At 10:00 am UTC today, Jan. 22, the team behind the open-source blockchain OKExChain will launch two decentralized applications, OKEx Swap and OKEx Farm, built on the protocol. At the same time, the first Farm pool, OKT-USDT, will go live.
In unison with these DApps going live, OKT withdrawals will be opened, giving OKT holders the ability to stake OKT along with USDT in Swap in order to earn OKT-USDT LP tokens. Holders of these LP tokens are then able to stake in the OKT-USDT Farm pool for additional earnings, such as mining new OKT.
During the stability testing of the OKExChain mainnet, tens of thousands of OKT were mined via OKExChain's block reward protocol but have yet to be distributed. However, on Jan. 26 at 10:00 am UTC, the OKT/USDT whitelist pool will vote on a proposal to distribute this reserve of OKT. If the vote is in favor of the proposal, it will automatically trigger a snapshot of the Farm pool to capture the state of the blockchain at the time of the vote.
The OKT stockpiled prior to OKExChain’s mainnet launch will then be distributed among users in proportion to the amount of OKT-USDT LP tokens that they had staked in the OKExChain Farm pool when the proposal was approved. The distribution formula for the OKT is as follows:
Amount of OKT that users can mine = (number of LP tokens staked by users) / (total number of LP tokens staked in the Farm pool) * (cumulative amount of OKT)For example, if the cumulative amount of OKT were 160,000, and if the user has pledged 100 OKT-USDT LP tokens, then there are 1,000 OKT-USDT LP tokens in the OKT-USDT Farm pool, meaning the user can allocate OKT as follows:
100 / 1,000 * 160,000 = 16,000 OKT
After the cumulative OKT allocation is complete, users can continue mining OKT by staking their OKT-USDT LP tokens in the OKT-USDT Farm pool.
Users can begin staking, earning and mining today at 10:00 am UTC via Swap and Farm on OKExChain. To access the Farm pool, please visit : https://www.okex.com/dex/farm
OKExChain is open-source, public blockchain technology developed by OKEx. It can be used as a platform for building decentralized applications, including DEXs. For more detailed information, check out our guide to OKExChain.
Jan. 22, 2021
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