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

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

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

Announced at 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.

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

“Through on-chain abstraction, we are removing the technical barriers to fuel the next wave of Web3 innovation,” Khandelwal told crypto.news.

The native token of the 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 the governance of the Okto Chain, ensuring that developers, validators, and users share in the growth of the network. The detailed token economy for OKTO is expected to be released later this year.

For developers, Okto SDK simplifies blockchain development by providing a unified platform that includes a comprehensive set of APIs and programmable scripts known as “Blocks.” With these tools, developers can build dApps without worrying about gas management, transaction ordering, or multi-chain compatibility.

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

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