Malta-based crypto exchange[1] OKEx has announced plans for its own decentralized exchange or DEX on its own blockchain. The company made the announcement on Friday detailing the OKEx blockchain.
OKEx Blockchain: OKChain
According to a release on Medium[2], the company detailed how its operations team has been developing a blockchain called OKChain. The blockchain will be the underlying tech for the exchange’s first decentralized exchange, suitably called OKDEx.
OKChain is at the final stage of development with a test network launch expected in June.
The exchange’s native[3] coin OKB will migrate to an Ethereum ERC-20 standard blockchain in April. Then after the test and once the OKChain is deemed stable, it and all other tokens will be moved[4] to the new OKEx blockchain. OKB will become the native token of the OKChain blockchain.
According to 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 developed on OKChain.”
OKEx Blockchain and Others
A decentralized exchange is becoming a popular add-on for many cryptocurrency exchanges of the world. OKEx is not the first major exchange to develop its own DEX.
The world’s largest cryptocurrency exchange by market volume, Binance[5], is launching its own blockchain network soon.
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Last month, Binance ran public testing for its DEX and allowed users to create wallets and play around with the interface. It also launched a trading competition offering prizes of up to $100,000 worth of its native token, BNB, to draw testers to the platform.
Another major exchange, Singapore-based, Huobi is also
