OKC Takes Interoperability to the Next Level with IBC Transfers, OKC Bridge & OKC Swap
Launched in January 2021, OKC is one of the fastest and most affordable blockchains currently live. Being completely open-source and fully EVM compatible, OKC allows developers to build projects without any learning cost. Soon, OKC will also be compatible with the CosmWasm virtual machine, which will bring higher contract execution efficiency and more contract development languages.
In addition, OKC adopts DPoS + Tendermint consensus to make block confirmation more efficient; it supports concurrent transaction execution to increase the number of transactions per second further. At present, the primary transfer transaction speed of OKC has reached 5000+ TPS that is also battle-tested, which brings a smooth user experience to communities, especially so for GameFi communities.
In the last few weeks, our ecosystem team also participated in several events and conferences across Asia, from South Korea to Thailand. With a focus on GameFi, we prioritize projects and their communities’ experience on the chain. We adopt a multi-chain approach, encouraging projects to start building with a focus on interoperability as we enable seamless cross-chain transactions, incentivizing more liquidity and swaps to create a self-sustaining and ever-growing ecosystem.
With the above, we are excited to announce these new features on OKC
OKC Bridge & IBC Transfers
We believe cross-chain/multi-chain interoperability will be the key to the future of the blockchain.
With the IBC protocol, OKC opens up the bridge between OKC and other public chains that support the IBC protocol, allowing users to transfer assets between OKC and other chains more efficiently.
On July 18th, the largest stablecoin, Tether (USDT), expanded its market reach to the Cosmos ecosystem after launching on the OKC. Most importantly, the IBC protocol and OKC’s EVM compatibility allow it to connect USDT with Cosmos. This collaboration with Tether, therefore, marks the first time USDT officially issued to a Cosmos-powered ecosystem, which would enable users to enjoy the benefits offered by both ecosystems.
“The launch of Tether on OKC marks its debut on a Cosmos EVM chain. We are excited to collaborate with OKX to support the growth of OKX Chain across many new use-cases”, said Paolo Ardoino, CTO, Tether.
Meanwhile, developers will have the opportunity to build with the IBC Relayer and participate in OKC supernodes to share node output. This also enables us to pull in Cosmos’ future cross-chain and cross-account operations, modular chains, and other features.
Furthermore, with the OKC bridge upgrade, every user who bridges over US$100 worth of any supported tokens to OKC will get an OKT airdrop. Currently, OKC supports eight chains including Ethereum, TRON, Bitcoin, Litecoin, Bitcash, Polkadot, Filecoin, and Ripple (XRP). With this feature, users can solve gas fee needs regardless of whether they’re new or regular users.
In a volatile market such as crypto, the amount of slippage depends on available liquidity relative to order size. For small orders of high-demand assets, slippage can be relatively negligible; however, a large order of an asset with less availability brings a higher likelihood of slippage.
Slippage, therefore, holds an inverse correlation to liquidity: higher market liquidity reduces slippage, while low liquidity in the market will increase the percentage of slippage.
OKC Swap is an official DEX, backed by OKX, which provides safety and stable swaps with low slippage. This further reinforces OKC’s commitment to building a better chain for both users and projects.
Try OKC Swap!
Clearly, the future is multi-chain, and in order for that to happen, we are constantly working towards better interoperability without compromising scalability and security. OKC envisions a multi-chain network that brings an equal opportunity to all users, developers, and projects.
OKC (OKX Chain) is an EVM-compatible L1 built on Cosmos with a focus on true interoperability (IBC) and maximized performance. At high scalability, developers can build and scale with low gas fees. The OKC ecosystem and infrastructure, including the all-in-one multi-chain Web3 interface, enables a seamless experience for both developers and users.