Popular cryptocurrency exchange OKEx is set to launch its own native blockchain called OKChain in June.
Recently, OKEx uploaded a Medium post to commemorate the anniversary of the listing of its native cryptocurrency – OKB – on the OKEx spot trading market.
According to the post, around 1 million people now own OKB, resulting in trading volume of $15.6 billion for the coin in the past year.
OKEx is now looking to continue contributing to its own ecosystem, and part of its plan includes releasing its own native blockchain.
According to OKEx, the reason OKB has yet to be placed on a blockchain is because its operations team has secretly been building OKChain.
It is currently in the final development stage and the testnet version is set to be released in June this year. However, before then, OKB will be listed on the Ethereum ERC-20 blockchain in April.
“When the OKChain becomes stable, OKB will be migrated from the ERC-20 network to the OKChain mainnet,” writes OKEx.
At this point, OKB will become the native token of the OKChain network used to settle transaction fees and in decentralised apps (dApps) developed on OKChain.
OKEx is developing the blockchain so it can launch its first decentralised exchange (DEX) on OKChain.
OKB has a total supply of 1 billion coins, with 700 million currently locked away. OKEx has also announced that 300 million of the locked funds will be distributed to OKEx users through its loyalty program.
The remaining 400 million belongs to the OK Blockchain Foundation and the operations team. To make its ecosystem more efficient, the 700 million locked away will not be released until 2022 – two years later than previously stated.
A new announcement will be made in six months’ time to inform the public whether OKEx will extend the lock-up period or release the coins in batches.
Interested in reading more OKEx-related news? Discover how OKEx declared its faith in the UK market despite uncertainty surrounding Brexit.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.