One of the most prominent and highly popular cryptocurrency exchange has just dropped surprising news on its users. The news is not only promising for the entire OKEx community but for the entire cryptocurrency industry.
OKEx has announced to its community and the entire cryptocurrency industry that it has just launched its OKExChainmainnet. The firm announced that for the initial phase of the mainnet, OKExChain will be issuing 10 million OKT tokens into its network. These tokens will be available for the users who will be joining the platform in its early stages.
The cryptocurrency exchange OKEx revealed how much time it took for the project to be finalized and launched into the crypto-verse. It took the firm three years to develop and launch the project. During the development phase, the exchange went through 10 testnet versions.
The firm has confirmed that it will be deploying its OKExChain in four different stages. Each stage will be taking place between a particular time-period where the current phase is serving as the Genesis phase. In the Genesis phase, the OKExChain will be offering OKT tokens.
On the Genesis platform, the users will be able to stake on the OKExChain’sblockchain and earn its native tokens OKT as rewards. The exchange has announced that the Genesis phase will go on till January 12, 2021, and will end on January 13, 2021.
The chain has also announced the benefit that the users of the OKEx will have on the OKExChain. The OKEx users will be able to use its native tokens “OKB” for staking on the OKExChain. They will be able to stake OKB in order to earn OKT as rewards through the Genesis phase.
The firm has announced that during the Genesis phase, the OKExChain will be allocating 10 million OKT that the users will be able to mine. The chain has confirmed that the true intention behind the issuance of the tokens is to increase the adoption of the coins and the platform.
The users who stake their OKB against the mining of the OKT will receive a proportional number of tokens for the holdings. The chain has confirmed that during the Genesis phase, there will be no limit on the number of tokens that users will be able to stake. The chain announced that it is up to the users as to how many tokens they would want to stake as there will be no minimum or maximum token cap implemented by OKExChain.
The chain has confirmed that once the Genesis phase is complete, the chain will initiate the second and the third phase. These phases will involve the testing for stability and the initiation of the withdrawal services. After the completion of the second and third phases, the fourth phase will see the launch of smart contracts.