Alpha DeFi Research: OKC Network (OKX Chain)
My DeFi journey continued on Cosmos, where I discovered the OKC Network, an EVM and IBC compatible Layer-1 that offers high scalability with low fees, high performance and interoperability.
The OKX chain is powered by the $OKT Token, a hard-capped, scarce asset that is used to pay gas fees and generates rewards for users.
Success is guaranteed, as the OKC Network is backed by OKX, the world's 2nd largest crypto exchange by trading volume. Join OKX if you wish, as the ecosystem is thriving!
The launch of the OKC liquid staking was the main event of the month, covered in details by CoinTelegraph. The OKC DeFi ecosystem will bloom through the efficient way to utilize the OKT token, and the staking rewards of up to 40% APR.
The inaccessibility, illiquidity, and inefficiency of asset utilization are issues of the past, as the OKC Liquid Staking has no minimum token requirement, no lock-up period, and the ability to deploy staked tokens in other protocols. Staking $OKT is a game-changer in decentralized finance!
OKC Liquid Staking is shifting from the traditional staking approach and will enhance the user's gains. The LP providers will receive stOKT for OKT, and use it on other protocols.
"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 chain" Chai Li - Head of OKC Ecosystem Development.
Educational Video! Learn to stake $OKT, unstake and claim in only four minutes! Head over to OKC Liquid Staking to apply the knowledge and start earning!
Let's dive deeper into OKT Liquidity Staking! The process is simplified, as users can earn OKT rewards in a safe and decentralized method. The staked OKT ($stOKT) can be used to participate in on-chain DeFi or exchanged on secondary market.
OKT will be transformed into stOKT instantly, and the OKT tokens are delegated to validators on OKC for staking funds.
The Dashboard is user-friendly, breaking down DeFi entry barriers. Not on Cosmos? You can switch to OKCNetwork from the DApp and the chain details are added automatically!
No funds on OKX Chain? Not an issue, as the Stakely faucet will send you $OKT tokens for two swaps. Solve the capthca, post a tweet and receive $OKT instantly!
Are you confused about the OKT - stOKT synergy? stOKT is a KIP20 token that represents the account's share of the total amount of OKT staked on OKT Liquid Staking. It is an immutable token and the value of the token is subject to change over time because the staking funds received from staking OKT is not constant.
All staking rewards accumulated will be compounded automatically in the value of stOKT, therefore the value of stOKT changes over time.
ELI5 OKC Liquidity Staking: The users will stake their $OKT for $stOKT to earn staking rewards, and use $stOKT to maximize earnings. Connect to the OKC Network, stake and earn!
The value of 1 stOKT will not be equivalent to 1 OKT, as the accumulated rewards will be added to the initial staked OKT.
There are nearly one million OKT tokens staked in the pool, with 35.7% annual percentage rate. The stOKT market cap is heading towards 23 million USD.
Amazon author page: PV Mihalache