CoinDCX To Expand Okto Ecosystem With In-House Blockchain And Token

Two years after foraying into the decentralised finance (DeFi) space with Okto Wallet, homegrown cryptocurrency exchange CoinDCX  is planning to launch an in-house blockchain and token, a move aimed at fueling DeFi adoption in the country.

The blockchain called ‘Okto Chain’ will enable developers to integrate Web3 functionalities into their apps, CoinDCX said in a statement.

The chain will essentially work as an orchestration layer, offering developers a unified platform to build advanced Web3 apps without going into the complexities of the blockchain ecosystem.

The platform will also provide access to simple software development kits (SDKs) and pre-built blocs, enabling developers to incorporate Web3 rails, protocols and chains into apps within hours.

CoinDCX said the Okto Chain will be powered by the $OKTO token, adding that the latter will be instrumental in ensuring network security and fuelling network growth.

The company has also introduced Okto points programme to reward early users for their on-chain transactions. 

All existing self custody wallets have been rewarded with bonus points, while users trading on other centralised exchanges can earn bonus points by moving assets to the Okto wallet.

As much as 7% of $OKTO token will be distributed to early users via an airdrop campaign, CoinDCX said.

It is pertinent to note that CoinDCX launched its fully native DeFi app Okto in 2022, providing users access to over 100 decentralised apps (dApps) and 20+ blockchains. The Okto Wallet app has already reached more than 1 million users, with other 20+ dApps building on it.

What started as Okto Wallet has turned into an Okto ecosystem, said Neeraj Khandelwal, cofounder of CoinDCX and Okto.

“In the future, an average Web3 user will interact with multiple chains, doing cross-chain token swaps, confirming identity across multiple chains, and transferring NFTs from one application to another across various blockchains. This would result in fragmented liquidity and a disjointed experience for users,” Khandelwal added.

“To engage the next billion Web3 users, simplifying these interactions by chain abstraction is crucial for enhancing front-end usability. Developing Web 3 applications in a fast and composable manner is key to solving this fragmentation in a multichain world. This is precisely the role Okto Chain aims to play.”

The development comes at a time when the crypto sector is facing regulatory clampdowns and heavy taxation. Amid regulatory turbulence, several players in the space are looking beyond crypto exchange businesses while some have shut shop.

In March 2024, crypto trading platform OKX shut down its operations in India amid regulatory uncertainty, joining the likes of Pillow, Flint, WeTradede, who have also exited India.

Recently, CoinDCX invested in crypto taxation platform KoinX in line with its plans to facilitate secure crypto trading experience for its users.