What is OKC Token (OKT)?
OKC (OKT) is one of the tokens hosted on the OKEx ecosystem. It’s used as the utility and governance token on the smart contracts development platform OKC. Developers can use it to deploy blockchain-based projects such as decentralized apps (dApps), NFTs, and other Web3 solutions.
The OKC Token was developed by OKEx to provide an open-source ecosystem for DeFi and GameFi projects. It’s important to note that the OKEx ecosystem was rebranded to OKX in January 2022. However, for the sake of clarity, it’s referred to as OKEx here. You can find information about the OKC price in the chart and statistics bar above.
What is the Story of OKC Token?
OKC is part of the OKEx ecosystem, which was co-founded by Jay Hao and Mingxing “Star” Xu. Hao is the CEO at OKEx and a self-proclaimed crypto visionary who’s focused on GameFi, NFTs, and metaverse technology. Xu is the founder of the OKCoin exchange and is no longer affiliated with OKEx.
The OKC project began in late 2020. While OKEx itself is a spot and derivatives exchange, the organization saw missed opportunities in the crypto space, such as development for Web3, that could be leveraged. OKC focuses on the core ideas and principles of blockchain technology, such as decentralization, transparency, and openness.
In December 2020, the OKC Token crypto team announced that the Mainnet would be launched over four stages, starting with the genesis stage on December 31st, 2020, and lasting until January 14, 2021. At launch, the OKT price was worth more than $60.
For the most part, OKT had a successful first year in the market. The token has performed with high volatility since its launch. April and May of 2021 were particularly notable for the asset’s performance, as the OKC Token price passed both $100 and $200 thresholds, peaking just short of $255.
In the latter half of 2021, OKC published an update detailing its performance in the first three quarters since the Mainnet launch. According to this report, the platform was used to deploy more than 80 projects, primarily focused on DeFi, GameFi, and NFT technologies.
Additionally, OKX has set out a disclaimer that it’s not responsible for the quality of the projects developed using the OKC Token, nor any risks or losses that users may experience. OKX also does not endorse any of the projects and only provides development and deployment services via OKC.
What Are the Features of OKC Token?
The total supply of OKC tokens that was initially issued is 10 million. While the asset is deflationary, the maximum supply is subject to change as it’s not hard-capped. It’s estimated that the max supply may be limited to 72.2 million. It’s expected that the OKC Token price will increase over time, as the supply diminishes.
While the OKC Token is primarily used to work with DeFi projects, such as decentralized exchanges, it also offers GameFi and metaverse support. Users can mint NFTs for their blockchain games and utilize the IDO Launchpad. Additionally, OKC offers a GameFi accelerator grant to provide support for small-scale developers.
OKC is EVM-compatible and IBC-interoperable. This means that developers can work with Ethereum-based smart contracts, as well as create apps that function on the Cosmos ecosystem. It also provides Oracle support, allowing the blockchain to access external data without compromising network security.
The platform is completely open-source. Users are able to access open-source blockchains and use both the testnet and the mainnet environments. Users can utilize middleware that enables additional blockchain support for transaction processing and communication. The OKC Token price is listed as the main transaction method.
The OKC ecosystem is secured using the Delegated Proof-of-Stake (DPoS) consensus mechanism. Users that want to apply to become a validator must stake a minimum of 10,000 OKT. Each block validator is eligible for rewards. At launch, the reward rate was set to 1 OKT per block and is halved every 3 years.
Additionally, validators, as well as other token holders, are eligible to receive transaction fees in return for staking their assets and contributing to network security. However, only the validators are allowed to submit on-chain proposals and execute order pending operations. These actions require the users to pay a certain OKC token price value.
The OKC community acts as the network’s decentralized autonomous organization (DAO). All stakeholders are granted voting rights. The OKT price for one token is worth one governance vote. Users that delegate validators can vote for up to 30 candidates using a single wallet address.
