OKEx, a major cryptocurrency exchange specializing in derivatives, announced the launch of the Swap and Farm decentralized applications that allow token holders to stake and mine rewards on its blockchain.
According to a Jan. 22 announcement, the OKExChain now allows its users to stake its native OTK tokens (and Tether’s USDT stablecoins) using OKEx Swap. This allows them to earn OKT-USDT LP tokens.
Those tokens, in turn, can be staked in the OKT-USDT Farm Pool which provides rewards in a variety of ways, most notably mining new OKT tokens. Friday marked the first time OKT tokens could be withdrawn from the platform.
OKEx CEO Jay Hao explained that this development is part of the phased launch of the blockchain, which just completed its initial stage.
“We have seen its native token, OKT, commanding an all-time high of $86.54 in its first days of trading on the OKEx platform,” Hao said. “We’re thrilled that the team behind OKExChain has been able to provide OKT holders with even more benefits through the Swap and Farm initiatives, and to see OKExChain expanding its utility.”
In addition to staking and mining in exchange for rewards, OKT tokens also grant access to voting rights and transaction-fee payments for decentralized exchanges and other decentralized finance (DeFi) features.
OKEx’s sympathy for DeFi is no secret. As Modern Consensus reported at the end of August 2020, OKEx listed eight DeFi tokens in a single day. In an exclusive interview with Modern Consensus conducted in mid-September, Hao argued that DeFi is a viable alternative to traditional finance.
“DeFi really has limitless potential depending on how well its participants overcome its vulnerabilities and aches and pains as it grows,” he said at the time. “There is always the possibility that this great blockchain experiment will fail. However, it is our strong belief that DeFi will continue to flourish and eventually grow up to be a viable alternative and supplement to the traditional financial system.”