#OAX #Foundation was established with the vision that decentralized finance and digital assets would become a fundamental aspect of mainstream finance and commerce. Guided by the belief in the collaborative nature of decentralized finance, the Foundation has actively engaged with key players in the industry to explore and push the boundaries of technology. #BTC
At Consensus 2017, the OAX team introduced their whitepaper, which outlined four key areas for improvement in decentralized exchanges: speed, scalability, interoperability, and trust. After exploring various operational models, the team focused on developing technology to address these weaknesses.
Working closely with developers from Enuma, the team developed their 0x-based prototype in June 2018. They also created a Layer-2 solution called L2X, which uses off-chain state channels to improve the performance of the Ethereum blockchain. In August 2019, L2X was open-sourced and is now available on the Foundation's Github page.
In February 2020, the OAX Foundation announced that it would be developing code and features for use on the Polkadot Network. The team believed that #DeFi opportunities on #Polkadot would expand the potential of the digital asset space and increase the prominence of decentralized exchanges in digital asset trading.
The Foundation has established a network of connections through ongoing discussions of strategic partnerships and the open-sourcing of their work. The team believes that inclusivity and collaboration with the community are integral to the long-term success of the digital asset industry. They have also expanded their grant program to work with the community to foster and develop the future of DeFi.
Overall, the OAX Foundation's commitment to decentralized finance and their focus on addressing the weaknesses of decentralized exchanges has led to significant contributions in the industry.
