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Ooki Protocol price prediction: Will upgrades push prices?

By Mensholong Lepcha

Edited by Vanessa Kintu

16:44, 13 April 2022

Ooki protocol price prediction
Ooki Protocol (OOKI) price prediction: Will upgrades push prices? Photo: Who is Danny / Shutterstock.com

Ethereum-based decentralised margin trading and lending platform Ooki Protocol’s native token, OOKI, has been falling since the start of the year. The token hit an all-time low in late-January 2022 but has since rebounded by over 40%, as of 13 April.

Ooki Protocol’s launch on the Binance Smart Chain and its Oki v2 protocol upgrade in March 2022 have played a part in the recovery. With Oki v2, Ooki Protocol introduced new trading pairs, flash loans, dynamic interest rates and decentralised exchange (DEX) selector features. But the platform remains a small player compared to decentralised finance (DeFi) leaders on Ethereum such as Aave, Circle and Compound.

In this article, we discuss the Ooki Protocol, its OOKI token and the latest Oki v2 upgrade. We also dive deep into the token’s price action and read analysts’ commentaries to draft a plausible OOKI price prediction for 2022 and beyond.

What is Ooki protocol?

Ooki Protocol is a blockchain-powered margin trading and lending platform that allows users to build applications that enable lenders, borrowers and traders to interact with the DeFi protocol on Ethereum. Users do not need to submit know-your-customer (KYC) verification to use the platform.

Margin trading is one of Ooki Protocol’s main offerings. Users looking to leverage their trade can enter positions with up to 15% leverage by putting up collateral. Ooki also facilitates shorting, where a trader sells assets they do not own. The trader borrows the asset to sell with the expectation that it will lose value and will later buy it at a lower price to return the borrowed assets. The trader’s profit will be the difference between the short entry price and short cover price.

On Ooki, users can also borrow funds by depositing collateral. Users risk liquidation of their collateral if margin maintenance requirements are not met. As of 13 April, Ooki’s website showed 12 cryptocurrencies available to be borrowed at varying interest rates and liquidity. Stablecoins Dai (DAI), USD Coin (USDC) and Tether (USDT) demanded the highest rate of interest at 19%, while Ether (ETH) and Wrapped Bitcoin (WBTC) demanded the lowest rate of interest at 6% and 3%, respectively. Other cryptos available for borrowing were Aave (AAVE), Compound (COMP), Chainlink (LINK), Loopring (LRC), Maker (MKR), Uniswap (UNI) and Yearn.finance (YFI) available at rate of interest of 10%. 

Lenders can use Ooki Protocol to lend their cryptocurrencies and earn interest on them. All coins available for borrowing can also be lent, along with OOKI, with stablecoins earning the highest rate of interest. 

In March, Ooki Protocol announced its margin trading, borrowing and lending products expanded to the Binance Smart Chain (BSC). The platform said traders can use Ooki Protocol on BSC’s PancakeSwap decentralised exchange to take advantage of its margin trading features.

As of 13 April 2022, total value locked (TVL) on Ooki Protocol was $61.4m, according to DefiLlama, of which nearly $61m was on Ethereum, about $425K on layer-two Polygon and $19.85K on BSC. Ooki Protocol’s peak TVL was about $1bn on 18 April 2021.

Ooki Protocol analysis: What is OOKI token?

OOKI is the native token of the Ooki Protocol. OOKI is a governance token. Holders can vote on governance processes such as funding proposals, fee proposals, marketing initiatives and development roadmap, among others. OOKI holders can stake their tokens to earn trading, lending and borrowing fees generated by the protocol.

There is another token on the Ooki Protocol called vBZRV, a vesting token that slowly releases the BZRV token that can be claimed for OOKI. BZRV to OOKI conversion rate is 1 BZRX = 10 OOKI. According to the Ooki Protocol, user can only convert BZRX to OOKI on the Ethereum network.

OOKI’s maximum supply is capped at 10.5 billion tokens. At the time of writing on 13 April, the circulating supply of OOKI coins stood at over 3.34 billion, data from CoinMarketCap showed.

Ooki Protocol news: Oki v2, Binance Smart Chain expansion

On 3 March, Ooki Protocol released a set of upgrades called Oki v2, which introduced :

XRP/USD

2.16 Price
-0.410% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01075

PEPE/USD

0.00 Price
+3.810% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00000009

DOGE/USD

0.31 Price
+0.140% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0015672

ETH/USD

3,336.51 Price
+0.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 1.75
  1. Dynamic interest rate – According to the Ooki Protocol, its new dynamic interest rate system allows liquidity pools to grow larger and deliver optimal rates to lenders and borrowers using a dynamically changing interest rate curve. The new mechanism will remove open position rollovers, target an 80% liquidity pool utilisation rate and enable indefinite-term loans.  

  2. DEX selectors – Users will soon be able to select which DEX to execute their trade in to get the best trading price. SushiSwap (SUSHI), Uniswap v2 and v3 (UNI), Pancakeswap (CAKE) and Quickswap (QUICK) will support this feature. The DEX selector will initially be deployd on Ethereum-based networks Arbitrum and Polygon.

