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Introduction to Ooki
Ooki is a protocol for tokenized margin trading and lending. It is a financial primitive for shorting, leverage, lending and borrowing, enabling a decentralized, efficient and rent-free blockchain.

The Ooki Protocol allows anyone to build applications that enable lenders, borrowers and traders to interact with the most flexible decentralized finance protocol on Ethereum. Ooki is a community-run project, and all major changes to the protocol are governed by community votes.

No KYC: Fulcrum is a decentralized margin trading platform. No verification, KYC or AML required.

Non-custodial: Whether borrowing or trading, maintain control over your own keys and assets with our non-custodial solution.

Minimum Liquidation Penalty: Undercollateralized positions are only liquidated enough to maintain margin at 15% to 25%.

Perpetual Positions: Enjoy a frictionless trading experience with automatic position updates and zero rollover fees.

Mission Statement

Achieve financial independence by reinventing financial services for a decentralized future.

Core Values

1. Kindness: Emphasize kindness towards the community and peers.

2. Continuous innovation: In bull and bear markets, bZx always develops and innovates relentlessly.

3. Do the right thing: maintain high ethical standards.

Ooki’s ecosystem consists of several core products, each of which serves a different purpose within the ecosystem:


Ooki makes margin trading easy

OOKI makes DeFi fully decentralized margin trading easy for newbies. Users can enter long or short margin positions with leverage up to 15x. Trading positions are managed through the Ooki trading interface. Unlike centralized exchanges, in a fully decentralized exchange like Ooki, users retain custody of their funds.

What is margin trading?

There are two main aspects of margin trading: leverage and shorting. When trading with leverage, traders borrow assets to increase the amount of assets they trade. By doing so, traders magnify the gains or losses on their trades.

Assets borrowed in margin trading are called margin loans. To get margin loans, traders provide assets as collateral. The terms of a margin loan dictate the mortgage-to-loan ratio. If the trade falls below the specified ratio, the trade is liquidated and the lender is repaid using the trader’s collateral.

Margin trading also includes short selling. When shorting, traders are essentially selling an asset they don’t own. A short investor borrows an asset and sells it with the expectation that the asset will lose value and profit from the difference between the margin short entry price and the short covering price.


How to Determine the Borrowing Rate

Lending rates are dynamic and adjust in real-time based on the current demand and supply of any given asset.

What are the fees involved in opening a loan on OOKI?

When opening a loan, an origination fee of 0.09% is charged in principle. Interest is also paid over the term of the loan.


Ooki Protocol is a fully decentralized, non-custodial lending protocol that allows lenders to easily borrow and receive returns on their crypto assets.

To open a loan:

  • Visit the lending page at ooki.com/lend​
  • Connect your wallet
  • Select the asset you want to loan and click Approve Spending and Confirm in MetaMask
  • The Lending page displays the total liquidity and lending rates for each asset currently available for lending on the platform.
  • Once the user has selected the asset they want to lend, a modal popup will prompt the user to enter the total amount they want to lend and calculate the expected weekly/monthly/yearly profile based on the current borrowing APR.

    After selecting the total assets to lend, the user must confirm and approve the transaction in Metamask.

    Closing Loans:

    Closing a loan is similar to the process of opening a loan.

  • Visit the lending page at ooki.com/lend​
  • Connect your wallet
  • View all outstanding loans and select the one you want to close.
  • Once the user has selected the loan they would like to close, a modal popup will prompt the user to enter the total amount of the loan they would like to close.
  • After selecting the total assets to close the loan, the user must confirm and approve the transaction in Metamask.
  • Best Lending Rates:

    Users can view the highest loan interest rates across all blockchains by visiting the dashboard and looking at the “Best Rates” box.

    How is the loan interest rate determined?

    Lending rates are dynamic and adjust in real-time based on the current demand and supply of any given asset.


    About Staking

    OOKI token holders can stake OOKI to earn a portion of the Ooki protocol fees on Ethereum, Polygon or Binance Smart Chain.

    On Ethereum, users can visit the staking page in the Ooki app. Ooki stakers on Ethereum only earn fees incurred on the Ethereum chain.

    On Binance Smart Chain (BSC), users can stake/deposit OOKI in the OOKI pool of BSC Farming Page. OOKI token holders only earn fees incurred on BSC when staking in the BSC pool.

    On Polygon, users can stake OOKI in the Polygon Farming Page’s OOKI pool. OOKI token holders only earn fees incurred on Polygon when staking in the Polygon pool.

    How does this work

    OOKI token holders can stake their OOKI tokens to earn a portion of the fees generated by the platform. The staking fee is calculated as follows:

    50% of the fee goes to the treasury contract.

    50% is allocated to Stakers.

    Staking rewards are distributed to all users proportionally based on the amount they stake in the total OOKI staking supply.

    On Sushiswap, the total amount of unstakes went to OOKI/ETH LP providers

    Everything else is left to iOOKI, cOOKI/vBZRX and OOKI.

    Example: If 10% of the total OOKI supply is staked, then Sushi ETH/OOKI LP will receive 90% of the fees.

    Example: If 90% of the total OOKI supply is staked, then Sushi ETH/OOKI LP will receive 10% in fees.

    Users can quickly see how many OOKIs are in the UI.

    Statistics for current stakes are also coming soon.

    Staking Rewards

    The Rewards tab of the Staking page allows users to do the following:

    Users can view the total rewards they have earned

    Users can claim and regain the rewards they earn.

    Users can view time-limited reviews.

