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OKEx Announces Mainnet Launch of OKExChain

OKEx, a world-leading cryptocurrency spot and derivatives exchange, is thrilled to announce the official launch of the OKExChain mainnet. Unlike other exchange chains, OKEx wanted to embody blockchain’s core qualities of openness and decentralization in OKExChain. After more than 10 versions of iterative updates on the testnet and exhaustive development over the past three years, this vision has come to fruition.

OKExChain will be rolled out in four stages, starting with the Genesis stage from Dec. 31, 2020, to Jan. 14, 2021. It will then transition to the second stage, which will involve continued mainnet stability testing to ensure its safety and reliability. In the third stage, following the validators’ proposal-vote process, the transaction function will be enabled, and users can 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 this time, the main network will be officially fully launched.

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Since its initial testnet launch, OKExChain has seen significant upgrades, including committing to open-source, EVM smart contract development, the realization of OKExChain’s liquidity-mining Farm module, iterations to reduce trading fees, and partnerships with promising development projects such as Waves, Achain and DoraHacks. OKExChain has also expanded its ecosystem of decentralized apps through continued development and a highly successful hackathon.

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“2020 has been a year of incredible transformation and, while we have witnessed the suffering of many people caused by the pandemic, we have also seen the tremendous growth of the cryptocurrency space and the continued confidence from institutions pushing Bitcointo a new all-time high and fueling the growth of DeFi. For OKEx, it has been a year of reflection and tremendous learning, and we are thrilled to be launching OKExChain to the mainnet and furthering the financial system of the future,” said OKEx CEO Jay Hao.

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Minting OKT through OKEx Jumpstart

Token minting of OKExChain’s native token, OKT, will begin at 4:00 pm UTC on Dec. 31, 2020, and end at 4:00 pm UTC on Jan. 14, 2021, with an initial issuance of 10 million. Since OKB holders have played an important role in OKExChain’s development and governance, OKT will be issued proportionally to OKB holders via OKEx Jumpstart. OKB holders can stake OKB to claim OKT in return and stake and unstake at any time to maximize capital flexibility.

Detailed rules for staking

  • Token staked: OKB
  • Token earned: OKT
  • The total amount of mineable tokens: 10,000,000 OKT
  • Mining period: 14 days
  • Minimum staking limit per person: None
  • Maximum staking limit per person: None
  • Upper limit of total staking: None
  • Staking rules: Stake and unstake at any time
  • The number of OKT will be settled every minute based on the ratio of your staked OKB amount/total staking amount
  • KYC requirement: None

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