OKX announces OKT initial minting session for OKB holders via Jumpstart

OKT initial minting session will commence from 4:00 pm UTC on Dec. 31, 2020. OKB holders can stake OKB to mint OKT until 4:00 pm UTC on Jan. 14, 2021.

I. Detailed rules for OKT’s initial minting:

II.  Calculation rules for OKT's initial minting

1. Minted OKT is calculated in real time and can be withdrawn at any time.

2. Hourly release rate for users: The amount of personal OKB staked/the total amount of OKB staked * newly released OKT per hour.

Example: If a user stakes 100 OKB, and the total number of OKB staked at that time is 100,000, and the number of OKT released per hour is 10,000, then the user's hourly OKT collection = 100 / 100,000 * 10,000 = 10 OKT.

III. Steps to stake and unstake OKB during OKT's initial issuance

1.Staking process:

Step 1: Before the initial minting starts, transfer your OKB to your Funding Account in advance.

Step 2: Log in to OKX's official website and click "Finance" > "Jumpstart"

Step 3: After the initial minting has begun, click "Stake now," enter the amount of OKB you want to stake, and confirm.

You will start receiving OKT after completing the steps mentioned above.

2.Unstaking process:

Step 1: Click "Withdraw" to receive your available OKT, which will be deposited in your Funding Account.

Step 2: Click "Unstake" to release OKB at any time. The unstaked OKB will automatically be returned to your Funding Account.

OKC

The world's first open-source, high-performance trading chain, OKC is the next step in decentralized trading, allowing people to trade anything on-chain while retaining complete control over their assets.

OKC is a blockchain protocol that was developed to provide a safe and efficient infrastructure for the creation of decentralized applications, and particularly on-chain trading-focused services. With its low operational costs and fees, and an accessible user experience, OKC provides a large, highly optimized value-exchange ecosystem for the best trading performance.

OKT

OKT is the native token of the OKC ecosystem, providing immediate utility and benefits — such as voting rights, staking privileges and transaction fee payment — for decentralized exchanges and other DeFi applications built on the network. In its initial minting, the OKT genesis block will create 10 million tokens, which will be distributed to OKB holders who stake OKB via OKX, starting Dec. 31, 2020.

Theoretical upper limit: 72,208,000

Initial minting: 10 million

Halving circle: Every 36 months

Additional minting per block: 1 OKT

Ⅳ. Other important rules

1. The OKT initial minting is accessible to all OKB holders on OKX.

2. Only OKB available in the Funding Account can be used for staking. Please transfer your OKB to the Funding Account in advance. The OKB staked will be frozen and can be unstaked at any time, after which they will be available in your Funding Account.

3.After this minting session is completed, any remaining staked OKB will be automatically unstaked and unfrozen. Also, any rewards earned that are not claimed manually will be automatically transferred to your Funding Account.

4.Sub accounts cannot participate in this event.

Regards,
OKX
Dec. 29, 2020 (UTC)

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