By
Godfrey Benjamin
April 24th, 2024
OKEx plans to catch up with Binance by scheduling the launch of its in-house decentralized exchange, DEX, for this June. The DEX will run entirely on OKEx’s own blockchain.
Malta-based cryptocurrency exchange, OKEx, announced plans to launch its in-house decentralized exchange (DEX) running on its blockchain. The company said in a blog post that OKChain is now in the concluding stages of development.
It plans to launch the DEX on a testnet this June. The latest announcement comes as OKEx’s global utility token OKB reaches a year since its launch.
The exchange confirmed that it will put the OKB token onto an Ethereum ERC-20 standard blockchain due to demand. The end of April marks the date set for putting the OKB onto an ERC-20 blockchain. OKEx will then move all tokens to OKChain later on after the new network becomes ‘stable.’ The company said:
“Due to a large number of users calling for OKB to be put on the blockchain, after considerations, our team has decided to put it onto the ERC-20 blockchain first by the end of April. When the OKChain becomes stable, OKB will be migrated from the ERC-20 network to the OKChain mainnet.”
When the OKDEx platform launches, users will vote for the best super node candidates. All transaction fees will be settled on the new platform. The company also stated that the OBK coin will feature in the token pre-sales. Moreover, the OKJumstart platform will work with OKB as the native token. The official announcement said:
“OKB will be the native token of the OKChain network, which can be used to settle transaction fees, or used in the Dapps [decentralized apps] developed on OKChain.”
That is an initiative that will enable crypto start-ups and projects to launch their digital assets to the market while raising money to fund their projects.
Exchanges with DEX
OKEx follows the lead of Binance that already announced its decentralized exchange launch on its blockchain network. It now seems like a decentralized exchange is the most recent must-have accessory for the exchanges. Binance opened its DEX for public testing in February letting users create wallets and interact with the platform’s interface.
Last month, Binance also announced a trading competition with set prizes of $100,000 in its BNB token. The competition was launched with an aim to boost the number of people testing the platform.
Singapore-based crypto exchange Huobi will go further according to their latest announcement. They wanted to evolve into a standalone decentralized exchange last June. At that time, Huobi offered funds for developer assistance in the development of an underlying open-source blockchain protocol.
Among all the exchanges, Binance ranks as the major revolution catalyst introducing the decentralized exchange (DEX) platforms in the market. The company launched its DEX platform to enhance the security and efficiency of its services. The markets loved it with the BNB coin appreciating at one point by over 75% within days.
Binance did not stop at that. According to the latest insiders’ information, evidence shows that in the future Binance may become the first autonomous decentralized company worldwide. Our verified announcement confirmed that Binance will transfer all the company’s value to its BNB coin. The transfer will enable the company to become the first decentralized corporation in the world.
Hence, the latest products released by OKEx include the OKChain, the OKB token, the OKJumpstart, and the OKDEx. They follow the lead that Binance is doing with its Binance Chain, BNB token, the Binance Launchpad, and the Binance DEX.