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OKEx Announces Launch of OKExChain Mainnet

OKEx Set to Restart Bitcoin Withdrawals

Top cryptocurrency and derivatives exchange OKEx has announced the rollout of its OKEXChain mainnet. The exchange says the plan is to bring blockchain’s main features of decentralization and openness into the OKExChain.

The launch is coming after the testnet of over 10 versions of the project to main sure the genesis phase of the mainnet is smooth and effective. The testnets were carried out for over 3 years, and the company has been satisfied that it was an exhaustive process leading to the mainnet.

Four rollout phases for OKEXChain

There are four roll-out stages for the OKExChain mainnet. The genesis stage was rolled out on December 31 to end on January 14, 2021.

After the genesis stage, the next phase will include the continuous maintenance of the testnet stability to ensure reliability and safety.

The next phase, which is the third phase will come after the validators’ proposal-vote process. According to the announcement, the third stage will enable the transaction function, with users being able to withdraw their OKT tokens to OKExChain from their OKEx wallet.

The final stage will see the enablement of the smart contract virtual machine. At that stage, OKEx will make OKExChain attuned to all projects on Ethereum. The announcement noted that the complete network will be rolled out at the final stage.

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A year of learning for OKEx

The company says last year has been an incredible year with the sufferings of people due to the COVID-19 pandemic. The cryptocurrency space has also witnessed tremendous growth.

But the year has been a year of learning for OKEx, according to OKEx Chief Executive Officer Jay Hao.

Holders of the OKEx utility token can earn OKT as a reward for staking their tokens during the Genesis phase. To encourage adoption, OKEx intends to mine 10 million OKT tokens during the Genesis phase.

To provide a level playing field and give everyone an equal chance, OKEx has stated that there will be no maximum or minimum caps on staking.

OKEx has seen significant upgrades since it first launched its testnet for the project. These upgrades include iterations to minimize trading fees, OKEXChain liquidity mining farm module, EVM smart contract development, and its commitment to open-source.

The exchange has also been in some partnerships to gain further market exposure and visibility. Most notable among the partnership projects include DoraHacks, Achain, and Waves.

And in line with the expansion goal of its decentralized apps, OKEx has continued to develop a highly successful hackathon.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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