Chain (XCN) is now available on cryptocurrency trading platform Okcoin.
You may now deposit XCN tokens on Okcoin. All Okcoin customers “except for residents of the EU, the UK, Singapore, and Brunei” may take advantage of this offer. Deposits are “live as of July 19.” Withdrawals and trading “will be live soon.”
What’s Chain (XCN)?
The Chain Protocol is “a Cloud blockchain infrastructure designed to help organizations build better financial services from the ground up.” Founded in 2014, Chain has “raised over $40 million in funding from Khosla Ventures, RRE Ventures, and strategic partners including Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa.”
Chain Token (XCN) is “the governance and utility token for the Chain Protocol.” It was designed “to allow token holders to vote on protocol improvements and community-driven initiatives.”
The Chain Token is also “used to cover fees in decentralized applications (DApps) such as Sequence, a ‘ledger-as-a-service’ app built to allow organizations to manage their financial assets as tokens on private ledgers.”
As reported recently, Optimism’s native token, OP, is now available on Okcoin.
Customers can now deposit, withdraw, and trade OP tokens via Okcoin.
As noted in the update, all Okcoin customers “except for residents of the EU, the UK, Singapore, and Brunei” may trade OP tokens. As confirmed in the announcement, deposits are “live as of July 5.” And withdrawals/trading are “live as of July 6.”
The variable and often high transaction (gas) costs of Ethereum have “been a major topic of discussion over the past few years.” Many traders find themselves “paying upwards of $150 on one transaction.”
While there are hundreds of cheaper smart contract platforms to choose from (such as Solana, Cardano, and Polkadot), “many don’t because they believe strongly in the future of Ethereum.”
As Ethereum grew in popularity, “so too did the need for layer 2 scaling solutions (decentralized protocols that increase a blockchain’s processing capacity and relieve network congestion).”
As noted in the update from Okcoin, Optimism is “one such solution, making Ethereum transactions cheaper and faster.”
Using a construction called optimistic roll-ups, Optimism is able “to combine hundreds of smaller transactions into a single larger transaction.” To do this, transaction data “is stored on-chain while computation is carried out off-chain.”
The key use case for OP, beyond providing financial support to developers and projects, is governance.
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