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.

OIL cryptocurrency was launched in Q3, 2024, aiming to shake up the art trading and investing landscape. With OIL, any internet user can become an art commissioner and capitalize on this market.

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

OIL is the new cryptocurrency token created by the eponymous project, which aims to open up new avenues for newcomers to the art business and trading. The token is designed to provide stable and continuous value growth, offering unique privileges and participation in the governance of a global community, the team statement reads.

Arbitrum-based token OIL is touted as a cryptocurrency that can be interesting for both large investors seeking long-term and stable income and traders aiming at quick profits.

Essentially, it makes every OIL owner a member of a large-scale economic corporation in the art market with its governance tooling turning OIL into an entry ticket into the decision-making apparatus.

The team behind the protocol believes that the market for art trading is far from reaching its limits, especially in 2024:

Why did a painting by Picasso cost 1000 francs and now 100 million dollars? People believed in it!

Thus, the only goal for the product team of OIL is to lower the barriers to entry for newcomers and make the investing procedure effortless and resource-efficient.

Balanced tokenomics for step-by-step scaling

To achieve this ambitious goal, the team launched OIL with far-reaching and balanced 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. Moreover, the team emphasizes that due to limited emissions, the mechanism for "burning" tokens and participation in profitable projects, OIL has a high potential to become a secure and profitable asset.

In turn, 30% of OIL tokens will be locked in a special self-destructing timed book depository. These tokens will be available for purchase by large investors, primarily those wishing to become a major holder of the project. Such investors will be restricted from selling their tokens for the first two years from the date of purchase.

Afterward, 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 already destroyed.

Fifteen percent will be allocated to ecosystem development and support, while 30% will be used to provide 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 used for the insurance fund, marketing and promotion of OIL token and related developments.

After MEXC launch, audited token OIL boosts availability

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

Shortly after the listing, the token soared in the rankings of the fastest-growing cryptocurrencies on the platform.

Its price demonstrated a period of four-digit growth post-launch. Currently, the team is exploring more opportunities to list the token on CEXes and DEXes in order 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.