OIL Token Kicks off to Introduce New Ways to Benefit From Art Trading

Launched in Q3, 2024, OIL is a cryptocurrency that will be leveraged to change the status quo in art trading and investing. With this asset, every internet user will  be able to work as an art commissioner and benefit from this market.

From investing to governance: Introducing OIL, token for new generation of art traders

OIL, the brand-new cryptocurrency token of the eponymous project, is focused on unlocking new opportunities for newcomers to art business and trading. According to the statement of its team, the token is tasked with providing stable and continuous value growth, offering unique privileges and participating in the governance of a global community.

Arbitrum-based token OIL is promoted as a cryptocurrency that might be attractive to both large investors seeking long-term and stable income, and for traders aiming at quick profits.

Its design makes every OIL owner a member of a large-scale economic corporation on the art market. Its governance tooling makes OIL an entrance ticket to the decision-making apparatus.

The team of the protocol is certain that the market of art trading is very far from reaching its limits, as of 2024:

Why did Picasso's painting cost 1000 francs, and now 100 million dollars? People believed in it!

As such, the only goal for the product team of OIL is lowering the barriers to entry for newcomers and making the investing procedure effortless and resource-efficient.

Balanced tokenomics for step-by-step scaling

In order to accomplish this ambitious goal, the team released OIL with balanced and far-reaching tokenomics in mind. Out of a hard-capped and fixed 100 billion OIL supply, 5% will be allocated to the team and bonuses - with a mandatory legal and programmatic prohibition to sell tokens within the first two years of the project's launch. Also, the team stressed that due to limited emissions, the mechanism for "burning" tokens and participation in profitable projects, OIL has a great chance to evolve into a secure and profitable asset.

By contrast, 30% of OIL tokens will be vested in a special self-destructing timed book depository. These tokens will be available for purchase by large investors, mainly those who wish to become a large holder of the project. Such investors will be prohibited from selling their tokens for the first two years from the date of purchase.

Thereafter, 5% will be available for sale each subsequent year. In a comment shared with U.Today, the team stated that over 80% of the planned allocation has been destroyed so far.

Fifteen percent will be allocated to develop and support the coin's ecosystem, while 30% will be allocated for liquidity on centralized and decentralized exchanges. Ten percent of OIL will power an investment portfolio, the contents of which will be decided by the community.

Last but not least, 10% will be leveraged for the insurance fund, the marketing and promotion of OIL token and associated developments.

After launching on MEXC, audited token OIL enhances availability

In early August 2024, the OIL token was launched on MEXC Global, a tier-1 centralized cryptocurrency exchange particularly popular among early-stage projects.

Shortly after the listing, the token jumped to the rankings of the fastest-growing cryptocurrencies on the platform.

Its price witnessed a period of four-digit growth post-launch. Right now, the team is exploring more opportunities to list the token on CEXes and DEXes to make its liquidity ecosystem healthier.

On Aug. 5, 2024, the OIL team announced that the token's tech design passed a security audit by SolidProof, a flagship cybersecurity vendor in Web3.