On multiple instances, executives form OKEx have mentioned their company’s aim to enter DeFi space to provide financial solutions to everyone. OKChain is the first step towards fulfilling this vision as the platform will be used to develop and implement decentralized applications to suit real-world needs. The Cosmos SDK-based public chain will not just enable the creation of dApps, but also allows users to issue their own cryptocurrencies, create trading pairs and trade freely on it. The OKChain architecture adopts a multi-chain structure for greater efficiency and scalability. It separates and stores data on three layers – Block, Operations, and Off-Chain to drastically improve the consensus speed while expanding data dimensions on chain.
The OKChain blockchain protocol implements Delegated Proof of Stake consensus mechanism with OKT as its native token, to be issued on genesis block and node block. While more details on the features, performance and tokenomics is awaited, the company claims that the total supply of OKT will increase in the range of 1%-5% annually.
In a statement, the CEO of OKEx Jay Hao said, “We believe decentralized finance is the key to financial inclusion and financial freedom for all. That’s why we have longed for unleashing the power of DeFi. OKChain is huge milestone for us, meaning that we are now able to provide an open, low-cost, and autonomous ecosystem for everyone to enjoy the benefits blockchain and decentralization brings.”
Hao also dropped a hint on the importance of OKChain to the company’s vision of being the leader in blockchain innovation and decentralized finance by saying, “Blockchain development keeps bringing me new experiences and surprises. Today, when we talk about blockchain, it is way beyond just bitcoin and the major ERC-20 tokens. As a leading player in the industry, we hope OKChain will become an inspiration for more innovations and will attract more talents to join the blockchain revolution with us.”
OKEx DEx on OKChain
The very first decentralized application on OKChain, OKEx DEx is a decentralized exchange arm of OKEx which will currently operate separately from the existing OKEx exchange and trading platform. It has the potential to cater to those who prefer to use decentralized exchanges over the traditional centralized platforms. Some of the key features of OKEx DEx include
High security standards
Complete control for users over their assets
Real time asset arrival for efficient and easier trading
Greater transparency of transactions with low cost of trust between individuals
Following the launch of OKChain and accompanying OKT, OKEx will be working on interconnecting OKB- the existing utility token of the OKEx ecosystem with the new blockchain protocol to further expand its ecological applications. The company has already stared the process by burning a total of 700 million unissued OKB, as a step towards absolute deflation to become the world’s first fully circulated platform
Also, OKEx will be removing more OKB tokens from circulation by expanding the burn exercise to include tokens that are obtained through buy-back and burn scheme in the coming days. In the place of OKB, token holders will be able to switch to OKT as the platform intends to map the entire genesis block to the existing holders. There will be a seamless trading solution in place for OKT and OKB once the OKChain mainnet goes live.
Next week, Lennix Lai, the Financial Markets Director at OKEx will be in attendance at the Blockchain Economy Summit Istanbul scheduled for 20th and 21st of February to continue the conversation on OKChain and the company’s plans for the future.
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