Digital asset marketplace OKEx announced on Friday the team behind the open-source blockchain OKExChain has launched two decentralized applications, OKEx Swap and OKEx Farm, on the protocol. According to OKEx, both these new features, along with the opening of the OKT/USDT Farm Pool commenced today at 10:00 am UTC.
OKEx reported OKT withdrawals also opened at the same time, giving OKT holders the ability to stake OKT along with USDT in Swap to earn OKT-USDT LP tokens. These can then be used to stake in the OKT-USDT Farm Pool for additional earnings, such as mining new OKT.
“The OKEx Swap and Farm initiatives have been enabled by the initial stability testing of the OKExChain mainnet that generated tens of thousands of OKT block rewards (according to OKExChain’s block reward rules). These tokens have not yet been allocated, meaning that OKT holders can unlock significant rewards by mining OKT on-chain.”
Speaking about the launch, OKEx CEO, Jay Hao, stated:
“The phased launch of OKExChain is moving along at a very encouraging pace. Already after completion of the initial stage, we have seen its native token, OKT, commanding an all-time high of $86.54 in its first days of trading on the OKEx platform. We’re thrilled that the team behind OKExChain has been able to provide OKT holders with even more benefits through the Swap and Farm initiatives and to see OKExChain expanding its utility.”
OKEx added that in addition to staking and mining rewards via OKEx Swap and Farm, OKT provides users with further immediate utility and benefits, including voting rights and transaction-fee payments for decentralized exchanges and other DeFi applications built on the network. OKT is currently available to trade on the OKEx platform with zero fees on all trading pairs for the first 30 days.