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Academy Press Room Article

OKChain Testnet Now Live – with its First DeFi Application OKEx DEx

2020.02.11 Vivien

OKEx (www.okex.com), the world largest cryptocurrency spot and derivatives exchange, announced the launch of OKChain, an OKEx-owned commercial public blockchain, in order to contribute to the community with more decentralized applications. At the same time, OKEx also rolled out OKEx DEX, the first decentralized application based on OKChain. To ensure a better trading experience and liquidity, OKEx DEX supports real-time settlement in a trustless environment.

OKChain is a Cosmos SDK-based public chain developed by OKEx. It supports various decentralized applications and allows users to issue their own cryptocurrencies, create trading pairs, and trade freely on it. Thanks to its multi-chain structure, the efficiency and scaling of application development are significantly improved. OKChain separates data into three layers: block, operations and off-chain data, which can improve the system consensus speed and expand data dimensions on chain.

Adopting a Delegated Proof of Stake (DPOS) consensus mechanism, OKEx has issued OKT as native token of OKChain. The issuance of OKT will be on the genesis block and node block, and is expected to increase by 1-5% every year. Further details to be announced.

OKChain’s Ecological Development

  • – Enabling users to issue their own cryptocurrencies on OKChain;
  • – Enabling users to build their own decentralized exchanges on OKChain, taking full control on deciding which tokens and trading pairs to list;
  • – Supporting the release of various DeFi applications;
  • – Supporting smart contracts;
  • – Supporting BTC cross-chain applications.

“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,” said Jay Hao, CEO of OKEx. “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 – The first decentralized application on OKChain

Besides OKChain, OKEx DEX, the decentralized exchange arm of OKEx, is also an innovation not to be missed.
Key features of OKEx DEX

  • – Assets are completely controlled by users with higher security
  • – Real-time asset arrival, making every trade efficient and easy
  • – Transparent transactions with lower cost of trust between individuals

700 million uncirculated OKB to be destroyed

OKB is the native token of the OKEx ecosystem, with wide support from millions of users since its birth. OKEx is committed to exploring and expanding the ecological applications of OKB and perfect the buy-back and burn scheme in the future.

Following the launch of the OKChain testnet, a total of 700 million unissued OKB will be burned. OKB will enter absolute deflation and become the world’s first fully circulated platform. Not retaining from OKEx, the burn token comes entirely from the market via our buy-back and burn scheme.

OKB holders are important driving force for the development and promotion of OKChain, mapping 100% of the genesis block to OKB holders, OKT and OKB will be interconnected to foster the ecological development of OKChain. OKT and OKB are inseparable on OKChain, as OKT will empower the development of OKB ecosystem. OKT trading will be available when the OKChain mainnet is live.

For further details please refer here.


Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

About OKEx

The world’s largest and most diverse cryptocurrency marketplace, OKEx is where global crypto traders, miners, and institutional investors come to manage crypto assets, enhance investment opportunities, and hedge risks. We provide spot and derivatives trading, including futures, perpetual swap, and options, of major cryptocurrencies, offering investors great flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact:
Vivien Choi
Email: [email protected]
Telegram: @vivienchoi

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