CoinDCX’s Okto DeFi Branch Set to Introduce Blockchain and OKTO Token

Key Takeaways: 

1. Okto Ecosystem Expansion: CoinDCX’s Okto ecosystem, initially launched as the Okto wallet, is expanding to provide users with a seamless mobile experience in Web3. 
2. Introduction of Blockchain and OKTO Token: Okto is set to launch its blockchain later in 2024, accompanied by the introduction of the $OKTO token to power the chain. 
3. Points Program Incentives: To kickstart the blockchain launch, Okto has introduced a points program rewarding users for on-chain transactions. Early users may receive up to 7% of the OKTO token through an airdrop. 
4. Simplified User Experience: Okto aims to simplify the complexities of the Web3 space by offering a Web 2-like single-click mobile experience, addressing previous hurdles in self-custody wallet usage. 
5. Phased Development Approach: The development of Okto’s native experience occurred in phases, starting with internal streamlining of DeFi elements and progressing to packaging the solution into an SDK for broader application development. 
6. Okto Ecosystem Expansion: CoinDCX is currently building the entire Okto Ecosystem, aiming to power numerous applications within the Web3 space through the Okto Chain. 
7. Growing Developer Interest: More than 20 apps are in development using the Okto SDK, with over 50 chains and protocols integrated, showcasing growing interest and adoption within the developer community. 
8. Partnership Opportunities: CoinDCX aims to establish multiple partnerships to make Okto globally ubiquitous, fostering further growth and adoption in the Web3 ecosystem. 

To achieve this goal, Okto has introduced a points program to kickstart the launch of its blockchain later in 2024. Alongside the blockchain, Okto will also introduce the $OKTO token to power the chain.  

The points program will reward users for on-chain transactions, and users trading elsewhere can earn bonus points by moving assets to the Okto Wallet. Additionally, early users may receive up to 7% of the OKTO token through an airdrop. 

CoinDCX initially launched Okto as a DeFi mobile app with an integrated wallet in August 2022. Over nearly two years, they have focused on enhancing user experience to engage the next billion Web3 users.  

According to Khandelwal, the self-custody wallet experience was previously complicated, requiring users to navigate through various hurdles. Okto aims to simplify this process by offering a Web 2-like single-click mobile experience in the Web3 space. 

The development of Okto’s native experience occurred in phases. Initially, they worked internally to streamline DeFi’s elements. In phase two, they packaged the solution into an SDK, allowing developers to build applications without understanding each blockchain’s intricacies. Currently, they are in the process of building the entire Okto Ecosystem. 

Sumit Gupta highlighted the importance of DeFi arms for all CeFi platforms. He mentioned that the Okto Chain will power numerous applications within the Web3 space. Currently, developers are developing more than 20 apps using the SDK, integrating over 50 chains and protocols. Additionally, they have created over a million wallets on what they refer to as the “Okto Orchestration Layer.” 

Khandelwal expressed their goal of establishing multiple partnerships to make Okto globally ubiquitous. Although he did not mention any specific entities.