On September 7, prominent web3 technology provider OKX joined hands with fintech company Circle Internet Financial to introduce USDC functionalities to the OKX Wallet and the OKX DEX aggregator.
The collaboration is set to offer gasless USDC transactions, eliminating the burden of network fees and making it feasible to conduct USDC swaps between multiple blockchain networks.
By integrating the OKX DEX aggregator with Circle’s innovative Cross-Chain Transfer Protocol (CCTP), users can now execute transactions without incurring fees across seven blockchain platforms: Ethereum, OKTC, BNB Chain, Polygon, Optimism, Arbitrum One, and Avalanche C.
This advancement underscores a monumental shift toward a user-centric, unrestricted on-chain experience, ensuring that USDC can be effortlessly transacted across various blockchain landscapes.
To promote this new feature, from September 7 to October 5, 2023, the “USDC Zero Network Fee Campaign” will be in full swing. During this period, users of the OKX Wallet will enjoy the privilege of sending, receiving, and exchanging USDC without facing any network fees, as long as they utilize the Smart Account functionality within the wallet.
Launched on August 2, 2023, the Smart Account taps into the capabilities of account abstraction technology, enhancing the efficiency of USDC transactions across a variety of blockchains.
With the integration of the quick-swap functionality, users can benefit from up to five transactions daily without incurring any fees, on a per device basis. It’s essential for users to be aware that the count for rewards and feeless transactions is reset every day at 4:00 pm UTC.
In order to be eligible for this initiative, users must maintain a balance of at least 10 USDC in their wallets. It’s important to highlight that assets which have not been officially released, such as USDC.e, are not considered when tallying the total assets.
For each transaction, the fee waiver is capped at 5 USDC. Transactions that incur a network fee beyond this threshold will not qualify for the fee exemption.
Should the total daily allocation for waived fees be exhausted, the provision for feeless transactions will be temporarily suspended. Crucially, this hiatus will not impede the ability of the wallet to resume feeless transactions on the subsequent day.
OKX Prioritizes Web3 Accessibility and Targets India’s Tech-Savvy Market for Expansion
During a recent interview, Jason Lau, the Chief Innovation Officer at OKX, underscored the company’s dedication to advancing user experience and broadening access within the realm of Web3. He stated,
“OKX is wholeheartedly devoted to elevating usability and ensuring broader accessibility for enthusiasts in the Web3 domain.”
A trailblazer in the crypto exchange landscape, OKX continues to provide innovative financial solutions. As part of its strategic direction, the company has embarked on multiple initiatives that amplify its Web3 services.
Moreover, the exchange is advancing its global footprint: it’s currently navigating the licensing process in Hong Kong, extending its operations to India, and fostering collaborations with an array of Web3 ventures to enrich the suite of services on its platform.
The recent unveiling of the “USDC Zero Network Fee Campaign” highlights the escalating importance of stablecoins, such as USDC, in the wider financial realm. It also demonstrates how stablecoins have the potential to transform conventional financial operations.
In an exclusive chat with CryptoNews, Haider Rafique, the Global Chief Marketing Officer at OKX, shed light on the company’s strategy geared towards tapping into the tech-driven Indian market.
While OKX stands as one of the foremost crypto exchanges by trade volume, it currently doesn’t extend centralized finance products to its users in India.
Nevertheless, OKX’s roadmap includes broadening its array of general Web3 offerings tailored for the Indian audience in the foreseeable future. Intent on making inroads into the Indian market, OKX’s strategy encompasses recruiting local expertise and reaching out to India’s tech-inclined younger generation, known to be at the forefront of adopting Web3 innovations.
Haider Rafique underscored India’s deep-rooted connection with technology. He observed,
“In India, the majority of the younger generation is well-acquainted with Web2, and they’re undeniably early adopters of Web3. They inherently grasp this domain; it’s like second nature to them.”
Rafique also pointed out an interesting trend: a higher proportion of wallets in India contain Web3 assets compared to many other regions. This insight underlines OKX’s strategic decision to tap into India’s burgeoning interest in Web3, recognizing the nation’s promising potential for expanded cryptocurrency engagement.