    Users can receive cOOKI, 3CRV, OOKI rewards.

    Token Economics

    Ooki Protocol has three main tokens

    OOKI: The OOKI token is the primary fee-sharing platform on the token.

    cOOKI: Users active on the platform earn cOOKI (formerly vBZRX) through trading and lending activities.

    iTokens: iTokens, such as iDAI or iUSDC, are tokens that accrue interest and increase in value as you hold them.

    OOKI token contract: 0x0De05F6447ab4D22c8827449EE4bA2D5C288379B

    OOKI is first and foremost a governance token. An active and vibrant community of stakeholders working together to advance the protocol is at the heart of Ooki.

    Users who hold OOKI tokens are eligible for fees generated by the protocol and are able to vote for delegates responsible for approving protocol upgrades.

    OOKI aims to initiate liquidity and network effects by aligning the long-term interests of stakeholders.


    cOOKI token contract: 0xb72b31907c1c95f3650b64b2469e08edacee5e8f

    When using the Ooki platform, you will automatically earn ? cOOKI whether you trade or borrow. cOOKI tokens are time-locked OOKI tokens. Once your ? cOOKI is staked (or baked!) long enough, they become OOKI tokens.


    iTokens, such as iDAI or iUSDC, are tokens that generate interest and appreciation when you hold them. They represent a portion of a loan pool that expands as borrowers pay interest. iTokens can be traded by developers, used as collateral, structured products, or sent to cold storage for security.

    The value and price of iTokens continue to rise as their underlying assets are lent to borrowers. Two notable features of iTokens are that they compound every second (rather than block-by-block), and their exchange rate may drop if the underlying pool is affected. This makes them ideal for risk management derivatives built on top of them.

    Minting an iToken

    When an asset’s iToken contract is first deployed, it creates an on-chain base protocol order object corresponding to each leverage level. The initial margin of the order object defines the leverage level, and the margin maintenance for each order object is set to 15%. The loan term in the order object is defined as 28 days. When lenders want to create a loan, they call the function mintWithEther when lending ETH, or approve the token quota and call the function mint when lending ERC20.

    Anyone can borrow directly from iToken to execute a typical fixed rate base agreement loan. Alternatively, a loan can be obtained by calling the borrowTokenFromEscrow function through the pToken contract, and then minting pTokens with the loan. Calling borrowTokenFromEscrow or borrowToken causes iToken liquidity to be added to the appropriate order object corresponding to the leverage level specified by the borrower. The lending rate initiated by the pToken contract is dynamic, responding in real time to the supply and demand of lending, as described in the section titled “Rate Determination” below. The calculation begins 28 days after the borrower obtains the loan. Once the loan begins, each subsequent borrower at that leverage level partially fulfills the loan order, but does not refresh the maturity date.

    Closing an iToken

    Lenders can divest iToken positions in two ways: burn tokens (either through our UI or directly through smart contracts) or sell them on the open market. When iToken holders burn their iTokens, their deposited funds are immediately returned to their addresses, assuming doing so doesn’t push loan utilization above 100%. If the destruction of iTokens results in more than 100% loan utilization, the funds that can be returned will be returned as much as possible. When redemption does not result in a full refund due to the pool reaching maximum utilization, the remaining iTokens will be returned to the user’s wallet for later redemption.

    Since the interest rate mechanism is designed to incentivize liquidity in the loan pool, it is likely that loan utilization will not remain near 100% for any significant period. When loan utilization approaches 100%, interest rates can be high, attracting loan interest and discouraging existing borrowers from holding their positions. This will create liquidity for lenders looking to exit iToken positions. Even if all of their iTokens are burned, lenders will continue to earn interest on any funds that are never returned to them.

    Token Migration

    This page guides BZRX holders to convert BZRX to OOki. See migration instructions below:

    When To Migrate?

    Token migration will begin on December 18, 2021.

    How to Migrate?

    To migrate your tokens, click the Migrate button on the Ooki app dashboard page:

    Then click to select the chain and token to migrate, then click the Migrate button to approve the transaction in MetaMask.


    BZRX tokens are migrating to OOKI tokens. The following information can help you with a smooth migration.

    Users can only migrate BZRX to OOKI when the token is on the Ethereum network.

    There is no deadline to convert your tokens from BZRX to OOKI.

    The conversion rate from BZRX to OOKI is 1 BZRX = 10 OOKI.

    The UI to be migrated can be found on the Ooki platform.


    PGOV/BGOV holders must first convert to BZRX on polygons/bsc.

    After conversion, BZRX is bridged to Ethereum and converted to OOKI using the converter linked above.

    Users can follow the instructions in this link for PGOV/BGOV migration: https://bzx.network/blog/gov-token-migration​

    Staking tokens:

    Staked Sushi ETH/BZRX LP Tokens: Staking LP tokens will automatically migrate to Sushi LP (ETH/OOKI).

    Unstaked Sushi ETH/BZRX LP Tokens: Current Sushi ETH/BZRX users must manually migrate them to the new LP (ETH/OOKI).

    Staked BZRX: Will automatically migrate to OOKI.


    vBZRX / cOOKI: For staked vBZRX/cOOKI, when users claim rewards, the attribution of BZRX will be automatically migrated to OOKI. Unstaken vBZRX / cOOKI users must claim their staked bzrx portion and manually migrate from BZRX to OOOKI.

    When you claim your staked vBZRX / cOOKI rewards, they will automatically convert to OOKI for you.

    Note: The staked vBZRX will be marked as cOOKI in the OOKI interface.