Two years after entering the decentralized finance (DeFi) realm with Okto Wallet, Indian cryptocurrency exchange CoinDCX is gearing up to introduce an in-house blockchain and token, signaling a strategic move to bolster DeFi adoption within the country.
Dubbed ‘Okto Chain,’ this blockchain will empower developers to seamlessly integrate Web3 functionalities into their applications, simplifying the process with a unified platform. By serving as an orchestration layer, Okto Chain aims to streamline the development of advanced Web3 apps, sparing developers the complexities inherent in the blockchain ecosystem.
Furthermore, the platform will furnish developers with accessible software development kits (SDKs) and pre-built blocks, enabling swift integration of Web3 rails, protocols, and chains into their applications.
CoinDCX emphasized that Okto Chain will be underpinned by the $OKTO token, which will play a pivotal role in ensuring network security and fostering network expansion.
In a bid to incentivize early adopters, CoinDCX has introduced the Okto points program, rewarding users for their on-chain transactions. Existing self-custody wallets have received bonus points, while users conducting trades on other centralized exchanges stand to earn bonus points by transitioning assets to the Okto wallet. Additionally, up to 7% of $OKTO tokens will be distributed to early users through an airdrop campaign.
This initiative builds upon CoinDCX’s earlier foray into the DeFi landscape with the launch of the fully native Okto app in 2022. Boasting access to over 100 decentralized apps (dApps) and 20+ blockchains, the Okto Wallet app has already garnered over 1 million users, with over 20 dApps building on its foundation.
According to Neeraj Khandelwal, co-founder of CoinDCX and Okto, what initially began as Okto Wallet has evolved into a comprehensive Okto ecosystem. Khandelwal emphasized the importance of simplifying user interactions in the Web3 space, particularly amid the burgeoning multichain landscape. Okto Chain aims to address this challenge by offering chain abstraction, thereby enhancing front-end usability and enabling rapid development of Web3 applications.
This development unfolds against the backdrop of regulatory uncertainty and heightened taxation within the crypto sector. While regulatory pressures have prompted some players to exit the Indian market, CoinDCX remains committed to innovation and user security, exemplified by its recent investment in crypto taxation platform KoinX.
Source: startupnews.fyi
