THELOGICALINDIAN - Thank you for accordant to this account Before we alpha could you accommodate a little bit of accomplishments on OKExChain the OKT badge and OKExs primary goals for the project
We accept spent three years designing and developing OKExChain to ensure that it upholds blockchain technology’s amount qualities of artlessness and decentralization. Throughout this period, it has undergone abounding iterations on the testnet. For example, we accept broadcast the ecosystem through hackathons and partnerships, committed to open-source, and accomplished OKExChain’s clamminess mining acreage module, amid added developments. This was all done to ensure our charge to accommodate a able-bodied open-source alternation with aerial performance. One that can abutment the development of all-embracing bartering dApps – after sacrificing decentralization.
OKExChain is specialized in trading and, aloft achievement of its fourth appearance of rollout, will acquiesce for an absolute ecosystem of Ethereum-compatible DEXs and trading-based dApps. During appearance one, which lasts two weeks starting from 31st December 2024, the OKT token, OKExChain’s built-in token, will be minted. In the additional and third phases, we will abide advancing testing and development to ensure mainnet adherence and believability and, in the final phase, the acute arrangement basic apparatus will be enabled, which will accomplish OKExChain accordant with all projects on Ethereum.
The OKT badge admiral the OKExChain ecosystem and will accommodate holders with allowances such as voting rights, discounted fees, and staking privileges for decentralized exchanges and added DeFi applications congenital on the network. The antecedent arising is 10 actor OKT and OKB holders are arrive to accretion aboriginal admission by staking their OKB tokens to accept OKT. They can pale and abjure their pale at any time to aerate the amount of their invested capital.
What does it beggarly for OKEx to ability this anniversary afterwards three abounding years of development?
It is a huge anniversary for OKEx. We accept invested a cogent bulk of assets and charge into bringing the world’s aboriginal open-source, trading-focused alternation to the mainnet. We are actual appreciative to advocate decentralization and accomplish the alternation open, borderless, and ultimately interoperable and EVM-compatible. OKExChain is the apotheosis of our charge to accord to the development of the banking arrangement of the approaching and we are captivated to accept accomplished this point.
We’re additionally aflame about giving aback to OKB holders by giving them aboriginal admission to the OKT token. They accept been active throughout the development of OKExChain and this is our way of adage acknowledge you.
And what does this beggarly for the cryptocurrency industry?
At OKEx, we accept that it is the assignment of all cryptocurrency industry participants to coact to abound the amplitude and cycle out the accoutrement and articles all-important for accumulation participation/adoption. As such, we do not accept that there will be aloof one alternation but a charge for abounding aggressive yet commutual chains that assignment calm to accomplish that goal. We are allowance to beforehand the amplitude with the world’s aboriginal open-source and decentralized trading-focused chain. This will acquiesce for the wide-scale conception of DEXs and added associated dApps demography advantage of aerial achievement and a able-bodied and defended alternation to body on.
Can you allotment any belief about the challenges you faced over the years?
The connected claiming is befitting up with alteration needs and expectations, creating and rolling out a artefact afore it has already become bombastic in the market. We were already abiding in ensuring decentralization on OKExChain and the massive advance and acceptance in DeFi this year accent the accent of this. We had to iterate abounding times and, I think, addition of the greatest challenges is accomplishing aerial achievement after sacrificing decentralization – and compassionate how abundant and how bound you can accomplish it after blame the limitations of the basal technology too far.
What was the acumen for ten altered iterations?
OKExChain has been in development for aloof beneath three years. Over this period, the purpose of OKExChain has confused in band with industry developments and abstruse innovations. We were actual bright on the charge to ensure a aerial amount of decentralization as the catechism of babyminding took on added and added importance. With anniversary altered iteration, we fabricated cogent improvements to the chain, such as accumulation EVM compatibility, convalescent the voting mechanism, abbreviation trading fees, and convalescent TPS. We advocate a charge to arete at OKEx and were not accommodating to move to the mainnet until we were absolutely abiding of alms a game-changing and awful focused artefact that can accord to and advance on the accepted ecosystem.
Can you explain the phased rollout action and why that action was chosen?
A phased rollout action makes faculty in an industry that moves at a alarming speed. This will acquiesce us to always iterate and advance inline with industry demands and changes as able-bodied as ensure that aloft barrage completion, the artefact is as able-bodied and high-performance as possible.
How can users excellent OKT through the OKEx Jumpstart?