  3. Flash Loans – These will enable users to borrow instantly with zero collateral obligations provided that the liquidity is returned to the pool within one transaction block. Ooki will charge fees for cash loans, which will be distributed to OOKI stakers.

In other news, the Ooki Protocol expanded to Ethereum-rival BSC in March 2022 and enabled its margin trading offering on BSC’s PancakeSwap, a decentralised automated market maker (AMM) exchange. Ooki said of the expansion:

“Ooki will remain primarily an Ethereum focused protocol. However, it is expanding its product offering to products and services on Binance Smart Chain. Users on Binance Smart Chain will now have access to Ooki products, while also benefiting from BSC’s low fees and fast transactions.” 

Earlier in February 2022, Ooki Protocol introduced its offerings on Ethereum-based Layer 2 scaling solution Arbitrum, citing high gas fees on Ethereum. As of 13 April, Ooki Protocol is currently operational on Ethereum, Polygon, Arbitrum and the Binance Smart Chain. 

OOKI price prediction: Price action

Ooki Protocol (OOKI) price chart

As of 13 April, Ooki Protocol was the 577th-largest cryptocurrency network with a market capitalisation of over $45.4m. Data from CoinMarketCap showed that since late-December 2021, its native token, OOKI, has dropped over 50% from $0.2853 on 12 December 2021 to its current price (13 April) of about $0.01348. 

Since hitting an all-time high of $0.06397 on 24 December 2021, OOKI is about 78.8% below its record level, at the time of writing (13 April). The token’s all-time low stands at $0.009343, hit on 24 January 2022.

More recently, OOKI prices have rallied alongside the broader cryptocurrency market, with value increasing over 11% in the past 30 days. However, the recent surge has not been enough to help OOKI post positive returns in 2022. The token is down by over 60% year-to-date, as of 13 April.

Data from CoinCodex showed OOKI’s 50-day and 200-day exponential moving average (EMA) at $ 0.014617 and $ 0.015855, respectively, both indicating ‘sell’. OOKI’s 14-day Relative Strength Index (RSI) was at 48.37, indicating OOKI was neither in the oversold nor the overbought zone.

OOKI forecast 2022, 2025 and 2030: Long-term outlook

According to a short-term OOKI prediction from CoinCodex, as of 13 April, the token’s price could drop by 4.3% to $ 0.012259 by 20 April 2022. CoinCodex added that technical indicators showed that  sentiment for OOKI was ‘bearish’, while the fear and greed index indicated ‘extreme fear’ among investors.

“Based on our Ooki forecast, it's now a bad time to buy Ooki,” said CoinCodex.
An Ooki Protocol crypto price prediction from Wallet Investor noted: 
”Our AI cryptocurrency analyst implies that there will be a negative trend in the future and that OOKI is not a good investment for making money.” 

Wallet Investor expected OOKI value to drop to a minimum price of $0.000967 by the end of 2022, slip to $0.00165 by the end of 2023 and fall further to $​​0.000993 by the end of 2025. Its five-year OOKI coin price prediction suggested the cryptocurrency could trade at an average price of $0.00245 by April 2027.

According to Price Prediction’s OOKI/USD forecast, Ooki Protocol’s cryptocurrency token could hit an average price of $0.017 in 2022, growing to $0.051 by 2025. Price Prediction’s OOKI target price for 2030 was at $0.33, as of 13 April. 

According to Digital Coin’s Ooki Protocol coin price prediction, it expected that the OOKI token price could trade at an average of $0.0175 in 2022. Its OOKI price forecast suggested the token could hit a maximum price of $0.0284 by 2025 and $0.0643 by 2030.

FAQs

Is Ooki Protocol a good investment?

According to Price Prediction’s OOKI/USD forecast, Ooki Protocol’s cryptocurrency token could hit an average price of $0.017 in 2022 and $0.051 by 2025. Price Prediction’s OOKI target price for 2030 was $0.33, as of 13 April. Analysts’ forecasts can be wrong and have been inaccurate in the past. Crypto currencies are highly volatile, high risk assets. Always do your own research before investing. And never invest more money than you can afford to lose.

How high can Ooki Protocol go?

According to Digital Coin’s Ooki Protocol coin price prediction, the OOKI token price could trade at an average of $0.0175 in 2022. Its OOKI price forecast suggested the token could hit a maximum price of $0.0284 by 2025 and $0.0643 by 2030.

Can Ooki Protocol hit $1?

According to Price Prediction’s OOKI/USD forecast, Ooki Protocol’s cryptocurrency token could hit an average price of $0.017 in 2022, growing to $0.051 by 2025. Price Prediction’s OOKI target price for 2030 was at $0.33, as of 13 April.

Markets in this article

AAVE/USD
AAVE / USD
325.489 USD
-13.81 -4.090%
AAVE/USD
AAVE / USD
325.489 USD
-13.81 -4.090%
COMP/USD
COMP/USD
78.84 USD
-0.86 -1.090%
COMP/USD
COMP/USD
78.84 USD
-0.86 -1.090%
DAI/USD
DAI/USD
1.0048 USD
0.0001 +0.010%

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