OKX Blockchain Introduces Liquid Staking
OKC (OKX Chain), the EVM and IBC-compatible chain supported by OKX – the “second-largest” cryptocurrency exchange by transaction volume across the globe – has launched its Liquid Staking protocol. Liquid Staking is intended to be “a critical component of the fast emerging DeFi environment on OKC, allowing OKC customers to employ the blockchain’s native crypto token, OKT, efficiently and flexibly.”
According to a piece of information given with CI, the issues of lack of accessibility, low liquidity, and inefficiencies of asset usage with the standard staking solution “may be solved with Liquid Staking.”
By allowing users “the incentives of staking with really no minimum token threshold, no lock-up time, and the option to employ their staked tokens in rest of the protocols,” liquid staking has the potential to revolutionize how individuals safeguard and administer crypto assets.
OKC Liquid staking is characterised as “a unique alternative to conventional staking, since it lets users to receive staking incentives while employing OKT.”Furthermore, in return for using Liquid Staking on OKC, customers will obtain stOKT tokens that may be employed on other on-chain DeFi covenant or instantly exchanged for OKT on the OKX DEX for liquidity.
As stated in the official statement, the EVM- & IBC-compatible OKC Chain is “developed to empower DeFi and Web3 worldwide adoption by providing DApps programmers with the capability to employ their apps and cryptocurrencies from other blockchains to the OKC environment and conversely while savoring the advantages of high processing capacity, low gas charges, and a safe network.”
The OKC Chain witnessed exponential expansion in 2022, with more than 190 fresh project integrations, 195 million trades handled safely, and 81 million online wallet addresses gained — a 20-fold increase in a single year.
It is anticipated that the implementation of Liquid Staking would significantly increase the number of assets moving into OKC, lead to a greater TVL (or total value locked), and accelerate the growth of the OKC blockchain network.
Director of OKC Ecosystem Development Chai Li stated:
“Liquid Staking is a crucial component of our strategy to promote decentralization and expand options for OKX consumers. Liquid Staking not only increases the liquidity and usefulness of assets, but also has a significant impact on the on-chain TVL and network growth. We are ecstatic to watch Liquid Staking flourish with the rest of the OKC DeFi technologies, laying the groundwork for future sophisticated covenants on chain.”
Via OKC Liquid Staking, users may now “stake OKT to obtain incentives of maximum 40% APR.” OKC (OKX Chain) is an EVM-compatible L1 developed on Cosmos with an emphasis on full interoperability (IBC) and optimized throughput, as described in the upgrade. At a high level of scalability, programmers may construct and expand with cheap gas costs.”
The OKC network and framework, which includes the multi-chain Web3 frontend, allows a smooth encounter for both programmers and clients.