Indian Crypto Exchange CoinDCX’s DeFi Arm Okto to Launch Blockchain and OKTO Token

As a researcher with experience in the crypto and blockchain industry, I’m excited about CoinDCX’s expansion of the Okto wallet into an Okto ecosystem. This move is significant because it aims to provide global users with a single-click mobile experience in Web3 space. The launch of a points program and the upcoming blockchain and $OKTO token later this year further strengthens this vision.

Indian cryptocurrency exchange, CoinDCX, is broadening the scope of its initial Okto wallet into a full-fledged Okto ecosystem. Effective from Tuesday, this expansion will encompass the launch of a native blockchain, a digital token, and a rewards points program.

The goal is to provide a seamless, one-click mobile journey for users exploring the Web3 realm, as shared by Neeraj Khandelwal and Sumit Gupta during their conversation with CoinDesk.

As a researcher studying Okto’s rewards program, I can explain that the primary goal of this initiative is to catalyze the upcoming launch of the Okto blockchain, scheduled for late 2024. This is also when the introduction of the OKTO token will take place, which will serve as the currency for the blockchain transactions. Users engaging in on-chain transactions will be rewarded with points. Additionally, those trading on external platforms can earn bonus points by transferring their assets to the Okto Wallet. Up to 7% of the total supply of OKTO tokens is set aside for distribution through this airdrop, targeted towards early adopters.

As a researcher studying the DeFi (Decentralized Finance) landscape, I’ve been following the developments at CoinDCX closely. In August 2022, they introduced Okto, their new mobile app with an integrated wallet, designed to simplify the shift from traditional crypto usage to decentralized finance for consumers. Over the past two years, my focus has been on understanding how CoinDCX is addressing the challenge of delivering a seamless user experience – a key factor in attracting the next billion users to Web3 technologies.

“According to Khandelwal, using a self-custody wallet was a complicated process that involved navigating various challenges of the Web3 world, including blockchain technology, self-management of digital assets, security concerns, and transaction signing or gas fees. With Okto, users can enjoy a simple and intuitive mobile experience similar to Web 2 platforms.”

The concept of delivering a natively smooth user experience for DeFi was achieved in stages. Initially, we focused on refining our internal processes to enhance the efficiency of utilizing DeFi’s components.

During phase two, we prepared the solution for external use by compiling it into a Software Development Kit (SDK). An SDK is essentially a collection of development tools. By making this available in a centralized manner, developers were able to create applications without having to delve deep into the complexities of each individual blockchain.

As a crypto investor, I’ve gone through the hurdles of creating a full-fledged Okto wallet with a built-in blockchain. In the second phase, we unveiled the Okto Web3 SDK, which is an industry innovation and allows any app or internet company to utilize the power of Web3 by integrating an embedded wallet seamlessly. Currently, we’re constructing the entire Okto Ecosystem.

As a researcher studying the intersection of Centralized Finance (CeFi) and Decentralized Finance (DeFi), I have long held the perspective that CeFi platforms would eventually adopt DeFi elements. This belief is based on the growing trend towards decentralization and the potential benefits it offers, such as greater security, transparency, and control for users.

Approximately twenty applications are being developed using the SDK, over fifty chains and protocols have been connected, and more than one million wallets have been generated within the “Okto Orchestration Layer.”

As a crypto investor, I’m actively seeking out multiple partnerships instead of limiting myself to just one. My goal is to make our project a global phenomenon by collaborating with various entities.