OKX announces a big upgrade to its platform
OKX announces a big upgrade to its platform
Cryptocurrency exchange OKX said it has expanded the capabilities of OKX Wallet to facilitate cross-blockchain transfers.
OKX has integrated the new Runes Bridge feature into its OKX Wallet, an important update that strengthens the exchange's position in Web3 technology. Users will be able to enjoy the benefits as early as May 18, 2024, according to BlockchainReporter.
The Runes Bridge integration will change the way assets are transferred across various blockchain networks, including Bitcoin, Ethereum, Arbitrum, BNB Chain, and Polygon.
Leveraging the Runes standard is in line with OKX's commitment to simplify asset management and transfer and allows users to seamlessly connect their OKX Wallet to Runes Bridge. This requires the installation of the OKX Wallet web extension, which is available for both Chrome and Firefox browsers.
Once installed, users can either create a new wallet or add an existing one and then connect directly to Runes Bridge via the extension, allowing for easy transfers using the Runes standard.
Runes Bridge is known for its unique UTXO-based structure that integrates with the Bitcoin network, simplifying the creation and management of tokens. This model provides an efficient alternative to more cumbersome traditional methods, increasing scalability and reducing blockchain bloat – key factors in the network as the number of digital tokens continues to grow.
This strategic move by OKX has already shown promising results. As of May 13, 2024, the Runes Market, powered by Runes, accounted for more than 50% of the total daily rune exchange volume, making it a major player in the market. This is evidenced by the significant trading activity since the market's launch, which coincided with the halving of Bitcoin's value. Trading volume on the marketplace totaled over 1,024 BTC and over 114,273 transactions.
The integration of OKX and Runes Bridge is not only a technical enhancement but also a strategic expansion that underscores the company's role at the forefront of the Web3 revolution. It reflects OKX's ongoing commitment to innovation to enhance the user experience and ensure the platform remains competitive in the evolving digital landscape.
Going forward, OKX will continue to focus on new integrations and innovations to make blockchain technology more accessible and efficient for users around the world, strengthening its leadership in the Web3 space.
Previously, we highlighted that OKX has launched a cryptocurrency platform in Australia, making the world's most powerful crypto application that supports the Australian dollar (AUD) available to Australian users.
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