X SPACE RECAP — LEARN TO EARN WITH ORCHAI CO-HARVEST
On March 13, Orchai held a Space on X to debunk the issues surrounding Co-Harvest new feature, revealing information for the first auction.
Co-Harvest is an upcoming feature of Orchai, one of the utilities of OCH token, with the first launch starting on March 14. Understanding users’ desire to have full preparation, the Orchai team decided to organize this Twitter Space session to clear all questions. It was held on Orchai’s official X/Twitter at 2PM UTC on March 13, with the participation of Cosmos HOSS & Ms. Chewy — Orchai’s Social Marketing.
Introduction Session
Cosmos HOSS:
I’m Cosmos HOSS — the host of the gathering today.
As you all know, recently, Orchai announced the launch of a new feature — Co-Harvest. It is a mechanism that allows users to bid with OCH for an allocation of Orchai’s revenue at discounted rates. Previously, much information surrounding Co-Harvest had been released, but Orchai thought it necessary to have this Space to explain this feature better.
And I’m honored to introduce the guest joining in our Orchainians Gathering, Ms. Chewy.
Ms. Chewy:
Hi everyone, I’m Chewy — Orchai’s Social Marketing. It is a pleasure for me to be here today and share with you guys about Orchai Co-Harvest. Please pay attention as some special information will be revealed before the launch of the first auction tomorrow.
Cosmos HOSS:
Before we start, don’t forget to follow the Orchai new official Twitter account and join Orchai Telegram channel to stay updated!
Now! How about you introducing everyone here to Orchai Co-Harvest? I know it’s one of four utilities of OCH token, besides Reward, Payment, and DAO Governance.
Ms. Chewy:
That’s right. For those who have been in the community for a while, you have probably heard of this concept before in our articles about OCH and its utility.
Co-Harvest is a feature that allows OCH holders to use their tokens to bid for an allocation of our revenue at discounted rates.
Winners will get the rewards while the bid OCH will be burnt, lowering the inflation for our tokens.
Cosmos HOSS:
Woah. Seems like that is an exciting way to incentivize OCH holders — letting them earn rewards while contributing to the growth of Orchai.
I heard that The First Auction of Co-Harvest will start tomorrow, so can you dive deeper into the mechanism of this feature so everyone can prepare for it?
Ms. Chewy:
Sure, I will run through everything again, and also reveal some special information for the first time.
Firstly, all OCH holders can join in Co-Harvest, by bidding at various discount tiers in the auction for rewards. The higher your bid, the greater your chance of securing a share. The bids will be fulfilled on a first-come-first-serve basis starting from the lowest tier. Afterward, the OCH tokens you bid will be burnt, as I said previously.
Second of all, Orchai team will launch Co-Harvest at a periodic schedule — each auction will run in 7 days, with the reward being 30% of Orchai’s revenue in a specific period.
Now, please pay special attention to the following: the Auction will happen MONTHLY, which means that the Harvest Pool is 30% of our revenue in A MONTH. And for this First Auction starting tomorrow, the reward is $1000.
Cosmos HOSS:
So if Orchai’s monthly revenue increases, the reward for Co-Harvest Auctions will also increase, right? It is truly a great way for OCH holders to actively engage in Orchai’s growth and sustainability, while still reaping the benefits of their token holdings.
Ms. Chewy:
Exactly our points. Periodic Co-Harvest auctions also ensure continuous fee accumulation, with remaining funds rolled over to subsequent pools.
You know, from an application perspective, Orchai has a large user base and, aiming to apply low-code defi methods and dapps to bring user the best experience. In the long run, these protocols provide a source of revenue for Orchai protocol, whichs fill Harvest Pool even more.
Cosmos HOSS:
I think that covered most basic information already, right? For everyone to understand better, I believe we should move on to the answering community session. First are the questions selected from X, please pay attention.
Twitter Questions Answering Session
Cosmos HOSS:
Question 1 from @kumpulanBTC2020: “Are there any specific criteria or requirements for OCH holders to participate in the Co-Harvest auctions, or is it open to all holders of OCH tokens?”
Ms. Chewy:
There are no special requirements to join Co-Harvest besides holding OCH. So if you already have the tokens, then this function is open for all holders of OCH on Oraichain Mainnet. And if you hold OCH on Ethereum, you can bridge to Oraichain to join.
Cosmos HOSS:
Question 2 from @TonyPham_999: “Can you provide an overview of the Co-Harvest feature and how it will function within the Orchai ecosystem? What motivated Orchai to introduce the Co-Harvest feature, and what goals does it aim to achieve?”
Ms. Chewy:
In short, Co-Harvest is a 7-day auction held monthly, with the reward pool being 30% of revenue of Orchai’s previous month. Users can use OCH to bid on incentives, and the amount of OCH bid will be burned when the program ends.
We started Co-Harvest as a benefit for OCH holders when part of our revenue will be used to auction and buy back OCH tokens. The auctioned OCH will be burned, creating better value for this token. By boosting demand through each auction and burning of tokens, OCH will soon become the MVP of the crypto world.
This is one of the important utilities of OCH — it will be deployed periodically for the benefit of both the Protocol and OCH holders.
Cosmos HOSS:
Question 3 from @AvieJonahs: “On March 14th, the first auction of co-harvest, which was announced by the team yesterday, will take place. Could you provide us with the most detailed and complete information available before it begins?”
Ms. Chewy:
In Co-Harvest’s current mechanism, 30% of Orchai’s February revenue will be used for this first Auction, which means $1000. It will run for 7 days on Oraichain Mainnet, allowing OCH holders to participate in the auction to receive incentives ranging from 3–20%. Our smart contract will decide who has priority to participate in Co-harvest based on the following criteria: bettors with lower odds.
LIVE Questions Answering Session
Question From @Bitcoinmama1
Can $OCH holders stake their tokens in addition to participating in Co-Harvest auctions to earn rewards within the Orchai ecosystem?
Answer:
Not yet, but we have prepared a new staking mechanism for launch next week. It will help you have more things to do with OCH token. Join our community to not miss out on any updates and stay tuned for interesting releases!
Rewards
Thank you all for joining and for those who asked the questions, each will receive a reward of $20 in OCH with the exchange rate of: 1$ = 0.45454 OCH (1PM UTC March 14, 2024). If your name is on the Winner List, please send your Owallet address to Orchai Twitter! The rewards will be distributed within 10 BUSINESS DAYS after that!
1. Twitter Questions
- Question 1: @kumpulanBTC2020
- Question 2: @TonyPham_999
- Question 3: @AvieJonahs
2. Live Questions:
- Question @Bitcoinmama1
- The prize for the unselected question will be transferred to the next programs.
Congratulations to the chosen ones! Thank you for participating in this Twitter Space in preparation for the Co-Harvest’s First Auction on March 14.
About ORCHAI.IO
Orchai is a low-code DeFi platform providing multiple protocols and features powered by AI. With a diversified ecosystem of different products, Orchai aims at 2 ultimate goals:
- Improving the management & investing strategy (With the low-code DeFi features powered by AI)
- Optimize asset flow (With the 2 protocols: Liquid Staking & Money Market)
The power of Orchai lies in the Cross-chain feature and AI assistance, unleashing the potential of DeFi with AI algorithms.
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