Cryptocurrency exchange OKEx announced the launch of its own blockchain OKExChain. At the initial stage, 10 million OKT tokens will be issued.
The project has been in development for three years, and 10 test versions of OKExChain were worked through before the launch of the main network. The deployment of the core network will take place in four phases. The current phase of “genesis” will last until January 13, 2021. At this stage, the network’s internal token, OKT, will be issued, which OKB holders will receive as a staking reward. This means that OKB token stakers will receive a proportional amount of OKT. At the same time, there are no restrictions for staking, since there are no minimum and maximum amounts for this.
In the second and third stages of the main network deployment, the protocols responsible for the stable operation of the network will be implemented, as well as the OKT output function. This function will be voted on by OKExChain blockchain validators. In the fourth stage, smart contracts will be implemented to ensure full compatibility with Ethereum. OKEx CEO Jay Hao said the launch of OKExChain is part of the exchange’s initiative to improve its financial system.
In October, OKEx faced organizational challenges by suspending the withdrawal of digital assets from its platform. However, after a month and a half, OKEx resumed the withdrawal of cryptocurrencies, launching a compensation program for users who continued to trade, despite the current situation.
OKEx is not the first cryptocurrency exchange to launch its own blockchain. In 2019, the Binance exchange launched its own Binance Chain network, and in 2020, the Binance Smart Chain add-on for smart contracts. In the same year, Huobi announced its intention to launch the FinanceChain open blockchain to support the decentralized finance industry.
