It might surprise you to know that the Binance model of going from exchange, to exchange token, to blockchain, and to wallet. Is alive and well with other crypto businesses too. And one of crypto’s biggest players has been quietly building a fast, easy-to-use chain and one of the best Web3 wallets in the industry.
Do you know who I am talking about yet?? It’s the OKX Exchange. Wait till you see these great services in action, all decentralized and not part of the main central OKX Exchange. So today, an introduction to OKX’s Layer 1 Blockchain the OKC Chain, and the OKX Web3 decentralized wallet. And wait till you see their newest offering. It’s awesome.
What is the OKX Wallet?
First, we need to clarify something. The OKX Exchange, which ranks only behind Binance and Coinbase in Trust Score on CoinGecko and is second in volume is the common owner of the OKX Blockchain and OKX Web3 Wallet.
What sets #OKX Wallet apart?
1️⃣ Completely self-hosted
2️⃣ Part of one app—easily switch between exchange ⇆ wallet
3️⃣ Most cross-chain support of any wallet
4️⃣ Built-in #DEX & #NFT marketplace
5️⃣ Connects with MetaMask
6️⃣ Includes a web extension
…to name just a few 😏
— OKX (@okx) December 21, 2022
However, just like with Binance, the OKX Wallet is a completely decentralized wallet. And the OKX Blockchain like the BNB Beacon Chain operates independently from the exchange. Yes, the exchange is centralized. But the wallet and chain are decentralized. Now to the OKX Web3 Wallet. It’s a pretty nice wallet where you can go with the mobile or the browser extension on Chrome.
We went with the browser extension and set it up easily. First, we went to this link (/web3) and clicked on Browser Extension. For example, you have a wallet that connects 4 chains that often don’t connect and over 40 total. The I am talking about are:
- ALL EVM networks as the OKC Chain are EVM compatible.
- Many IBC chains because the OKC Chain is built on Cosmos.
More About The OKX Wallet
So, this is a good all-purpose wallet covering many networks. And it connects easily with many dApps directly or through WalletConnect. We can buy, sell, swap, or trade cryptos, do DeFi, and also mint, buy, or sell NFTs. A lot of versatility in this wallet. They already have 89 million unique wallet addresses, as of December. That makes it the biggest, most popular wallet that most of you have never heard of.
It’s easy to install, back up with your seed phrase, and get started. So, if you like what you see from this wallet, then just go here to go get your own. Do you have a favorite Web3 Wallet? Is it Metamask? Trust Wallet? Something else? Let us know in the comments below.
OKC Liquid Staking
Now we are going to put our new wallet to work. The OKC Chain has a brand new liquid staking service available. I’m going to show you how it works. There are over 400 dApps in the OKC ecosystem already.
First, we go to the Liquid Staking options and connect our OKC wallet. Remember, being both EVM and IBC compatible means we have lots of options available. The OKC native token, symbol $OKT, is currently the #81 project by market value in crypto. Surprised it’s so big? As I said, they are established. But, we will be using their governance token OKT.
📣 We're excited to publish the latest snapshot of OKX's #ProofOfReserves audit.
Now users can:
1️⃣ View the results of PoR audits for 11/22 & 12/20
2️⃣ View #OKX’s reserves ratio for both audits
3️⃣ Self-verify the PoR results for both audits
— OKX (@okx) December 23, 2022
Like how Lido’s liquid staking works, you will get stOKT. Also, like Lido, it won’t be exactly 1:1 based on the combination of staking rewards and the 14-28 day unbonding period when you want your tokens back. Here is the contract address and you can see the token standard called KIP-20. That’s OKX’s own unique ERC-20 compatible token version. Like BEP-20 for BNB Smart Chain.
As you might guess, there are places throughout the OKX Chain where you can use stOKT to earn some extra money on top of the 46% you can earn from staking. One place is a liquidity pool of OKT-stOKT that’s currently paying 13%. And that’s on top of the 42% you are making staking OKT.
How to Stake OKT?
Now that you see some of the benefits of this new program, I’m going to show you how easy it is. So to stake OKT, what we do first is to connect our wallet. Then, you see that I have some OKT in my wallet. It’s available on the OKX Exchange of course or MEXC or if you have OKX Chain tokens you can use the swap feature. I am staking 1.0098 OKT
You can see that I am using the OKX Wallet, and I have to admit I am surprised at how nice this wallet is. But you see that Metamask and any WalletConnect wallet will do the job. But it was seamless and fast with the whole thing taking under 3 minutes from start to finish as you see from the video playing on the screen.
✔️ Best staking opportunities
✔️ Real-time data
✔️ Multi-step trades
✔️ Track order history
✔️ Manage your DeFi portfolio
— OKX (@okx) December 23, 2022
The network fee is so low to do this it’s almost zero. You can also see that I am receiving 1.0031 stOKT, which is nearly 1:1 and I have liquidity so that’s pretty nice. And we are all done. Now I’m staking OKT and I’m looking for that OKT-stOKT pool since I have both tokens now.
Pretty easy, right? And with both EVM and Cosmos compatibility, it’s no surprise that it already has over $647,000 staked in just over 24 hours. Make the process easy and people will find it. And that’s exactly what OKX did here.
If you are ready to try this liquid staking program or just want a good Web3 wallet alternative to Metamask and Trust Wallet, then you can go get your own OKX Wallet right here.
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