OKEx Introduces a new Native token into OKExChain — OKT
OKEx is a world-leading cryptocurrency exchange that provides traders with advanced financial services through the use of blockchain technology.
Explicitly, OKEx offers to its users’ safety and stability as well as encouraging a reliable environment for trading digital assets through web interface and mobile app by employing the use advanced technology such as; GSLB, distributed server clusters and a host of others. New products and services are as well constantly churned out to satisfy the need and suggestions of uses. OKEx offers premium trading experience.
OKExChain
OKExChain is an open-source decentralized public chain created by OKEx. It is designed to enhance the development of large-scale commercial applications on the blockchain. It is structured in a way that any user is able to apply to be a super node, thereby allowing developers and businesses quickly and securely launch diverse decentralized applications, issue digital assets, create trading pairs and trade using few limitations. OKExChain offers scalable, efficient and user-optimized development experience.
OKT — OKExChain’s Native Token.
While OKB is OkEx’s utility token, OKT is OkexChain’s native token. It serves as the base token for OKExChain’s DPoS consensus. The price of OKT is based on the development of the OKExChain ecosystem, which includes DEX, DeFi applications and development to come. While the price of OKB is determined by the business performance of OKEx, infrastructural development, trading channels expansion and OKB Buy-back and Burn scheme.
OKExChain adopts the DPoS consensus mechanism, which requires a native token to operate.
OKExChain ecosystem and OKEx ecosystem are different in nature, OKExChain is tech-centric, while OKEx is trading-centric. In order to enhance better service and maintenance of highly autonomous ecosystem on OKChain, continuous issuance of its native token (OKT) has to be employed in addition to a flexible incentive system.
More so, in order to maintain the goal of continuing the deflation of OKB and prevent the dilution of the value of OKB for the protection of its holders’ long-term interest, OKB cannot be utilized as OKChain’s native token. For this reason, OKT was created as the native token of OKChain as OKChain adopts the DPoS consensus mechanism, which requires a native token to operate.
Irrespective of a new token in the ecosystem, OKB ecosystem will keep undergoing development and expansion of the scope of its use cases. More trading and developing channels will be added. At the moment, fiat gateways for a range of major fiat currencies have been added following listings on major crypto exchanges with numerous trading pairs against major coins available on the market.
As OKT enhance the development of OKChain, it also empowers the development of OKB ecosystem. Though OKT and OKB are different in some ways, they remain inseparable on OKChain.
About OKEx
OKEx is a world-leading cryptocurrency spot and derivatives exchange that offers the most diverse marketplace where global crypto traders, miners and institutional investors manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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