Coins & Tokens

Navigating the OKX Chain: Unraveling the Basics

Venturing into the blockchain landscape, one encounters a myriad of options, each with its unique features and functionalities. Among these, the OKX Chain stands out, offering a decentralized experience that began within the realm of a centralized exchange. Let's delve into the intricacies of OKX Chain, exploring its evolution, native assets, governance, Dapps, and the wallets that support this dynamic blockchain.

Evolution of OKX Chain: From Centralization to Decentralization

Launched by the renowned OKEx centralized exchange, the OKX Chain initially operated as an extension of the exchange, employing the OKT token. However, recognizing the power of decentralization, the platform underwent a transformation, evolving into a decentralized blockchain where token holders exercise governance authority. The distribution of the OKT token commenced with a strategic airdrop of 10 million OKT tokens to OKB token holders on the OKEx exchange, ensuring a relatively equitable commencement. Despite this, the total supply of OKT extends beyond, incorporating a mining reward mechanism and a capped maximum of approximately 41.69 million OKT.

OKX Chain Addresses: Bridging the Native and EVM Realms

One of OKX Chain's distinctive features lies in its support for two types of addresses. The native addresses commence with "ex," while compatibility with Ethereum Virtual Machine (EVM) addresses is denoted by the familiar "0x" prefix. This flexibility allows users to seamlessly integrate OKX Chain into popular wallets such as Metamask, Trust Wallet, ImToken, and more.

Governance and Staking: Empowering Token Holders

As of the latest update, the OKX Chain boasts 21 validators and 33 candidate nodes. Holders of the OKT token wield governance power, enabling them to participate in staking by becoming validators or delegating their governance power to existing nodes. This participation rewards stakers with an Annual Percentage Yield (APY) on their tokens, fostering an actively engaged community. The chain has already witnessed the execution of thousands of contracts, indicating its robust functionality.

Dapps on OKX Chain: Fostering a Native Ecosystem

The inception of a new blockchain invariably gives rise to a burgeoning ecosystem of decentralized applications (Dapps). OKX Chain is no exception, hosting native Dapps spanning various domains, including DeFi protocols, NFT platforms, and gaming applications. Examples include CherrySwap, WePiggy, SAMOURAI, and CryptoBlades. Furthermore, OKX Chain serves as a canvas for Dapps from other smart chains, with SushiSwap and JSwap making their presence felt.

OKX Chain Explorer: Navigating the Blockchain

A blockchain explorer serves as the window into the inner workings of a blockchain. OKX Chain, from its inception, has been equipped with a robust explorer— This tool empowers users to scrutinize the chain, conduct OKX Chain scans, inspect addresses, and verify transactions. The transparent nature of the blockchain enables users to explore every facet of OKX Chain seamlessly.

OKX Chain Wallet Addresses: Deciphering the 'ex' and '0x'

Understanding the two types of OKX Chain wallet addresses is crucial for users. Native wallets on OKX Chain start with "ex," while those integrated into the EVM realm adopt the familiar "0x" prefix. It's imperative to use chain bridges like Anyswap or ChainSwap when transferring tokens between different chains to prevent potential fund losses.

Navigating Fees on OKX Chain: The Role of OKT Token

To engage with OKX Chain seamlessly, users need the native OKT token. OKT serves as the payment token for transaction fees, smart contract execution, and other essential functions on the OKX Chain. Ensuring a sufficient OKT token supply is vital for a frictionless experience on the OKX Chain.

OKT vs. OKB: Deciphering Two Tokens

OKX Chain introduces a dual-token system with OKT and OKB. While OKT is the central token within the OKX Chain ecosystem, serving governance and fee-related functions, OKB operates within the OKEx exchange realm, offering benefits such as fee discounts and participation in token sales.

Wallets Supporting OKX Chain: Integration and Accessibility

OKX Chain's compatibility with the Ethereum Virtual Machine facilitates easy integration into various wallets. While some wallets may natively support OKX Chain, others may require manual addition through EVM integration. Popular wallets like Metamask and Trust Wallet can be configured to accommodate OKX Chain, extending accessibility to users.

OKX Chain Wallets: Navigating the Ecosystem

Diving into the realm of OKX Chain, users encounter a spectrum of wallet options catering to the diverse needs of its decentralized ecosystem. Understanding and choosing the right wallet is pivotal for seamless interaction with OKX Chain. Let's explore the wallets that offer support for OKX Chain, ensuring users can engage with this dynamic blockchain effortlessly.

Native OKX Chain Wallets

As OKX Chain embraces decentralization, it introduces native wallet options that align seamlessly with the blockchain. These wallets generate addresses commencing with the distinctive "ex" prefix, signifying their integration into the OKX Chain's ecosystem. These native wallets offer a direct and efficient means of interacting with the blockchain.

EVM-Compatible Wallets

Given OKX Chain's compatibility with the Ethereum Virtual Machine (EVM), users can leverage a wide array of EVM-compatible wallets to access their OKT tokens and engage with the blockchain. Wallets such as Metamask, Trust Wallet, and ImToken are prime examples. By adding OKX Chain manually through these wallets, users can bridge the native and EVM realms, unlocking a broader spectrum of functionalities.

Also Metamask can support OKX chain. See how to add it to Metamask here.

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