You can now deposit 1inch Network (1INCH), Curve DAO (CRV), Kyber Network (KNC), Livepeer (LPT), Metis (METIS), The Sandbox (SAND), Skale (SKL), and Nano (XNO) on Okcoin. Here’s what these projects are all about, in simple terms. 👇
TL;DR
- What? You can now deposit 1INCH, CRV, KNC, LPT, METIS, SAND, SKL, and XNO against USD on Okcoin.
- Who? All Okcoin customers in the United States and EU (where applicable). 1INCH, CRV, and LPT are not available to residents of the European Union. None of the above-listed tokens are available to residents of Singapore or Brunei.
- When? Deposits are live as of December 8. Withdrawals, and Quick Buy will be live soon.
What’s 1INCH (1INCH)?
1INCH is a decentralized exchange aggregator. The platform evaluates cryptocurrency prices and trading costs across all decentralized exchanges (DEXs). This offers users the option to execute their trade across numerous exchanges, which may result in potentially lower fees and slippage. Slippage is when the expected price and the actual price of a trade differ, and it occurs when there is a lack of liquidity on an exchange. Because liquidity depth is different for each token and exchange, aggregators like 1inch aim to improve trade execution by deepening liquidity.
The 1INCH token is a utility and governance token, used to transact on the 1INCH network and to vote on key protocol parameters.
What’s Curve DAO (CRV)?
Curve Finance (CRV) is a decentralized exchange focused on efficient stablecoin trading. It is an automated market maker (AMM) using liquidity pools seeking to reduce costs and slippage. The CRV token is mainly used for staking and earning protocol trading fees, voting on governance proposals, and increasing CRV incentives for liquidity providers.
What’s Kyber Network (KNC)?
Kyber Network (KNC) is a decentralized on-chain liquidity and trading protocol. It uses programmable pricing curves in an attempt to improve capital efficiency for liquidity providers and to offer competitive trading rates for traders. In addition, Kyber Network acts as a multi-chain DEX aggregator. KNC is Kyber Network’s governance token, allowing holders to stake and vote on proposals in the Kyber DAO.
What’s Livepeer (LPT)?
Livepeer is a video streaming network enabling developers to build live or on-demand videos. It provides a decentralized video marketplace for infrastructure providers and app developers. LPT was initially launched as an ERC-20 on Ethereum and later migrated to Arbitrum. It can be used for staking, taking part in governance, and paying for computational resources.
What’s Metis (METIS)?
Metis is an Ethereum Layer-2 Optimistic rollup protocol. It uses a multi-chain structure to bundle Ethereum transactions with the goal of making them cheap, almost instantaneous, and secure. METIS is Metis network’s utility token, used for transaction fees, network security incentives, and staking.
What’s Nano (XNO)?
Nano aims to be a decentralized and secure digital money addressing the inefficiencies of existing financial systems. Designed to provide simple peer-to-peer transfer of value, its aim is to empower individuals with an efficient and accessible form of digital money, connecting them to the global economy with minimal impact.
What’s Skale (SKL)?
Skale is an Ethereum protocol that allows users to rent app-specific Ethereum-compatible proof-of-stake blockchains. These SKALE chains can leverage Ethereum’s security to run full scale smart contracts, including decentralized applications and rollup protocols, with faster transaction times than Ethereum mainnet. SKL is the platform’s utility and governance token for payments, staking, and voting.
What’s The Sandbox (SAND)?
The Sandbox is one of the most well-known blockchain-based projects in the gaming and metaverse space. In this 3D open world game, users can design their own worlds with unique in-game elements that can be minted as NFTs. SAND is The Sandbox’ native token, used to mint assets, pay transaction fees, and participate in community governance.
