The Basics of Orchid (OXT) on Coinbase
Coinbase has launched Orchid (OXT), and you can learn about OXT and earn some OXT in the process via Coinbase Earn.
Here is a referral link to earn OXT on Coinbase, we get OXT in return when you use the link.
- Referrals and earning and learning aside, the gist of OXT is this:
- Orchid is a privacy software service with its main feature being a decentralized VPN service. Its token is OXT.
- OXT is used by users to purchase VPN service. Orchid node providers receive OXT in exchange for their bandwidth.
- OXT is very arguably a “VC coin” that no one asked for that got listed by Coinbase ahead of projects that have way higher demand.
Both Orchid users and providers can stake OXT.
WARNING ON ORCHID PRESALE vs. LAUNCH PRICE: The Orchid launched at something like 20x the price private early investors paid in 2017 (early investors paid $4.9 million for 163 million tokens; or about $.03 cents a token). That is toward the high end of what a crypto is typically marked up (even in the height of the ICO craze this was true). However, Orchid then did a secondary “SAFT” round in Q2 of 2018 of $43 million for 85 million tokens (about $.50 cents a token). In short, they did a typical “VC coin” fund raising gambit where early investors get a token dirt cheap, then the next “presale” round paid a high price, and then retail ends up with about the presale price give or take a few pump and dumps depending on when they get in. This model has thus far in the market led to coins initially pumping and then quickly dropping in price (see Hedra Hashgraph). So while one might say “cool tech, bro” and can argue the price was fair-ish minus the presale, the full story of this “VC coin” model is worth keeping in mind. For presale amounts see https://coinpath.io/news/coinbase-explored-orchid-now-its-going-to-list-it/.
“Coinbase Launches Orchid (OXT) and You Can Earn Some Via Coinbase Earn” contains information about the following Cryptocurrencies: