Crypto exchange OKEx launches its non-custodial or decentralized exchange (DEX) – OKEx DEX – in test mode today. The DEX runs on OKEx’s native blockchain network, OKChain, a testnet of which went live today. According to the media, the testnet has been delayed by over six months. Earlier it was scheduled to get launched last June.
The CEO of OKEx says,
OKChain is a huge milestone for us. We are now able to provide an open, low-cost, and autonomous ecosystem for everyone to enjoy the benefits of blockchain and decentralization brings.
Future Development of OKEx
OKEx first revealed the development of OKChain and OKEx DEX in March 2019. At the time, the exchange said it will migrate all OKB tokens to OKChain. Reiterating the point, OKEx today said OKT will be the native token of OKChain and 100% of the genesis block will be mapped to OKB token holders.
A total of 700 million unissued OKB will be burned, said OKEx, adding that OKT trading will be available when the OKChain mainnet goes live.
It is currently unclear when the mainnet would go live. An OKEx spokesperson told the media that the mainnet schedule is yet to be determined. Because we’re eagerly waiting for the market response.
“OKEx DEX is the very first dApp on OKChain. We are looking at DEX potentially leveraging the vast market and user base accrued on OKEx’s exchange-traded products suite.” Lennix Lai, financial market director at OKEx told the media.
OKEx’s development is similar to rival Binance, which launched its native blockchain network (Binance Chain) and non-custodial exchange (Binance DEX), last year.
It remains to be seen how OKEx DEX performs in the crowded market of non-custodial exchanges. The current top three non-custodial exchanges by market share or trading volumes are Uniswap, KyberSwap, and Binance DEX, as per the research.
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