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OKT Token

OKT is the native of the ecosystem, providing key functions such as voting on network proposals, , and transaction fee payments. It is essential for the operations of and other applications within the network.[1]

Overview

OKT is the native token of the ecosystem, aiming to provide essential functions such as voting rights, privileges, and transaction fee payments. These features support and various applications on the network.

During its initial minting in December 2020, 10 million OKT tokens were created in the genesis block and distributed to holders who staked their via . The tokens were to holders in proportion to their balances. OKT holders can earn staking rewards for participating in block creation and governance, with rewards paid directly as transaction fees. [1][2][3][4]

Utility

As the native of OKT Chain, OKT is required for several key functions:

  • Paying gas or transaction fees, with the fees contributing to block rewards or being allocated to contract deployers.
  • Running a node or delegating to one.
  • Accessing protocols on , such as or .
  • Engaging with , GameFi, and projects built on the network.[3]

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stOKT

skOKT is a KIP20 token designed to represent staked OKT within a framework, with the goal of improving asset liquidity and efficiency for OKT holders. It enables simultaneous OKT staking and access to protocols, aiming to maximize utility.

When OKT is staked to generate skOKT, any earned staking rewards are automatically compounded into the skOKT's value. The number of skOKT received remains fixed based on the initial staked OKT amount, despite ongoing rewards accumulation. However, the value of skOKT fluctuates over time, reflecting both compounded rewards and the initial staked OKT.

Users can reclaim their staked OKT and accumulated rewards by unstaking and claiming OKT through the protocol. The value of 1 skOKT may not necessarily equal 1 OKT over time, representing a portion of the total staked OKT and rewards pool within the ecosystem.[6]

Utility

skOKT serves multiple utilities within the OKC ecosystem:

  • Earn rewards with an of up to 40%.
  • Earn transaction fees by providing liquidity to Swap pools, such as the OKT-skOKT pool, where LP token holders receive a 0.3% fee from each trade.
  • Integration into various applications across the network, enhancing its usability and value within the ecosystem.[6]

Sustainability

On February 24, 2023, announced its intention to optimize by reducing the total OKT supply to 21 million by 2028. This initiative aims to foster a sustainable token economy and enhance performance with low gas fees, allowing for easier scalability.

OKC currently generates 0.5 OKT rewards per block, which will decrease to 0.125 OKT per block at a block height of 18,123,000 on March 18. Block rewards will continue to halve every nine months until the fifth year, reaching a circulating supply of 21 million OKT in 2028. This strategy is designed to limit inflation and support long-term growth without affecting network performance.[5]
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OKT Token

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July 7, 2024

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