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OKExChain mainnet launching in January as EVM smart contract deployment reaches completion

2021.01.12 OKEx

A progress report for OKExChain development in the month of December 2020

OKExChain is a public blockchain initiative developed by OKEx that comprises a set of open-source chains that may be used as a platform for decentralized applications, including decentralized exchanges. For more detailed information, check out our guide to OKExChain


December 2020 has seen significant developments for OKExChain — including OKEx's announcement of January 2021's official mainnet launch.

OKExChain will be rolled out in four stages — starting with the genesis stage, which is from Dec. 31, 2020, to Jan. 14, 2021. It will then transition to the second stage. This will involve continued mainnet stability testing in order to ensure its safety and reliability. In the third stage, following the validators’ proposal-vote process, the transaction function will be enabled and users may withdraw their OKT from OKEx to OKExChain. During the fourth and final phase, the smart contract virtual machine will be enabled, and OKExChain will be compatible with all projects on Ethereum. At that time, the main network will be fully launched.

In December, the preparation for OKExChain's mainnet launch reached 80% completion, and the API node in OKExChain's testnet was upgraded to v0.15.1. EVM smart contract deployment reached 100% completion.

In terms of ecosystem development, representatives of the OKExChain team were official judges at DoraHacks Hackathon in Hangzhou.

Summary

OKExChain's mainnet launch preparation reached 80% completion

The overall preparation for the OKExChain mainnet launch reached 80% completion in December. In particular, developers prepared the documents required for the mainnet launch.

While the current version of OKExChain is v0.15.1, developers are preparing for the upgrade to v0.16.0. This is 90% complete. The DEX and Swap module of OKExChain was updated to v0.16, and the first regression testing in December was completed.

Decentralized applications in OKExChain's Farm module are under deployment and are expected to be completed by Jan. 16. The liquidity mining module of OKExChain is ready to be launched after passing quality and system testing. Additionally, OKExChain will enable the tool that facilitates the automatic issuance of testing tokens. This tool is under deployment and is expected to be completed by Jan. 15.

OKExChain testnet API node upgraded to v0.15.1

The API node in OKExChain's testnet has been upgraded to v0.15.1. Moreover, the message-oriented middleware in the stream module supports Apache Kafka — enabling the transmission of transaction order summaries to OKEx DEX.

The deployment of bug fixes in Rest API has been completed and is currently under the testing stage.

EVM smart contract deployment reached 100% completion 

The EVM smart contract deployment reached 100% completion and is entering the fine-tuning stage. The stress-testing of the EVM smart contract has reached 60% completion.

Users can now connect their MetaMask wallets with OKExChain's testnet. 

We have detected nine bugs during the internal testing of OKExChain's EVM and submitted all bugs to the Ethermint community.

OKExChain team official judges of DoraHacks Hackathon

Representatives of the OKExChain team were official judges in the first DoraHacks Hackathon in Hangzhou. The theme of the hackathon related to the Polkadot ecosystem and deployment of DApps using Polkadot's smart contract language, Substrate.

Apply to become an OKExChain testnet validator!

To support the growth of OKExChain, we are recruiting institutions to become OKExChain validators and partners of the OKExChain ecosystem.

To participate in the OKExChain validator election, you need to stake at least 10,000 OKT. Validators are elected by OKT holders. and the top 21 validators with the most votes will become OKExChain validators. 

OKExChain produces a new block every three seconds, and each new block generates one OKT as a reward. For each OKT, 0.5 of it goes to the farming pool of OKExChain. For the other half of the reward, 25% of it will be allocated to validators based on the weight of how many votes they received. The remaining 75% will be distributed to both validators and candidates' nodes based on the weight of votes received.

The full list of validators and candidate nodes for OKExChain's testnet may be found here. To apply to be an OKExChain validator and ecosystem partner, please submit your application to [email protected].

About OKExChain

OKExChain technical community: https://t.me/okexchaintech
The official OKExChain website: https://okex.com/okexchain
The official website for OKEx DEX: https://okex.com/dex-test
Link to receive test coins: https://okex.com/drawdex
OKExChain documentation: https://okexchain-docs.readthedocs.io/en/latest/
OIP: https://oips.readthedocs.io/en/latest/

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 involve 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.

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