CoinDCX's Okto Chain allocates 1% of OKTO supply as developer grant

CoinDCX’s Okto Chain allocates 1% of OKTO supply as developer grant

Okto Chain will allocate 1% of its upcoming token to incentivize early builders who start using the Okto software development kit.

According to a press release shared with crypto.news, Okto, a blockchain focused on chain abstraction, has launched a Grant Program allocating 1% of its total OKTO token supply to reward developers who start building on the Okto Chain using its SDK and embedded wallet before the Token Generation Event.

Announced during the Token 2049 event in Singapore, the grant aims to encourage early adoption by helping developers integrate advanced Web3 features into their decentralized applications on Okto Chain.

Launched by CoinDCX in May 2024, Okto Chain aims to simplify blockchain integration and enhance Web3 usability. The blockchain employs an orchestration layer which according to CoinDCX and Okto chain co-founder Neeraj Khandelwal addresses the issue of fragmented user experiences across multiple blockchains.

“Through chain abstraction, we’re breaking down technical barriers to fuel the next wave of Web3 innovation,” Khandelwal told crypto.news.

As the native token of Okto chain, the OKTO token is used to incentivize network participants, support decentralized security measures, and facilitate transactions across different blockchain networks. Additionally, OKTO plays a vital role in Okto Chain’s governance, ensuring that developers, validators, and users all have a shared stake in the network’s growth. Detailed tokenomics for OKTO is expected to be released later this year.

For developers, Okto SDK simplifies blockchain development by providing a unified platform with a comprehensive set of APIs and programmable scripts, known as “Blocs.” With these tools, developers can create dApps without having to worry about gas management, transaction sequencing, or multi-chain compatibility.

According to the project’s whitepaper, the SDK is expected to reduce development time by over 90%.

The announcement comes shortly after Okto Wallet, a self-custody solution built on the Okto Chain, became the first Web3 wallet licensed to operate in the RAK Digital Assets Oasis, a free-trade zone in the United Arab Emirates. The development was a part of CoinDCX’s expansion strategy in the region where it had previously acquired BitOasis, the first crypto exchange to register with the UAE Financial Intelligence Unit.