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Home»TRADING NEWS»CoinDCX’s Okto Chain allocates 1% of OKTO supply as developer subsidies.
TRADING NEWS

CoinDCX’s Okto Chain allocates 1% of OKTO supply as developer subsidies.

By Crypto FlexsSeptember 17, 20242 Mins Read
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CoinDCX’s Okto Chain allocates 1% of OKTO supply as developer subsidies.
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Okto Chain will allocate 1% of the upcoming tokens to incentivize early developers to start using the Okto Software Development Kit.

According to a press release shared with crypto.news, Okto, a blockchain focused on chain abstraction, has launched a grant program that allocates 1% of the total OKTO token supply to reward developers who start developing on the Okto chain using the SDK and built-in wallet before the token generation event.

Announced at the Token 2049 event in Singapore, the grant aims to encourage early adoption by helping developers integrate advanced Web3 features into their decentralized applications on Okto Chain.

Launched by CoinDCX in May 2024, Okto Chain aims to streamline blockchain integration and improve Web3 usability. The blockchain uses an orchestration layer that solves the problem of fragmented user experience across multiple blockchains, according to Neeraj Khandelwal, co-founder of CoinDCX and Okto Chain.

“With chain abstraction, we are breaking down technical barriers to enable the next wave of Web3 innovation,” Khandelwal told crypto.news.

The OKTO token, the native token of the Okto chain, is used to incentivize network participants, support decentralized security measures, and facilitate transactions across multiple blockchain networks. OKTO also plays a key role in the governance of the Okto chain, ensuring that developers, validators, and users all have a shared stake in the growth of the network. Detailed token economics for OKTO will be released later this year.

For developers, the Okto SDK simplifies blockchain development by providing a unified platform with a comprehensive set of APIs and programmable scripts known as “Blocs.” These tools allow developers to build dApps without worrying about gas management, transaction sequencing, or multi-chain compatibility.

According to the project white paper, the SDK is expected to reduce development time by more than 90%.

The announcement comes shortly after Okto Wallet, a self-custody solution built on Okto Chain, became the first Web3 wallet to receive a license to operate in RAK Digital Assets Oasis, a free zone in the United Arab Emirates. The development was part of CoinDCX’s expansion strategy in the region, where it previously acquired BitOasis, the first cryptocurrency exchange to be registered with the UAE’s Financial Intelligence Unit.

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