The cryptocurrency exchange OKEx today announced the launch date of the OKExChain main network. After more than 10 iterations through the test network and continuous development, the mainnet vision is starting to materialize.
OKExChain – 4 steps
OKExChain will be rolled out in four phases, starting with the Genesis phase which will run from December 31, 2020 to January 13, 2021. Then, a second phase will begin, focusing on network stability testing. In the third step, the transaction function will be enabled and users will be able to withdraw their OKT from OKEx to OKExChain. In the fourth and final stage, a virtual smart contracts machine will be enabled. This will make OKExChain compatible with all Ethereum projects.
Since the first launch of the test network, OKExChain has made significant upgrades, including pledges to develop open-source contracts, EVM smart contracts, iterations to lower trade fees, and partnerships with projects such as Waves, Achain and DoraHacks. OKExChain has also expanded its ecosystem of decentralized applications through continuous development and a very successful hackathon.
2020 has been a year of incredible transformation, and while we’ve witnessed much suffering from the pandemic, we’ve also witnessed tremendous growth in the cryptocurrency space. It has been a year of reflection and learning for OKEx, and we are excited to launch OKExChain into mainnet, supporting the financial system of the future.
OKEx CEO Jay Hao said.
OKT issued by OKEx Jumpstart
The issue of the OKExChain – OKT token will begin on December 31, 2020 at 16:00 UTC and end on January 13, 2020 at 16:00 UTC. Initially, 10 million pieces will be issued. OKT will be issued pro rata to OKB holders via the OKEx Jumpstart. OKB holders can stack their OKB at any time and receive rewards in OKT
OKEx is not the only exchange to create its own blockchain. Binance has already launched its Binance Smart Chain, which is compatible with Binance Chain, but supports smart contracts. Meanwhile, Binance began to open up to DeFi on its main exchange, introducing support for coins such as DAI, Wrapped BTC, and the fresh yEarn project.