Okto Unveils Loyalty Program, Airdrops Native Token to Reward Users

Decentralized finance (DeFi) platform Okto has announced the launch of Season 1 of the Okto Wallet points program, alongside a strategic airdrop of its native token OKTO. The initiative promises to reward users for their on-chain activities.

Okto Unveils Loyalty Program, Airdrops Native Token to Reward Users

New York, NY - March 8, 2023: Decentralized finance (DeFi) platform Okto has announced the launch of Season 1 of its Okto Wallet loyalty program, alongside a strategic airdrop of its native OKTO token.

This initiative promises to reward users for their blockchain-based activities, fostering deeper engagement with the platform's services.

Okto Airdrops 7% of Token Supply to Users

In an interview, Okto Co-founder Neeraj Khandelwal revealed that all existing self-custodial wallets integrated with the Okto Wallet app will be eligible for Okto reward points.

The company has set an initial drop of 20 million points for all eligible on-chain traders. This loyalty program extends to all online activities within the Okto Wallet app, including cryptocurrency deposits, token purchases and sales, futures contract placements, and participation in various airdrop missions.

Users who transfer their assets from other centralized exchanges to Okto Wallet are also eligible for bonus reward points.

Rewarding High-Volume Traders

The platform has planned to reward 1.5x bonus points to high-volume traders on their first $1 million futures contract volume.

Through this loyalty program, the airdrop campaign distributes 7% of the OKTO token supply to early adopters. According to the official announcement, the OKTO token will power the OKTO chain and play a vital role in the network's operations. However, the team has yet to disclose the total supply and complete distribution details.

"Details about the total supply and distribution of the remaining 93% will be elaborated upon in the next version of our whitepaper," said Khandelwal.

Addressing Token Distribution Concerns

The cryptocurrency community has recently scrutinized the fairness of token distributions. The EigenLayer airdrop faced backlash due to changing eligibility criteria and regional restrictions, while the large allocation to the project's investors raised concerns.

Amidst such concerns, Khandelwal assures Okto's commitment to ensuring a level playing field:

"We are very keen on making sure that every user has a fair chance at the airdrop, irrespective of their location or the size of their holdings."

Comprehensive Fraud Prevention Measures

Furthermore, the platform states that it has implemented robust anti-sybil measures and partnered with leading anti-collusion agencies to prevent fraudulent activities.

In addition, Okto is actively advancing its technological infrastructure by developing a fully expressive orchestration layer.

"Okto's infrastructure abstracts away a lot of the Web3 complexity and orchestrates permissioned and secure end-to-end transactions," explains Khandelwal.

Conclusion

Okto's loyalty program and native token airdrop mark a significant step towards incentivizing user engagement and rewarding early adopters. The platform's robust anti-fraud measures and commitment to equitable distribution are commendable steps towards building a transparent and sustainable ecosystem. As Okto continues to develop its infrastructure, the company positions itself as a formidable player in the rapidly evolving DeFi landscape.