OKX Wallet has announced the launch of its new platform, Cryptopedia, and its partnership with protocols, Radiant and Marinade. This announcement would come following wide discussions about the waning influence of Binance, the world’s largest cryptocurrency exchange.
OKX Launches Cryptopedia; Partners With Radiant And Marinade
In a GlobeNewswire press release dated May 13th, 2023, OKX Wallet disclosed the launch of Cryptopedia, a Web3 learn-to-earn and airdrop platform. This new platform aims to help users easily identify and access Web3 projects and dApps. Cryptopedia will also enable users to unlock additional airdrops and gain extra rewards.
The first Cryptopedia issue, which is focused on the zkSync theme, provides users with the opportunity to receive zkSync airdrops and other related airdrops. Users will also have the chance to collect non-fungible tokens jointly created by OKX Wallet and zkSync.
zkSync is a Layer-2 scaling solution designed to enhance transaction speed and reduce cost on the Ethereum network. As the name suggests, this protocol is based on the zero-knowledge (zk) concept.
In the press release, OKX Wallet also announced its partnership with two protocols, namely Radiant and Marinade. Its collaboration with Radiant, a decentralized lending protocol native to Arbitrum and BNB Chain, will allow users to access Radiant’s lending service via the OKX Wallet plug-in and Discover platform.
With Radiant, users are able to borrow a variety of digital assets across multiple chains against their own assets on one chain.
Marinade, on the other hand, is a non-custodial liquid staking derivatives (LSD) protocol on the Solana network. Similar to Radiant, this partnership will facilitate users’ access to Marinade’s liquidity staking service via the OKX Wallet plug-in and Discover platform.
OKB Shows No Significant Price Action
The OKB coin is the utility token of the OKX ecosystem. From trading fee discounts to passive income, there are a few benefits that holders of this token get to enjoy. And it appears that the growth of the OKX ecosystem has some links to OKB price.
That said, it is somewhat too early to tell what the impact of these partnerships will be on the price of OKB. Moreover, there has been no significant price movement in the OKB market since the announcement was made.
A broader look at price action reveals that the OKB market has been moving sideways in the last few weeks. According to data from CoinGecko, the token’s value dipped by a measly 2.1% in the past seven days. As of this writing, an OKB coin changes hands at $44.82, tallying only a 2.6% price rise in the last 24 hours.
OKBUSD trading at $44.821 | Source: OKBUSD chart from TradingView
-Featured image from GetBlock.net, chart from TradingView
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OKX recently announced the launch of their new platform and subsequent partnerships, a major milestone for one of the industry’s most prominent crypto exchanges. Despite this news, their token, OKB, has shown no significant movement in the market.
OKX, a premier crypto exchange and trading platform, announced the launch of their new platform and several forthcoming partnerships. The platform includes new features, such as an AI-powered news feed and tools to help traders monitor and analyze the market. Additionally, OKX has announced partnerships with some of the industry’s most prominent firms, including MakerDao and Paxos.
While the news of the platform launch and partnerships is promising, OKB, OKX’s native token, has not shown any significant movement as a result. With several major altcoins experiencing significant gains over the past few weeks, many had hoped for a similar reaction for OKB. Despite the lack of market response, OKX’s new platform and partnerships should benefit the token in the long run, as increased use of the platform should lead to increased demand for OKB.
In conclusion, while the recent news concerning OKX’s new platform and partnerships is good news, the lack of response from their token, OKB, is concerning. Although further market movement likely won’t be seen until the platform is fully implemented, the future looks bright for OKX. After all, increased usage of the platform should result in higher demand for OKB, and could eventually lead to significant gains for the token.