TL;DR
- OKTO Expansion: OKTO is set to launch its own blockchain and native token, transitioning from a wallet app to a full-fledged Web3 ecosystem, aiming to simplify the user experience for mass adoption.
- Rewards Program: A new points system will reward users for on-chain activities, with additional benefits for transferring assets to the OKTO Wallet, and an airdrop of 7% of tokens to early adopters.
- Fairness and Technology: OKTO is implementing anti-fraud measures and developing an advanced orchestration layer to ensure equitable token distribution and to democratize access to Web3 services.
OKTO, the DeFi arm of Indian crypto exchange CoinDCX, is poised to launch a new blockchain and its native OKTO token, marking a significant leap in the Web3 space. The platform’s expansion from a wallet to a comprehensive ecosystem is designed to provide users with a seamless, single-click mobile experience across Web3 applications.
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The announcement you've been waiting for is finally here 🥁
Say GM to the Okto Chain – the Web3 Orchestration Layer by @CoinDCX!
We’re leveling up Chain Abstraction and revolutionizing the journey for 50M on-chain users.
Watch the video to join the transformation! 🌟 pic.twitter.com/LvIFWWnFVv
— Okto 🐙⛓️ | Orchestrating Web3 (@okto_web3) May 14, 2024
The launch of OKTO’s new blockchain is heralded by the rollout of a pioneering points system, poised to become the cornerstone of the forthcoming OKTO blockchain, anticipated to go live later in the year.
This inventive scheme is designed to bestow rewards upon users for their on-chain activities, further sweetened by additional points when users move their assets into the OKTO Wallet.
In a strategic move to engage early adopters, OKTO has announced an airdrop of 7% of its tokens to its initial user base. Launched in August 2022, OKTO initially emerged as a DeFi mobile app featuring an integrated wallet, simplifying the transition for crypto consumers to the world of DeFi.
After nearly two years of meticulous testing and development, OKTO has addressed the challenges of a fragmented user experience, setting the stage to onboard the next billion Web3 users.
Neeraj Khandelwal and Sumit Gupta, the visionaries behind CoinDCX, have underscored the critical need for an interface that mirrors the ease of Web 2.0 while operating in the Web3 domain.
Simplifying Blockchain: OKTO’s User Experience Revolution
The OKTO platform has been thoughtfully engineered to streamline the user experience by removing the intricate barriers typically found in blockchain technology, including the nuances of self-custody, the intricacies of security measures, the process of transaction authentication, and the handling of transaction costs.
The points program is just the beginning of OKTO’s ambitious roadmap. The platform has allocated an initial drop of 20 million points to reward eligible on-chain traders.
Activities that qualify for points include depositing crypto, buying and selling tokens, futures trading, and participating in airdrop quests. High-volume traders can expect a 1.5x bonus on their first $1 million in futures volume, further encouraging engagement with the platform’s offerings.
As the crypto community continues to scrutinize the fairness of token distributions, OKTO has taken steps to ensure a level playing field. The platform has implemented robust sybil checks and partnered with leading anti-sybil establishments to prevent fraudulent activities.
Moreover, OKTO is advancing its technological infrastructure with the development of a fully expressive orchestration layer. With the launch of its blockchain and token, OKTO is not just distributing wealth but also democratizing access to the Web3 world.
The details regarding the total supply and allocation of the remaining 93% of OKTO tokens will be revealed in the next version of the whitepaper, as the community eagerly anticipates the full potential of this pioneering DeFi platform.
