In a recent tweet, Star Xu, the founder of OKX exchange, has revealed the future plans for OKB Chain, a blockchain project being developed by the company.

According to Xu, OKT Chain and OKB Chain are two completely separate networks. OKT will continue to operate as a layer 1 and improve the performance of decentralized applications (DApps) through new updates, while OKB will be a side chain built on the Ethereum platform.

Xu stated that OKB will develop Zk technology and play a core strategic role in the OKX ecosystem alongside OKT. The announcement by the OKX founder opens up a new candidate for the layer 2 battle on Ethereum. In addition, Zk (zero-knowledge) is a trend being pursued by many projects with the prospect of increasing security for users and improving network scalability.

It is noteworthy that OKB previously achieved an all-time high (ATH) when OKX announced the OKB blockchain in February. Within a week, OKB increased by over 32% to reach $58.66 and became the 8th largest cryptocurrency on the market. Xu wrote on Twitter on February 16, “Reaching ATH is good news. This shows the community’s trust in OKX.”

The OKX exchange has made strong development strides recently. After the collapse of FTX, OKX became the second largest exchange in the world in terms of trading volume, behind Binance. In February, the exchange announced a reserve report with $8.6 billion in net reserves consisting of Bitcoin, Ethereum, and USDT.

This announcement by Star Xu is a positive step for OKB and OKX, as it gives investors and the community more clarity on the future direction of the project. With the development of Zk technology, OKB has the potential to become a major player in the layer 2 race on Ethereum. The success of OKX and its continued growth in the cryptocurrency market is worth watching in the coming months.

#OKT #OKX #OKB #azcoinnews #crypto2023

This article was republished from azcoinnews.com

•OKX aims to compensate users affected by the recent collapse of its native token, OKB. This announcement comes after the value of the token witnessed a significant decline on January 23. This caused widespread concern among investors and traders. •Sudden drop in OKB value On the morning of January 23, OKB's value dropped dramatically, falling 48% from $46.80 to $25.10 in less than 15 minutes. This sharp decline resulted in a significant loss of $6.5 billion in diluted market capitalization. However, the token has shown resilience, quickly rebounding to a trading value of $45.94 at reporting time. •OKX employees explained the sudden drop due to the liquidation of several large leveraged positions. The next chain reaction saw a further decline in the price of the token due to market effects. Resulting in the liquidation of collateralised loans, leveraged transactions and cross-currency transactions. •In response to the disturbance caused by the sudden collapse. OKX has committed to fully compensating users for any additional losses incurred due to abnormal liquidation. The trading platform assured its users that a specific compensation plan will be developed and issued within the next 72 hours. The move is seen as a step towards maintaining user confidence and stabilizing market confidence after the incident. •OKX's decision to offer compensation follows a broader trend in the cryptocurrency industry, where trading platforms increasingly bear responsibility for protecting their users from market anomalies and technical glitches. This approach is crucial in an industry known for its volatility and inherent risks. •Broader Market Moves and OKX's Regulatory Compliance Efforts OKB's sudden collapse occurred against significant movements in the broader cryptocurrency market. Notably, Grayscale Bitcoin Trust (GBTC) sold a large amount of Bitcoin (BTC) to meet investors' redemption requests in its exchange-traded fund. This event was part of a larger market trend. Sold FTX, a bankrupt cryptocurrency trading platform. Nearly $1 billion worth of GBTC ETF shares as estates begin liquidation to repay creditors. •Thanks to these market dynamics, OKX is strengthening its regulatory compliance. In December 2023. The trading platform announced the delisting of several privacy coins, including Monero (XMR). Zcash (ZEC), Dash (DASH), and Horizon (ZEN). This move is in line with global regulatory trends, as trading platforms are examined to ensure compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. •Furthermore, on January 2, OKX introduced additional requirements for UK users to comply with new Financial Conduct Authority (FCA) requirements. These measures included the mandatory completion of risk assessment questionnaires before users are allowed to trade. Demonstrating OKX's commitment to regulatory compliance and user safety. #OKB #Follow.us To see more news and details about digital currencies 💵✅🔥💯