Nebulas Establishes Multi-Million Dollar Innovation Fund; Launches OKExChain Node
There is more to blockchain than just technology. It’s about community, collaboration and participating in the advancements of fellow projects. With this in mind, the Nebulas Foundation in participating with Nebulas Labs will be joining the OKExChain by deploying a node on their brand new platform. In addition, we are offering the Nebulas and blockchain community the opportunity to participate in this node and initially receive 100% of all incentives! Sounds good? Then keep reading!
The Nebulas Foundation has established a $2 million USD innovation and incubation fund, managed by Nebulas Labs and supported by the Blockchain Innovation Project. This project aims to explore and connect Nebulas’ ecosystem to others such as Ethereum and other blockchains with the intention to spur further innovation within Nebulas. The fund’s first incubation program will be the establishment and operation of a OKExChain node, and will be supported by the foundation operated Nebulas labs.
OKExChain is an open-source, high-performance decentralized public blockchain developed by OKEx, which aims to drive the operation of business based on blockchain technology. By joining the OKExChain, nodes receive incentives based on ranking and block generation.
Their mainnet launched on January 22, 2021, and entered the stability test stage of the mainnet. The OKExChain AMM-based trading platform is also nearing completion with NAS and NAX being some of many assets on the platform and will provide liquidity mining. As a result, Nebulas will be expanded onto more public chains. For details of farming incentives from this program, please see the details in a follow-up announcement.
Node voting plan
The Nebulas Lab expects to launch the OKExChain node on January 21, named NOVA. During the node startup phase, OKT entrusted fundraising will be opened to the Nebulas and OKEx communities. OKT is a native token issued by OKExChain’s mainnet, which is used to pay for transaction fees as well as node voting.
The first round of this fund will have a cap of 200,000 OKT. Future funding will be determined by the node’s operations.
Special benefits entrusted during the initial period:
The supporters of OKT will not be charged any operating expense and will distribute 100% of the incentive.
Distribution of incentives from public voting after the offer period:
Currently, OKExChain does not support EVM (Ethereum Virtual Machine) and is not compatible with Ethereum smart contracts. When its main network is compatible with EVM and runs stable, the project will adopt a smart contract method to manage votes by users.
When the OKExChain mainnet supports the EVM, this node will utilize a contract interaction portal for public voting. Those delegated OKT will receive all but 5% of the incentives during the first two months to cover operating expenses. In the future, operating expenses will be increased to 10% and will be directly deducted from the daily distribution.
Project revenue allocation
Rewards from this node will be distributed daily at 9 p.m. (UTC+8).
- The current collection cap is 200,000 OKT’s, and any overages will be decided whether to accept or return according to the nodes ranking.
- Collection period will be from January 18 to January 31 24:00 (UTC+8)
- Collection submissions will be opened to all on January 18th; submission requests can be submitted via https://forms.gle/gmy4q4mpSNTHUobHA
- It is expected that OKEXChain will open the transfer function on the evening of January 22nd. Once available, delegators can transfer funds to node fund collecting addresses which are confirmed via email.
- The address for receiving revenue will be the same as the delegation address; please contact email@example.com if different.
- Once the node is online, it will begin to generate blocks we will distribute earnings daily.
Returning of entrusted OKT during the fund raising period
Those who participate in the collection period can apply for withdrawal via email (firstname.lastname@example.org); we will withdraw your token from the OKExChain and wait for 14 days for unlocking. Tokens will be returned to the same address as the submitted address.
This project is managed by Nebulas Labs, and aims to provide infrastructure services for the OKExChain network, connect the ecosystem of Nebulas and OKExChain, and maximize benefits for users participating.