Crypto exchange OKEx announced the launch of the OKExChain mainnet with 10 million OKT tokens available to early adopters. According to the announcement, the project has been in development for three years, with 10 testnet versions.
The mainnet rollout will take place in four phases, with the current epoch, the Genesis phase, lasting two weeks until January 13, 2021. Within Genesis, the native OKT token will be available as a reward for staking. Holders of OKB, which is OKEx utility coin, will be able to stake their tokens to earn OKT. As part of the staking rules, OKEx stated that there are no minimum or maximum staking limits.
After Genesis, the second and third epochs of the mainnet will include stability testing protocols and the introduction of the OKT function for withdrawal. In the fourth epoch, smart contract capabilities will be implemented to ensure full compatibility with Ethereum.
OKEx ran into trouble in the second half of 2020, freezing withdrawals in October after reporting the arrest of its founder. A month later, the platform resumed normal operations, followed by massive withdrawals of funds by users who had previously been stuck in limbo.
Image by OKEx