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OKEx announces mainnet launch of OKExChain, OKT initial minting session for OKB holders via Jumpstart

01-04-2021 01:14 PM CET | IT, New Media & Software

Press release from: Block Tides

OKEx announces mainnet launch of OKExChain, OKT initial minting

About OKEx A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners, and institutional investors come to 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.
OKExChain's development history and the new vision
OKExChain has been in development for just under three years. Over this period, the purpose of OKExChain — as well as the technological innovations it employs — shifted, following the emergence of new technologies and changing industry demands.
OKExChain has gone through three major phases on its journey to become the robust, highly efficient trading chain we're launching in January 2021 — from a high-performance public chain focused on maximum transactions per second, to a usability-focused general application chain, to the specialized-trading chain we’re announcing today.
This developmental period enabled the team behind OKExChain to better understand the specific advantages of the technologies employed and how the OKExChain vision improves on other existing projects. What we've built over the last few years and will launch to the public in January is the world's first open-source, trading-focused chain — a truly decentralized and borderless ecosystem for exchanging value.
OKExChain Token's economic model
OKExChain Token (OKT) is the native token of OKExChain. It has an initial minting of 10 million tokens. OKT has the same halving model as BTC — the initial block reward is 1 OKT and it is halved every three years. The theoretical total upper supply limit is about 72.2 million.
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.
OKExChain's launching process
The launch of the OKExChain mainnet will be divided into four stages.
The first stage
The first stage is the genesis stage of OKExChain, from 4:00 pm UTC on Dec. 31, 2020 to 4:00 pm UTC on Jan. 14, 2021. For detailed rules, please visit here.
The second stage
The second stage is OKExChain mainnet's stability testing stage. The duration of this stage is uncertain — please pay attention to the latest announcements.
After the main net is launched, we will coordinate with the community to conduct a final test of the entire network to ensure the safety and reliability of the OKExChain.
The third stage
After the system passes the stability testing stage, the transaction function will be initially enabled after the validators’ proposal — meaning the network will officially enter the third stage, during which users can withdraw their OKT and deposit it onto OKExChain.
The fourth stage
The smart contract virtual machine will be enabled after the validators' proposal, and OKExChain will be compatible with all projects on Ethereum. At this time, the main network will be officially launched, in full.
OKT is the native token of the OKExChain ecosystem, providing immediate utility and benefits — such as voting rights, staking privileges and transaction fee payment — for decentralized exchanges and other DeFi applications built on the network. In its initial minting, the OKT genesis block will create 10 million tokens, which will be distributed to OKB holders who stake OKB via OKEx, starting Dec. 31, 2020.
Theoretical upper limit: 72,208,000
Initial minting: 10 million
Halving circle: Every 36 months
Additional minting per block: 1 OKT
To know more and how to participate for OKT initial minting session for OKB holders via Jumpstart:

How to get OKT
Since OKB holders have played an important role in OKExChain’s development and governance, OKT will be distributed proportionally to OKB holders via OKEx Jumpstart.
After the mainnet is officially launched, OKT holders can also obtain transaction fees and block rewards by becoming OKExChain validators. For details on how to become a validator, please refer to OKExChainDocs.
OKEx always believed that blockchain technology is the future and have faith in transparency and decentralization. This is why, after multiple iterative updates, the OKExChain mainnet is now officially launching.
For more information on the rules and for a detailed tutorial on the staking process, please visit:
Media contact:
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