{"id":"okt-token","version":1,"language":"en","title":"OKT Token","hidden":false,"content":"**OKT** is the native [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) of the [OKTC](https://iq.wiki/wiki/oktchain) ecosystem, providing key functions such as voting on network proposals, [staking](https://iq.wiki/wiki/staking), and transaction fee payments. It is essential for the operations of [decentralized exchanges ](https://iq.wiki/wiki/decentralized-exchange)and other [DeFi](https://iq.wiki/wiki/defi) applications within the network.[\\[1\\]](#cite-id-odsuy1dlcc)  \n$$widget0 [YOUTUBE@VID](M__1RWOGbYU)$$  \n  \n# Overview  \n  \nOKT is the native token of the [OKTC](https://iq.wiki/wiki/oktchain) ecosystem, aiming to provide essential functions such as voting rights, [staking](https://iq.wiki/wiki/staking) privileges, and transaction fee payments. These features support [decentralized exchanges](https://iq.wiki/wiki/decentralized-exchange) and various [DeFi](https://iq.wiki/wiki/defi) applications on the network.  \n  \nDuring its initial minting in December 2020, 10 million OKT tokens were created in the genesis block and distributed to [OKB](https://iq.wiki/wiki/okb) holders who staked their [OKB](https://iq.wiki/wiki/okb) via [OKX](https://iq.wiki/wiki/okx). The tokens were [airdropped](https://iq.wiki/wiki/airdrop) to [OKB](https://iq.wiki/wiki/okb) holders in proportion to their [OKB](https://iq.wiki/wiki/okb) balances. OKT holders can earn staking rewards for participating in block creation and governance, with rewards paid directly as transaction fees. [\\[1\\]](#cite-id-odsuy1dlcc)[\\[2\\]](#cite-id-a4htsm7277b)[\\[3\\]](#cite-id-jgodmbapf8i)[\\[4\\]](#cite-id-h935pqal7g)  \n  \n# Utility  \n  \nAs the native [utility token](https://iq.wiki/wiki/utility-token) of OKT Chain, OKT is required for several key functions:  \n  \n* Paying gas or transaction fees, with the fees contributing to block rewards or being allocated to contract deployers.  \n* Running a node or delegating to one.  \n* Accessing [DeFi](https://iq.wiki/wiki/defi) protocols on [OKTC](https://iq.wiki/wiki/oktchain), such as [liquid staking](https://iq.wiki/wiki/liquid-staking) or [decentralized exchanges](https://iq.wiki/wiki/decentralized-exchange).  \n* Engaging with [NFT](https://iq.wiki/wiki/non-fungible-token-nft), GameFi, and [Web3](https://iq.wiki/wiki/web3) projects built on the [OKTC](https://iq.wiki/wiki/oktchain) network.[\\[3\\]](#cite-id-jgodmbapf8i)  \n  \n![0*ZmsvmFORsKHqMtwZ.webp](https://ipfs.everipedia.org/ipfs/QmXE82BBzwr6QT4s7HRj8KGUVucPPfy9HEN73DnJywLzR5)  \n  \n# stOKT  \n  \nskOKT is a KIP20 token designed to represent staked OKT within a [liquid staking](https://iq.wiki/wiki/liquid-staking) framework, with the goal of improving asset liquidity and efficiency for OKT holders. It enables simultaneous OKT staking and access to [DeFi](https://iq.wiki/wiki/defi) protocols, aiming to maximize utility.  \n  \nWhen 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.  \n  \nUsers 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\\]](#cite-id-3jakpf14lvv)  \n  \n## Utility  \n  \nskOKT serves multiple utilities within the OKC ecosystem:  \n  \n* Earn [staking](https://iq.wiki/wiki/staking) rewards with an [annual percentage rate (APR)](https://iq.wiki/wiki/annual-percentage-rate-apr) of up to 40%.  \n* Earn transaction fees by providing liquidity to [OKTC](https://iq.wiki/wiki/oktchain) Swap pools, such as the OKT-skOKT pool, where LP token holders receive a 0.3% fee from each trade.  \n* Integration into various [DeFi](https://iq.wiki/wiki/defi) applications across the [OKTC](https://iq.wiki/wiki/oktchain) network, enhancing its usability and value within the ecosystem.[\\[6\\]](#cite-id-3jakpf14lvv)  \n  \n# Sustainability  \n  \nOn February 24, 2023, [OKTC](https://iq.wiki/wiki/oktchain) announced its intention to optimize [tokenomics](https://iq.wiki/wiki/tokenomics) 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.  \n  \nOKC 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\\]](#cite-id-byoizlf6kud)  \n![1*5ppynZfR4NX5ZtoZG0BOBw-2.webp](https://ipfs.everipedia.org/ipfs/QmUWRt3nbq9ZkgXk27w4eJ4ZHfgaDR6ZnVwsbE6eMuW3yD)","summary":"OKT is the native cryptocurrency of the OKTC ecosystem, used for voting, staking, and transaction fees, supporting DeFi applications and decentralized exchanges...","categories":[{"id":"cryptocurrencies","title":"Cryptocurrencies"}],"promoted":0,"tags":[{"id":"Online"}],"metadata":[{"id":"references","value":"[{\"id\":\"odsuy1dlcc\",\"url\":\"https://www.okx.com/help/okx-announces-okt-initial-minting-session-for-okb-holders-via-jumpstart\",\"description\":\"OKX Announcements - Initial minting session\",\"timestamp\":1720356328659},{\"id\":\"a4htsm7277b\",\"url\":\"https://www.linkedin.com/pulse/what-okc-token-bloomrewards/\",\"description\":\"linkedin - Bloom weekly Newsletter\",\"timestamp\":1720356872025},{\"id\":\"jgodmbapf8i\",\"url\":\"https://changehero.io/blog/okt-chain-guide/\",\"description\":\"changehero - OKT Token and Chain\",\"timestamp\":1720356883581},{\"id\":\"h935pqal7g\",\"url\":\"https://www.okx.com/oktc\",\"description\":\"OKX website - OKTC\",\"timestamp\":1720356894586},{\"id\":\"byoizlf6kud\",\"url\":\"https://medium.com/okc-okx-chain/okc-okx-chain-optimizes-tokenomics-for-sustainability-and-growth-with-21-million-token-supply-by-e8e509486ee5\",\"description\":\"medium - Tokenomics Sustainability\",\"timestamp\":1720357427458},{\"id\":\"3jakpf14lvv\",\"url\":\"https://okcofficial.medium.com/introducing-liquid-staking-of-okt-on-okc-c5d1ca588a39\",\"description\":\"medium - Introducing Liquid Staking on OKC\",\"timestamp\":1720357730732}]"},{"id":"contract_url","value":"https://etherscan.io/token/0x7f67ffcaf6362f3e45ccb09e512770c0fd2ac42a"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/okt-chain/"},{"id":"previous_cid","value":"QmWpBMNhKGD5rtQ3KeQcCLBgnxGQAi7J6LyBNK1Wwe5Kse"}],"user":{"id":"0x5456afEA3aa035088Fe1F9Aa36509B320360a89e"},"author":{"id":"0xf32ECD5c8f5633212f1a25A3931aDDc0CEc42938","profile":{"username":"Tara","avatar":"QmcYZFprbPwBjahvN3cjVsdTGtYgCx8jM1Myeb7yYJyeUF"}},"media":[{"name":"M__1RWOGbYU","id":"https://www.youtube.com/watch?v=M__1RWOGbYU","size":"0","type":null,"source":"YOUTUBE"},{"name":"0*ZmsvmFORsKHqMtwZ.webp","id":"QmXE82BBzwr6QT4s7HRj8KGUVucPPfy9HEN73DnJywLzR5","size":"0.02","type":"GALLERY","source":"IPFS_IMG"},{"name":"1*5ppynZfR4NX5ZtoZG0BOBw-2.webp","id":"QmUWRt3nbq9ZkgXk27w4eJ4ZHfgaDR6ZnVwsbE6eMuW3yD","size":"0.03","type":"GALLERY","source":"IPFS_IMG"}],"views":31,"events":[],"linkedWikis":{"founders":[],"blockchains":[]},"ipfs":"QmWpBMNhKGD5rtQ3KeQcCLBgnxGQAi7J6LyBNK1Wwe5Kse","transactionHash":"0xada649e2f2d9149e8a45bf36666a934f8dbccda4d3d11e84a71d2870421c30f8","created":"2024-07-07T13:23:10.933Z","updated":"2024-08-05T12:32:04.789Z","images":[{"id":"QmQdXsRfF1bcWJeQfXZ1rLH8AvMcmXXY7eHH2GwvjV2JzE","type":"image/jpeg, image/png"}]}