Victoria, Seychelles, December 20, 2022 - OKC (OKX Chain), the EVM and IBC-compatible chain backed by OKX – the world’s second-largest crypto exchange by trading volume, announced the launch of their Liquid Staking protocol, with staking rewards of up to 40% APR. Liquid Staking is meant to be a key element for the rapidly-expanding DeFi ecosystem on OKC, providing a way for OKC users to effectively and flexibly utilize the chain's native token, OKT.
Better liquidity & utilization of assets for OKC users
The problems of inaccessibility, illiquidity, and inefficiency of asset utilization with the conventional staking product can be addressed with Liquid Staking. By offering users the rewards of staking with no minimum token requirement, no lock-up period, and the ability to deploy their staked tokens in other protocols, liquid staking could be a game-changer in the way people secure and manage their digital assets.
OKC Liquid staking is an innovative alternative to the traditional staking approach as it allows users to earn staking rewards on OKT while deploying them. Users can access the OKC Liquid Staking protocol to stake OKT and receive stOKT (staked OKT) in return that can be deployed on on-chain DeFi protocols to earn more rewards. stOKT can also be swapped into OKT on OKX DEX for liquidity.
Bolstering the OKC ecosystem
The EVM- & IBC-compatible OKC Chain is built to empower DeFi and Web3 global adoption by offering DApps developers the means to deploy their applications and crypto assets from other chains to the OKC ecosystem and vice versa while enjoying the benefits of high throughput, low gas fees, and a secure network.
In 2022 alone, the OKC Chain experienced massive growth with over 190 new project integrations, securely processed over 195 million transactions, and obtained more than 81 million total wallet addresses - a whooping 20x rise in just a year.
The launch of Liquid Staking is expected to give a significant rise to the volume of assets flowing into OKC, result in a higher TVL (or total value locked), and further advance the expansion of the OKC network.
"Liquid Staking is a key element of our vision for promoting decentralization and creating more opportunities for OKX users. Not only does Liquid Staking add liquidity and utility of assets, but it also plays an important role in boosting the on-chain TVL and ecosystem development. We are thrilled to see Liquid Staking grow in parallel with other OKC's DeFi products, and lay the foundation for future advanced protocols on chain"
– Chai Li, Head of OKC Ecosystem Development.
Users can now stake OKT to receive rewards of up to 40% APR through OKC Liquid Staking.
OKC (OKX Chain) is an EVM-compatible L1 built on Cosmos with a focus on true interoperability (IBC) and maximized performance. At high scalability, developers can build and scale with low gas fees. The OKC ecosystem and infrastructure, including the all-in-one multi-chain Web3 interface, enables a seamless experience for both developers and users.
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