OKEx Releases Testnet for Its Own Blockchain and Decentralized Exchange
- The testnet for the OKChain blockchain developed by OKEx is now live
- The platform will feature a non-custodial cryptocurrency exchange called OK DEX
- OKChain seems to be an answer to Binance Chain
OKEx's answer to Binance Chain
OKEx, one of the leading players among cryptocurrency exchanges, has officially released the testnet for its OKChain blockchain platform. OKChain is built on the Cosmos Software Development Kit (SDK). Users can issue their own tokens on OKChain, create trading pairs and trade the assets issued on the network. OKEx has built a non-custodial cryptocurrency exchange OK DEX on the OKChain platform - interested users can find out more information here.
The native asset of the OKChain platform will be OKT, and the OKEx official Twitter account explains that the holders of OKEx’s existing OKB token will receive an equivalent amount of OKT:
“OKT will be the native token of OKChain, 100% of the genesis block will be mapped to OKB holders.”
However, OKEx CEO Jay Hao makes it clear that the OKB and OKT tokens will be performing different functions:
$OKT is the native token of OKChain issued to fullfill the DPoS requirement. The issuance of OKT will be on the genesis block , and is expected to increase by 1-5% every year. The development of DEX, Defi and other applications on OKChain will be the solid support for its value.— Jay Hao (@JayHao8) February 11, 2020
OKEx’s OKB token has been performing very well in 2020 so far – the coin is currently trading at about $5.4 after a +89% increase in the last 30 days.
Mainnet launch timeline still unclear
While the testnet is not live, OKEx doesn’t currently provide a timeline for when they expect to go live with the mainnet – the exchange says it would like to receive as much user feedback as possible before proceeding.
Jay Hao commented on the launch of the OKChain testnet:
“We believe decentralized finance is the key to financial inclusion and financial freedom for all. That’s why we have longed for unleashing the power of DeFi. OKChain is huge milestone for us, meaning that we are now able to provide an open, low-cost, and autonomous ecosystem for everyone to enjoy the benefits blockchain and decentralization brings.”
It’s hard not to see OKChain as an answer to the Binance Chain platform developed by OKEx rival Binance. Binance Chain was launched in 2019 and serves as the basis for Binance DEX, a non-custodial cryptocurrency exchange. In the last 24 hours, Binance DEX processed $1.1 million worth of trades.