Digital Asset Firm OKEx Reveals that OKExChain Hit Over $1B in Total Value Locked in Past 24 Hours

The team at digital assets firm OKEx reveals that OKExChain (OEC) has hit over $1 billion in total value locked (TVL) in just the past 24 hours.

As previously reported, OKExChain is a set of open-source blockchain projects developed by OKEx.

They aim to support the development of large-scale commercial apps based on blockchain or distributed ledger tech (DLT).

As explained by the OKEx team, OKExChain “gives each participating node the same rights, allowing users to launch a variety of decentralized applications smoothly, issue their digital assets, create their own digital asset trading pairs, and trade freely.”

The utilization of cross-chain tech principles is essential “to allow those features to be used by anyone,” according to OKEx’s blog post which also noted that through the cross-chain module, the value interconnectivity and user interconnectivity, interconnectivity of blockchain can be “realized simply and efficiently, so that we can co-construct the ecosystem and the value-added system.”

OEC has reportedly welcomed 22 decentralized applications or dApps on the chain, including well-known decentralized (or non-custodial) exchange (DEX) projects like Sushiswap, Cherryswap and Dfyn or lending and borrowing projects such as DeFiner and Flux.

According to the announcement, OKExChain is being widely-used because of Ethereum Virtual Machine or EVM its compatibility, “making it possible for projects from Ethereum to be migrated to OKExChain — also marking the leading standard for smart contract development within the industry.”

As noted in the update shared with CI:

“[With] high performance and efficiency in mind, OKExChain was developed as a trading-focused blockchain technology to lower operational costs when building new trading applications and to enhance the overall user experience for decentralized trading.”

OKExChain is “100% permissionless,” which means that any developer may build and deploy solutions via the platform.

In another recent update, the OKEx team revealed that they’re pleased to confirm the listing of Axie Infinity Shards, or AXS, which is an ERC-20 governance token “for the Axie Universe.”

Developed by Axie Infinity, a virtual world “full of fierce, adorable pets called ‘Axies,” these digital creatures are “put to the battlefield, or kept as collectibles, in exchange for cryptocurrencies with real value.”

As confirmed in the update, AXS deposits, withdrawals and spot trading for AXS/USDT “are all now available. as well as margin, savings and USDT-margined perpetual swaps.”

OKEx is also listing YGG, the native asset of Yield Guild Games, as of July, 28, 2021. For more details on these announcements, check here.


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