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Academy OKX News Article
DeFi OEC

OKC launches Swap and Farm DApps, allowing users to increase their OKT earnings

2021.01.22 OKX Public Relations

Seychelles, Jan. 22, 2021 — OKX (www.okx.com), a world-leading cryptocurrency spot and derivatives exchange, is delighted to announce that the team behind the open-source blockchain OKC has launched two decentralized applications, OKX Swap and OKX Farm, on the protocol. Both these new features, along with the opening of the OKT/USDT Farm Pool commenced today at 10:00 am UTC. 

OKT withdrawals also opened at the same time, giving OKT holders the ability to stake OKT along with USDT in Swap to earn OKT-USDT LP tokens. These can then be used to stake in the OKT-USDT Farm Pool for additional earnings, such as mining new OKT.

The OKX Swap and Farm initiatives have been enabled by the initial stability testing of the OKC mainnet that generated tens of thousands of OKT block rewards (according to OKC’s block reward rules). These tokens have not yet been allocated, meaning that OKT holders can unlock significant rewards by mining OKT on-chain.

The size of the reward will be voted on by the OKT/USDT whitelist pool on Jan. 26 at 10:00 am UTC. If the vote is approved, a snapshot will be taken according to the blocks that voted in favor, and the accumulated OKT will be distributed according to the proportion of OKT-USDT LP tokens that they had staked in the OKC Farm pool when the proposal was approved.

The amount of OKT that users can mine is equal to the number of tokens staked divided by the total number of tokens in the Farm Pool, multiplied by the cumulative amount of OKT. After the cumulative OKT allocation is complete, users can continue to mine through the OKT-USDT Farm Pool. Staking starts as soon as the Farm function is launched. 

“The phased launch of OKC is moving along at a very encouraging pace. Already after completion of the initial stage, we have seen its native token, OKT, commanding an all-time high of $86.54 in its first days of trading on the OKX platform. We’re thrilled that the team behind OKC has been able to provide OKT holders with even more benefits through the Swap and Farm initiatives and to see OKC expanding its utility,” commented OKX CEO Jay Hao.

In addition to staking and mining rewards via OKX Swap and Farm, OKT provides users with further immediate utility and benefits, including voting rights and transaction-fee payments for decentralized exchanges and other DeFi applications built on the network. OKT is currently available to trade on the OKX platform with zero fees on all trading pairs for the first 30 days.

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For further information on OKX Swap and OKX Farm DApps, please visit the OKX Support Center here.

About OKX

A world-leading cryptocurrency spot and derivatives exchange, OKX offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact

Email: [email protected]

Vivien Choi
Telegram: @vivienchoi

Andrea Leung
Telegram: @andrea_414

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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