Crypto Exchange OKEx Is Building Its Own Blockchain To Develop Its DEX
OKEx, a Malta-based Crypto exchange has been reportedly working on developing a blockchain dubbed as OKChain to provide the underlying tech for its “first” decentralized exchange, OKDEx.
The company announced it plans to launch a decentralized exchange (DEX) on its own blockchain on Friday. Currently, at the “final” development stage, a test network of OKChain is expected to launch in June, as stated by the company.
The exchange elaborates that due to demand, it native token OKB will put onto an ethereum ERC-20 standard blockchain by April end and all tokens will be migrated to OKChain, once the new network is “stable.” Per the announcement:
“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.”
— OKEx (@OKEx) March 22, 2019
The popularity of decentralized exchange has been increasing lately and almost all exchanges dealing in cryptocurrency are planning to venture into this zone, including the world’s largest crypto exchange by adjusted trading volume, Binance, who is planning to launch a DEX on its own blockchain network.
Just last month, Binance opened its DEX for public testing that enables the users to create wallets and interact with the trading platform’s interface. To promote the DEX, the platform announced a trading competition with prizes of $100,000 in its native token BNB.
Huobi, a Singapore-based cryptocurrency exchange has taken this to another level, as it is reportedly working on evolving a standalone decentralized exchange last June.
Image source – OKEx Twitter