Major cryptocurrency exchange OKEx has officially announced the launch of its own blockchain and first decentralized exchange (DEX). The blockchain will be named OKExChain, while the DEX will be called OKDEx. As the third-largest cryptocurrency trading platform, OKEx boasts an average market capitalization of $811,634,920, which surged nearly 27% in the past 24 hours.
Key Updates from OKEx
In addition to these two major developments, OKEx also revealed several other significant updates in its official blog:
- Launch of proprietary blockchain – OKChain
- Introduction of first decentralized exchange – OKDEx
- OKB token migration: The OKB token will initially reside on the ERC-20 blockchain before transitioning to the OKChain mainnet (once fully operational).
- Token release adjustment: OKEx will delay the release of 700 million OKB tokens originally scheduled between 2020 and 2022.
- Optimized token distribution: The "Happy Friday" OKB allocation rules will be enhanced starting March 22, 2019.
- Exclusive utility: OKB will serve as the sole cryptocurrency token used in OK Jumpstart, OKEx’s token generation platform.
Strategic Parallels with Competitors
These moves closely mirror Binance’s strategy—OKB tokens, OKChain, OKDEx, and OK Jumpstart resemble Binance’s BNB, Binance Chain, Binance DEX, and Binance Launchpad, respectively.
According to OKEx’s announcement:
"Our operations team has been secretly developing our proprietary blockchain, OKChain. Currently in its final development phase, we expect to launch the testnet by June 2019."
Future Plans for OKChain and OKB
The announcement clarified that OKChain remains under development. Once ready, the native OKB token will migrate from the ERC-20 blockchain to the OKChain mainnet. This migration will enable OKB to facilitate transaction settlements on the upcoming DEX.
"We will launch OKEx’s first decentralized exchange (DEX) on OKChain and initiate super-node elections. OKB holders can vote for preferred super-node candidates and use the token to settle transaction fees on OKDEx. Additionally, OKB will be required for token预售 and project teams will pay super nodes in OKB as service fees."
FAQ Section
1. What is OKExChain?
OKExChain is OKEx’s proprietary blockchain designed to support decentralized applications (dApps) and its upcoming DEX, OKDEx.
2. How does OKDEx differ from OKEx’s centralized exchange?
OKDEx operates as a decentralized platform, allowing peer-to-peer trading without intermediaries, while OKEx’s main exchange is centralized.
3. What role does OKB play in OKEx’s ecosystem?
OKB serves as the utility token for voting, transaction fee settlements, and participation in OK Jumpstart token sales.
👉 Explore OKEx’s latest innovations
4. When will OKChain’s mainnet launch?
While the testnet is slated for June 2019, the mainnet release depends on final development milestones.
5. Why delay the release of 700 million OKB tokens?
This adjustment aims to align token supply with ecosystem growth and demand, ensuring price stability.
👉 Learn more about OKB tokenomics
Disclaimer: This content is for informational purposes only and does not constitute investment advice.