OKEx announces mainnet launch of OKExChain, OKT initial minting session for OKB holders via Jumpstart
At OKEx Exchange, it is believed that the technology of blockchain remains the future and therefore we have faith in the transparency and decentralization it offers.
The world experienced a global pandemic in the year 2020 that fundamentally altered many aspects of life, human existence, and activities. At the financial level, the central bank’s excessive printing to provide economic stimulus efforts for citizens has reached unprecedented levels. Despite these various ill activities, there has been more institutions and individuals acknowledging the value of Bitcoin — pushing the price of BTC to new all-time highs — as the somewhat embryonic decentralized finance space continues to develop
Based on these various activities and after multiple iterative updates, the OKExChain mainnet is now officially launching.
A look at the OKExChain’s development history
In just under three years, the OKExChain has been in development. Over this period, the purpose of OKExChain — as well as the technological innovations it employs — has shifted, following the emergence of new technologies and changing industry demands.
On its journey to becoming the robust, highly efficient trading chain we’re launching in January 2021, OKExChain has passed through three major phases of development from a high-performance public chain focused on maximum transactions per second, to a usability-focused general application chain, to the launching of a specialized-trading chain.
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 has been 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.
About OKExChain Token
The native token of the OKExChain network is called OKExChain Token(OKT) which 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.
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.
OKEx Jumpstart For Distribution Of OKT
The OKEx Jumpstart process will start from 4:00 pm UTC on Dec. 31, 2020. OKB holders can stake OKB to mint OKT until 4:00 pm UTC on Jan. 14, 2021.
I. Detailed rules for OKT’s initial minting
Token staked: OKB
Token minted: OKT
The total amount of initial minting: 10,000,000 OKT
Minting period: 14days
Minimum staking per person: None
Maximum staking per person: None
The upper limit of total staking: None
Staking rules: Stake and unstake at any time
Required verification: Level 2
II. Calculation rules for OKT’s initial minting
- Minted OKT is calculated in real-time and can be withdrawn at any time.
- Hourly release rate for users: The amount of personal OKB staked/the total amount of OKB staked * newly released OKT per hour.
Example: If a user stakes 100 OKB, and the total number of OKB staked at that time is 100,000, and the number of OKT released per hour is 10,000, then the user’s hourly OKT collection = 100 / 100,000 * 10,000 = 10 OKT.
III. Steps to stake and unstake OKB during OKT’s initial issuance
Step 1: Before the initial minting starts, transfer your OKB to your Funding Account in advance.
Step 2: Log in to OKEx’s official website and click “Finance” > “Jumpstart”
Step 3: After the initial minting has begun, click “Stake now,” enter the amount of OKB you want to stake and confirm.
You will start receiving OKT after completing the steps mentioned above.
Step 1: Click “Withdraw” to receive your available OKT, which will be deposited in your Funding Account.
Step 2: Click “Unstake” to release OKB at any time. The unstaked OKB will automatically be returned to your Funding Account.
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 the OKExChain launching process is the Jumpstart distribution process explained above.
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 mainnet 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.
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