Cryptocurrency spot and derivatives exchange, OKEx announced that its public OKChain chain has been officially renamed OKExChain. The Cosmos SDK-based public chain, developed by OKEx, supports a number of decentralized [dApps] applications and allows users to issue their own cryptocurrencies, create trading pairs, and trade freely on them. Its multi-chain structure has significantly boosted the efficiency and scale of application development.
In addition, the latest monthly progress report revealed that the OKExChain testnet has been upgraded to v0.11.1.
Commenting on the development, OKEx CEO Jay Hao stated
“We are very confident in the technical strength of OKEx. Throughout our extensive testing, OKExChain has shown very high performance with all the necessary elements of a decentralized public chain.”
The exec also went on to add that,
“Decisions such as whether to enable open node elections, commit to open source, or have governance tokens are indispensable elements of a public chain. So, this is also the easiest way to judge whether a ‘public chain’ is truly public or just a pseudo-public chain.”
The Malta-based platform announced the launch of OKExChain in February this year to support the community with more decentralized applications. This was followed by the OKEx DEX roll-out, which happens to be the first decentralized OKExChain-based application.
In April, OKExChain became the first exchange-developed public chain to become a 100% open-source, where each individual could become a validator node, and even the parent organization OKEx does not have the ability to control the public chain.
In addition, OKEx also claimed that its public chain could process more TPS than the Ethereum blockchain and has reportedly already cooperated with over 60 ecosystem partners, including the public chain, PoS mining pool, explorer, wallet, and other key components of the crypto industry.
In the coming days, OKExChain aims to become EVM-compatible and support all existing Ethereum smart contracts, making it easy for developers to move their decentralized applications to the new chain.