CoinDCX Introduces Okto Chain to Simplify Blockchain for Developers

• Blockchain Council
• September 02, 2024

CoinDCX, a prominent cryptocurrency exchange based in India, is making significant strides in the decentralized finance (DeFi) arena. Following the successful launch of their Okto Wallet two years ago, the company now sets its sights on introducing its very own Blockchain and token, a move aimed at bolstering DeFi adoption within the nation.

The newly minted Blockchain, dubbed ‘Okto Chain,’ is poised to revolutionize the landscape for developers by providing them with a streamlined avenue to integrate Web3 functionalities into their applications, as per a statement from CoinDCX.

Functioning as an orchestration layer, Okto Chain offers developers a simplified platform to construct advanced Web3 applications sans the intricacies associated with Blockchain technology. Moreover, the platform grants access to user-friendly software development kits (SDKs) and pre-built blocks, thereby expediting the integration of Web3 protocols and chains into applications within a matter of hours.

Integral to the functioning of the Okto Chain is the $OKTO token, which plays a pivotal role in upholding network security and propelling network expansion, according to CoinDCX.

In a bid to incentivize early users, CoinDCX has unveiled the Okto Points program, rewarding users for their on-chain transactions. Existing self-custody wallets have already been bestowed with bonus points, while users conducting trades on other centralized exchanges stand to earn bonus points upon transferring assets to the Okto wallet.

Approximately 7% of the $OKTO token will be disseminated to early users through an airdrop campaign, as disclosed by CoinDCX.

Notably, CoinDCX initially ventured into the DeFi landscape back in 2022 with the launch of its fully native DeFi application, Okto. Since then, the Okto Wallet app has garnered a substantial user base, surpassing the one million mark, with over 20 decentralized applications (dApps) leveraging its framework.

Neeraj Khandelwal, co-founder of CoinDCX and Okto, highlighted the evolution of the Okto ecosystem, emphasizing the platform’s role in simplifying interactions across multiple chains and enhancing front-end usability for Web3 users.

In the wake of regulatory uncertainties and heightened taxation within the crypto sector, CoinDCX’s foray into Blockchain development underscores its commitment to fostering a decentralized economy. With the launch of the Okto Chain, CoinDCX aims to streamline Blockchain technology for developers, thereby catalyzing the widespread adoption of DeFi applications.

Sumit Gupta, Co-Founder of CoinDCX, reaffirmed the company’s user-centric approach, stressing their vision to enable widespread participation in the decentralized economy through initiatives like the Okto Wallet.

As CoinDCX ventures into uncharted territories with the Okto Chain, the company remains steadfast in its mission to empower developers and users alike, ushering in a new era of decentralized finance in India.