Okto Chain Allocates 1% of Its Upcoming Token to Incentivize Early Builders

Okto, a blockchain focused on chain abstraction, has launched a Grant Program allocating 1% of its total OKTO token supply to reward developers

Cryptocurrency project Okto Chain is allocating 1% of its upcoming token to early builders who begin using the Okto software development kit (SDK) and embedded wallet ahead of the Token Generation Event (TGE).

The announcement was made during Token 2049 in Singapore, where the project unveiled details of the grant program, which aims to support developers integrating advanced Web3 features into their decentralized applications (dApps) on Okto Chain.

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

"Through chain abstraction, we’re breaking down technical barriers to fuel the next wave of Web3 innovation,” said Khandelwal.

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

For developers, the 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 worrying 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 follows news that 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 came as 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.