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CoinDCX launches Okto Chain to streamline Web3 development

Okto aims to simplify the Web3 landscape by offering a unified approach. This will make it easier for developers to integrate blockchain functionalities into their applications

Shashank Bhardwaj
Published: May 22, 2024 04:03:46 PM IST
Updated: May 22, 2024 10:35:09 AM IST

CoinDCX launches Okto Chain to streamline Web3 developmentImage: Shutterstock

Cryptocurrency exchange CoinDCX has launched the Okto Chain to streamline web3 development and accelerate the growth of the decentralised economy.

This orchestration layer acts as a bridge between developers and the complexities of Web3. By providing a unified interface and a suite of easy-to-use software development kits (SDKs), Okto is seeking to allow developers to integrate Web3 functionalities into their applications. This translates to a simplified development process and, ultimately, user experiences that are smooth and mobile-friendly, akin to familiar Web2 applications.

CoinDCX further announced that the $OKTO token will fuel the Okto Chain. This token is vital in maintaining network security while promoting its overall growth.

Okto Chain has officially emerged from stealth mode, with over one million users already leveraging its capabilities through the Okto Wallet app and more than 20 decentralised applications (dApps) built on the chain. Being the first Okto Chain wallet, it offers an enhanced trading experience with built-in Chain Abstraction.

With the launch of season one of the Okto Wallet points program, users are incentivised for on-chain transactions. Existing self-custody wallet holders received bonus Okto points, while users on centralised exchanges can earn points by transferring their assets to the Okto Wallet. Seven percent of the total $OKTO token supply will be airdropped to early adopters through this program.

Sumit Gupta, co-Founder of CoinDCX, says, "Our core principle has always been user-centricity. We started by making crypto accessible to the masses, and we foresaw that all centralized finance platforms would eventually integrate decentralized finance. In 2022, we unveiled a Web3 strategy, focusing on smartphone users to participate in this new economic landscape. The Okto Wallet was our initial step in this direction, and the Okto Chain represents a major leap forward."

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
Twitter: @bhardwajshash