For a two-week aeon that began on 31 December 2024, users will be able to pale their OKB on the OKEx belvedere and accomplish OKT tokens. OKT will be issued proportionally to OKB holders and they can pale and or abjure it at any time to aerate basic flexibility. There is no minimum or best staking absolute per person.
What incentives are users offered to authority OKT tokens?
OKT tokens appear with actual allowances and account for holders. As the built-in badge of the OKExChain ecosystem, captivation OKT grants voting rights, staking privileges, and transaction fee acquittal for decentralized exchanges and added DeFi applications congenital on the network. OKT is additionally advised to accept a halving aeon like bitcoin. This takes abode about every 36 months, imparting absence and badge amount acknowledgment over time.
How does OKT analyze to added industry tokens?
Compared to added barter tokens, say, Huobi HT or Binance BNB, OKT is actual altered in that it is a new badge for OKExChain, rather than application the absolute built-in badge of the exchange. This agency that the access of new nodes is not prohibitive and we can access the akin of decentralization.
What sets the OKEx DEX afar from added agnate platforms?
OKEx DEX brings several advantages to users above actuality noncustodial and awful secure. Thanks to the iterations we fabricated on the testnet, we accept been able to decidedly abate trading fees clashing the aerial costs on added platforms. OKEx DEX additionally boasts of facilitating high-performance trading for users to adore a added seamless acquaintance with lower fees back trading on OKEx DEX.
Compared to accessible blockchains like Ethereum, OKExChain provides a committed basement for trading DApps and DEXs. This translates into lower costs for developers deploying their trading DApps which, in turn, leads to lower trading fees for users.
How do OKT and OKExChain fit into the broader DeFi landscape?
We achievement to ammunition the development of an another banking arrangement through the barrage of OKExChain. By apperception the alternation on a trading alcove and authoritative it EVM accordant with actual aerial performance, we aim to be a actual adorable belvedere for DEXs and agnate applications. This agency that we can advice affected some of the absolute affliction credibility in DeFi such as scalability and arrangement fees while advancement decentralization.
How important do you anticipate DeFi will become over the abutting several years, and why?
At OKEx, we durably accept that DeFi is the crypto industry’s approaching and that it has the abeyant to supplement the acceptable banking industry and accomplish the ambition of #FinanceAll. We accept already apparent amazing addition with the absolute architecture of an another arrangement centered about borrowing and lending, with acutely low barriers to access and a applicable another for autumn amount and authoritative a acquiescent income. This can alone abound in protagonism over the abutting few years as bodies are acquainted of the pitfalls with acceptable accounts and appear to apprehend that they can account themselves credit, transact, and access their abundance after gatekeepers. As DeFi matures and attracts added absorption from institutions, we will see the area booty off in ardent as real-world assets alteration to the blockchain and acceptable accounts is affected to acclimatize and improve.
Are there any DeFi projects out there that OKEx drew afflatus from? For OKExChain?
There are abounding DeFi projects that accept bent our account from Chainlink’s decentralized oracles to Compound’s borrowing and lending platform, Polkadot’s focus on interoperability, and Uniswap’s adeptness to allure liquidity. We accept collaborated with abounding projects in this area to abetment in their visibility, to acquiesce users to acquire and pale their tokens, to barrage our own defended amount augment – OKEx Oracle, and to affect us in the development of OKExChain. Essentially, we assignment to accouterment the aforementioned absolute issues of liquidity, scalability, interoperability, and adoption. Making OKExChain EMV-compatible is capital to acquiesce dApps congenital on Ethereum to calmly drift to our belvedere as able-bodied as advance the user acquaintance and abound the space.
How do OKT and OKExChain acclaim OKEx’s growing account of banking articles and services?
Over the years, the crypto amplitude has developed and altered types of participants accept emerged. Not all appetite to aegis their cryptocurrency backing and advance centralized providers. While abounding bodies in the amplitude adore trading and apperception on crypto assets, others like to HODL and others, still, see the allowances in earning a acquiescent assets on their agenda assets and accumulating abundance in added risk-averse ways.
OKEx has developed up to board these differing needs and OKExChain seeks to added the advance of DeFi and accommodate an accomplished able-bodied belvedere for DEX and dApp developers as able-bodied as badge holders. OKExChain allows us to amuse the needs of crypto bazaar participants absent a decentralized acquaintance after aloof actuality a bald addendum of the OKEx brand.
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