OKT Chain

OKT Chain (OKT) is the native cryptocurrency of the OKT Chain, a decentralised blockchain network developed by OKX, formerly OKEx. Originally launched as OKExChain, it was rebranded to OKT Chain to align with the broader ecosystem vision of OKX. The platform is designed to support high-performance decentralised applications (dApps), smart contracts, and digital assets. OKT Chain offers compatibility with the Ethereum Virtual Machine (EVM), allowing for seamless deployment of Ethereum-based dApps. It features high transaction throughput, decentralised governance, and cross-chain interoperability, making it suitable for a range of DeFi applications and other blockchain-based services.

OKT, the native token of OKT Chain, serves several critical functions within its ecosystem:

1. *Transaction Fees*: OKT is used to pay transaction fees on the OKT Chain, including fees for token transfers and executing smart contracts. 2. *Staking and Governance*: OKT holders can stake their tokens to participate in the network’s proof-of-stake consensus, securing the network and earning staking rewards. They can also vote on proposals affecting the network. 3. *Incentives and Rewards*: OKT is used to incentivise validators, developers, and other participants through various reward mechanisms. 4. *DeFi and dApps*: OKT is utilised within DeFi protocols and other dApps on the OKT Chain, including decentralised exchanges (DEXs) and lending platforms.