Victoria, Seychelles, — OKC (OKX Chain), the chain that is supported by OKX and is compatible with EVM and IBC, has announced the release of its Liquid Staking protocol. OKX is the world’s second-largest cryptocurrency exchange in terms of the trading volume. It is anticipated that Liquid Staking will play a crucial role in the quickly developing DeFi ecosystem on OKC by providing users of OKC with a means to make efficient and versatile use of the chain’s native token, OKT.
OKC is an EVM-compatible L1 that is built on Cosmos, and it places a strong emphasis on both true interoperability (IBC) and optimum performance. When the scalability is high, developers are able to build and scale with lower gas costs. A frictionless experience can be had by users and developers alike thanks to the ecosystem and infrastructure that OKC provides. This includes an all-in-one multi-chain Web3 interface.
Enhanced Asset Utilization & Liquidity For OKC Users
Liquid Staking is able to solve the difficulties of inaccessibility, illiquidity, and inefficiency of asset usage that are associated with the conventional staking product. Liquid staking has the potential to revolutionize the way users secure and manage their digital assets by allowing users to reap the benefits of staking without being required to stake a minimum amount of tokens, without being subject to a lock-up period, and with the ability to use their staked tokens in other protocols.
OKC Liquid staking provides users with the ability to collect staking incentives concurrently with the deployment of their OKT, making it a cutting-edge alternative to the conventional approach to staking. In addition, users that make use of Liquid Staking on OKC will be rewarded with stOKT tokens. These stOKT tokens can be used to participate in various on-chain DeFi protocols, or they can be immediately exchanged for OKT on the OKX DEX in order to gain liquidity.
Chai Li, Head of OKC Ecosystem Development, said, “Liquid Staking is a key element of our vision for promoting decentralization and creating more opportunities for OKX users. Not only does Liquid Staking add liquidity and utility of assets, but it also plays an important role in boosting the on-chain TVL and ecosystem development. We are thrilled to see Liquid Staking grow in parallel with other OKC’s DeFi products, and lay the foundation for future advanced protocols on the chain.”
Empowering DeFi & Web3 Global Adoption
The OKC Chain, which is compatible with EVM and IBC, was developed to facilitate the global adoption of DeFi and Web3. This is accomplished by giving developers of decentralized applications (DApps) the ability to move their applications and crypto assets from other chains to the OKC ecosystem and vice versa, all while taking advantage of the OKC ecosystem’s high throughput, low gas fees, and secure network.
The OKC Chain witnessed significant expansion in 2022, with over 190 new projects being integrated, safely processing over 195 million transactions, and obtaining more than 81 million total wallet addresses. This represents a whopping 20x increase in a single year.
It is anticipated that the introduction of Liquid Staking will result in a considerable increase in the volume of assets coming into OKC, which will in turn lead to a greater TVL (or total value locked), and thus further accelerate the process of expanding the OKC network. Users now have the ability to participate in OKC Liquid Staking to obtain incentives of up to a 40% annual percentage rate (APR).
