained Swaps’, Sonic always routes transactions in a path that produces the lowest fees and best output. For example, when converting XTC to OGY, if:
Transaction A 1 XTC → 10 OGY*
Transaction B 1 XTC → 0.5 WICP → 20 OGY*
Sonic selects Transaction B automatically to provide the best output for your transaction. Additionally, you can always hover over the swap to see your route for every transaction.
New OGY pairs are expected to be added and funded by the community soon and will follow the same chained swap principles. After someone in the community adds a new pair, and the liquidity pool is funded, the pair is free to swap.
For a visual demonstration of how to wrap ICP and swap WICP for OGY, as well as add OGY to Plug wallet, please watch the videos below:
The initial OGY liquidity will be provided and funded by ORIGYN Foundation. Sonic users can add liquidity by using the Liquidity tab on the Sonic app:
*Warning: This is not financial advice. Cryptocurrency investment will be subject to a high market risk. All jurisdictional and investment decisions must be made cautiously and under the user’s independent and regional legal and financial guidance.