MADE IN CANVA
OKEx is the first major platform to list Shiba Inu in addition to carrying out vote-based for other niche currencies. It is also planning on launching OKEx On-chain to add more services to its rapidly growing platform.
OKEx is a decentralized Crypto Exchange that aims to make trading with cryptocurrencies as accessible as possible. It utilizes the blockchain to deliver services related to trading and investing while providing futures, spot, margin, options, and perpetual swaps, DeFi, lending, and mining services. It also ranks 17 in the world when compared to other crypto exchanges according to CoinMarketCap.
OKEx’s community-based Listing!
It is natural for most Crypto Exchanges to not list every meme cryptocurrency, after all, they hold some responsibility for listing and advertising such currencies. Some amount of recognition and a decent market cap are probably the two biggest factors when it comes to selecting a particular cryptocurrency. OKEx has taken a different approach to listing by allowing its community to decide which cryptocurrency they should permit on their platform. AKITA and KISHU are two such tokens that were chosen based on a poll to be listed as OKEx’s newest meme cryptocurrencies. For those who have heard it for the first time, you could think of them as derivatives of dogecoin like Shiba Inu. Along with offering users holding such tokens 2% of the total trading volume of the day depending on the percentage of holdings held in their OKEx account. Snapshots of OKEx accounts holding KISHU were taken daily, and the rewards were credited every Friday. In addition, OKEx gave out all of the transaction fees generated from the KISHU/USDT trading pair from the first week of trading as an exclusive dividend.
I could definitely see more Exchanges doing this is in the future as it lets users take part in important decisions and, in doing, also highlights the importance of having a decentralized authority. OKEx has never deterred from meme cryptocurrencies as it has also listed Shiba Inu quite recently. Shiba Inu has been looked down upon as it is based on a meme cryptocurrency and also lacks actual value that can benefit people. Nonetheless, it should be given an equal opportunity to participate and be there as an option for people looking to diversify their portfolios.
OKEx on-chain and its big plans!
This new mode on the existing platform will include a decentralized wallet, an NFT marketplace, and farming tools. These changes will help people who are heavily invested by providing additional services that will make it more convenient to manage your assets and participate in new DeFi investment opportunities. I am excited to see what the NFT marketplace will offer as it also includes NFT creation along with trading. With the help of the wallet, you will also be able to check what kind of assets you hold like NFTs or stablecoins. This will let it compete with major Exchanges like Binance, which have huge platforms for Crypto artists.
Reducing costs with Polygon!
OKEx has also integrated itself with Polygon to offer a more smooth experience for users to migrate along with cutting down on unnecessary fees. This will be done by eliminating the withdrawal fee that is usually charged. Polygon is Layer-2 Ethereum scaling solution that aims to build and link Ethereum-compatible blockchain networks. Polygon has also partnered with other major blockchain networks to offer modules to make it easier to develop DApps.
PUBLISHED BY
DWAYNE DCUNHA, WRITER ON MEDIUM.
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OKEx, a Truly Decentralized Crypto Exchange! was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.