- September 11, 2023
- Posted by: [email protected]
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Two prominent players in the world of blockchain technology, OKX and fintech firm Circle Internet Financial, made an exciting announcement on September 7. They revealed a strategic partnership that would bring USDC features to the OKX Wallet and the OKX DEX aggregator, marking a significant advancement in the cryptocurrency landscape.
The primary objective of this collaboration is to simplify USDC transactions, making them devoid of network fees and allowing for cross-chain USDC swaps spanning multiple blockchain networks. OKX’s DEX aggregator has now seamlessly integrated with Circle’s Cross-Chain Transfer Protocol (CCTP), enabling feeless transactions across seven blockchain networks, including Ethereum, OKTC, BNB Chain, Polygon, Optimism, Arbitrum One, and Avalanche C. This integration empowers users to effortlessly navigate various blockchain ecosystems while utilizing USDC.
The “USDC Zero Network Fee Campaign” is set to empower OKX Wallet users from September 7 to October 5, 2023. They can send, receive, and swap USDC without incurring network fees if they use the wallet’s Smart Account feature. This innovative feature, introduced on August 2, 2023, leverages account abstraction technology to streamline USDC transactions across different blockchains. Furthermore, participants in this campaign can enjoy up to five feeless transactions per day, per device, with a daily reset of rewards and feeless transaction counts at 4:00 pm UTC.
To be eligible for this campaign, participants are required to maintain a minimum balance of 10 USDC in their wallet, excluding unofficial assets like USDC.e from the total asset calculation. Each transaction can receive a maximum waiver of 5 USDC, provided the network fee does not exceed this limit. If the daily limit for waived fees is reached, feeless transactions will temporarily pause, but this pause will not affect the wallet’s ability to conduct feeless transactions on the following day.
OKX’s Chief Innovation Officer, Jason Lau, recently emphasised OKX’s commitment to increasing usability and accessibility in the Web3 space in an interview. “OKX is committed to improving usability and accessibility for users in the Web3 space,” he said. OKX, a pioneering cryptocurrency exchange renowned for its cutting-edge financial services, has been actively involved in numerous initiatives aimed at expanding its Web3 offerings. Additionally, it is in the process of securing a license in Hong Kong, expanding its presence in India, and forming partnerships with various Web3 projects to enrich its platform’s utility.
The launch of the “USDC Zero Network Fee Campaign” highlights the growing importance of stablecoins like USDC in the broader financial ecosystem. It also underscores the potential of stablecoins to revolutionize traditional financial transactions. Furthermore, Haider Rafique, OKX’s Global Chief Marketing Officer, shared insights into the company’s aim of targeting India’s tech-savvy market. Despite being one of the largest crypto exchanges in terms of trading volume, OKX does not currently offer centralized finance products to Indian users. However, it plans to extend its general Web3 products to cater to the Indian market, recognizing the tech-savvy youth as early adopters of Web3 technologies. Rafique emphasized India’s strong inclination towards technology and stated, “most youth in India are very Web2 savvy, and they’re certainly first movers on Web3; they understand this stuff. It’s second nature.” This strategic move exemplifies OKX’s commitment to embracing India’s growing enthusiasm for Web3 and its potential for widespread crypto adoption.
