OKX Chain Introduces Liquid Staking to Improve Holders’ Assets Liquidity, Utilization

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.

Liquid Staking is meant to be “a key element for the rapidly-expanding DeFi ecosystem on OKC, offering a way for OKC users to effectively and flexibly utilize the chain’s native token, OKT.”

As noted in an update shared with CI, 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 described as “an innovative alternative to the traditional staking approach as it allows users to earn staking rewards while deploying their OKT.”

Additionally, in exchange for utilizing Liquid Staking on OKC, users “will receive stOKT tokens that can be deployed on other on-chain DeFi protocols or swapped immediately into OKT on OKX DEX for liquidity.”

As mentioned in the announcement, 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, 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.”

Chai Li, Head of OKC Ecosystem Development, said:

“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.”

Users can now “stake OKT to receive rewards of up to 40% APR through OKC Liquid Staking.”

As explained in the update, 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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