Malta-based crypto exchange OKEx has announced plans for its own decentralized exchange or DEX on its own blockchain. The company made the announcement on Friday detailing the OKEx blockchain.
OKEx Blockchain: OKChain
According to a release on Medium, the company detailed how its operations team has been developing a blockchain called OKChain. The blockchain will be the underlying tech for the exchange’s first decentralized exchange, suitably called OKDEx.
OKChain is at the final stage of development with a test network launch expected in June.
The exchange’s native coin OKB will migrate to an Ethereum ERC-20 standard blockchain in April. Then after the test and once the OKChain is deemed stable, it and all other tokens will be moved to the new OKEx blockchain. OKB will become the native token of the OKChain blockchain.
According to the announcement:
“OKB will be the native token of the OKChain network, which can be used to settle transaction fees or used in the Dapps developed on OKChain.”
OKEx Blockchain and Others
A decentralized exchange is becoming a popular add-on for many cryptocurrency exchanges of the world. OKEx is not the first major exchange to develop its own DEX.
The world’s largest cryptocurrency exchange by market volume, Binance, is launching its own blockchain network soon.
>> Chicago Mayor Believes Crypto Adoption is “Inevitable”
Last month, Binance ran public testing for its DEX and allowed users to create wallets and play around with the interface. It also launched a trading competition offering prizes of up to $100,000 worth of its native token, BNB, to draw testers to the platform.
Another major exchange, Singapore-based, Huobi is also doing something similar. It too announced a standalone decentralized exchange last June. However, Huobi is planning on evolving completely into a DEX. The company is on the lookout for developers to create the underlying open source blockchain protocol for the platform.
What do you think of the OKEx Blockchain?
Featured Image: DepositPhotos © burdun