OKEx Exchange Hits Big Update to launch its Own Blockchain and First DEX

Major cryptocurrency exchange, OKEx has announced the launch of its own blockchain and first Decentralized exchange. Accordingly, its own blockchain will be called as OKExChain and DEX as OKDEx.

Being as the third largest trading platform, OKEx held an average market cap of $811,634,920 which is up with almost 27 percent during the last 24 hours. The exchange keeps appearing on bulletins since past few months such as the listing of new tokens, derivative market, launching of IEO (OKJumpstart) and so on.

crypto exchange
Source: Coinmarketcap.com

OKEx Launching OKChain and OKDEx

However, with increasing interest towards OKEx’s trading platform, the platform broke out a few big updates on its medium blog. Accordingly, the exchange took to Twitter and excites users with the announcement stating;

Per the blog, the exchange has released the following updates;

• Launching of its own Blockchain – OKChain
• Launching of its first Decentralized exchange – OKDEx
• OKB token will be put into ERC-20 blockchain and then migrated to OKChain mainnet (when OKChain becomes completely ready)
• The release of 700 million OKB tokens will be delayed from 2020 – 2022
• Happy Friday distribution rule of OKB token will be optimized from March 22, 2019
• OKB token will be the sole crypto token used in OK Jumpstart, a Token generation platform launched by OKEx exchange

Much Similar To Binance Exchange

So, it looks like OKEx exchange is following quite similar steps that Binance exchange has implemented so far. Subsequently, OKEX’s OKB token, OKChain, OKDEx and OKJumpstart looks more like Binance’s BNB token, Binance chain, Binance DEX, and Binance launchpad. The announcement reads that

Our Operations Team was secretly developing a blockchain of our own — the OKChain, the blog noted. Currently, the OKChain is at the final development stage and we expect to launch it on a testnet in June 2019.

In an announcement, OKEx reveals that the native blockchain, OKChain is still in development phase and once the blockchain becomes ready, its native OKB token will be migrated to OKChain mainnet from ERC 20 blockchain. As such, OKB token will be further used in its upcoming DEX exchange to settle the transactions.

We will launch OKEx’s first decentralized exchange (DEX) on OKChain and open the supernodes election for the blockchain. With OKB, one can vote for his favorite super node candidate and settle transaction fees on OKDEx. OKB will also be used for token pre-sales, and project teams will need to pay super nodes OKB as service fee in the future.

Furthermore, OKJumstrart (Platform’s initial exchange offering (IEO) for blockchain projects) will be continued with OKB as a native token. For those who don’t know, OKJumpstart is an initiative by OKEx exchange (recently launched) to help crypto startup launched their project and raise money with the help of OKEx supported system. To note, the initiative is just like Binance’s launchpad. Concerning OKB token on OKJumpstart, announcement adds that;

OKJumpstart is dedicated to helping potential startups. We value quality over quantity. We are already engaged in conversations with project teams around the world. Soon, we will announce the very first jumpstart project and open sale to OKEx users who meet our KYC requirements and hold OKB.

The post OKEx Exchange Hits Big Update to launch its Own Blockchain and First DEX appeared first on Coingape.

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