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OKEx Create Your Own Blockchain and DEX, Binance Holds a US $ 100,000 Prize Trading Competition

Written By Hanny & Melissa on Friday, April 12, 2019 | Friday, April 12, 2019

The plan to build a decentralized exchange (DEX) on its own blockchain has been announced by the OKEx Crypto Exchange. The Malta-based company said its operational team had developed a blockchain called OKChain.

OKEx is the eighth largest stock exchange in the world based on daily trading volume. On average, in a day the volume reaches US $ 615 million. OKChain will be the basic technology for OKDex decentralized exchanges. OKChain is said to be in the final stages of development and the trial network will be launched in June 2019.

Explained the existence of OKB as native OKChain network tokens that can be used to complete transaction costs or in decentralized applications developed above OKChain.

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OKB was first launched on March 22, 2018 and currently can be used in the OKEx global ecosystem, including OKB trading, voting for listings, OKNodes and a number of other features.

With OKB, users can vote to choose the super node candidate. OKB will also be used for the pre-sale process of tokens, and crypto projects are required to pay for the super node service using OKB.

Currently there are 700 million OKB saved, 300 million will be given to OKEx users through loyalty programs, while the rest will be held by the OK Blockchain Foundation and operational teams.

OKB can also be used on the OKEx token sale platform named OK Jumpstart. OSKE believes that the initial exchange offering (IEO) model is the ideal method to get funding for quality crypto projects.

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It seems that the exchange is decentralized and IEO is the latest trend for the crypto exchange. Binance, the world's largest crypto exchange by volume, also launched DEX on its own blockchain network and opened Binance Launchpad. (coindesk.com/ Redaction)

Binance opened a public trial for its DEX last month, where users can create wallets and interact with the DEX interface. Also last month, Binance held a trading competition with a total prize of US $ 100 thousand in the form of a Binance Coin (BNB) token to boost the number of users who tested Binance DEX.

The Singapore-based Huobi crypto exchange took a similar step. In fact, in June, Huobi will turn into a fully decentralized stock exchange. At that time, Huobi offered funding for developers who were willing to help create an open-source blockchain protocol that would become the foundation of the Huobi DEX platform.

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