On September 7th, OKX, a leading global web3 technology company, and Circle Internet Financial, a fintech firm, introduced USDC features within the OKX Wallet and the OKX DEX aggregator.
This collaboration’s primary goal is to simplify USDC transactions by removing network fees and enabling cross-chain USDC swaps across multiple blockchain networks.
The integration of OKX DEX aggregator with Circle’s Cross-Chain Transfer Protocol (CCTP) now enables seamless, fee-free transactions across seven blockchain networks: Ethereum, OKTC, BNB Chain, Polygon, Optimism, Arbitrum One, and Avalanche C.
This advancement represents a significant stride towards a more user-friendly and permissionless on-chain utility, allowing USDC to flow effortlessly across diverse blockchain ecosystems.
From September 7th to October 5th, 2023, the “USDC Zero Network Fee Campaign” will empower OKX Wallet users to send, receive, and exchange USDC without incurring any network fees, provided they utilize the wallet’s Smart Account feature.
The Smart Account, launched on August 2nd, 2023, harnesses account abstraction technology to streamline USDC transactions across various blockchain networks.
By utilizing the quick-swap feature, individuals can benefit from as many as five fee-free transactions per day, per device. It’s important to note that the total reward and feeless transaction count reset daily at 4:00 pm UTC.
To participate in this promotion, individuals must maintain a minimum balance of 10 USDC in their wallet, with unofficially released assets such as USDC.e not considered as part of the total assets.
Each transaction is eligible for a maximum fee waiver of 5 USDC. If the network fee surpasses this limit, the transaction will not be eligible for a fee waiver.
In situations where the daily limit for fee waivers is reached, feeless transactions will be temporarily suspended. Importantly, this pause will not affect the wallet’s ability to execute feeless transactions on the following day.
OKX Puts Emphasis on Enhancing Web3 Accessibility and Sets Sights on Expanding into India’s Tech-Savvy Market
During an interview, Jason Lau, the Chief Innovation Officer at OKX, underscored OKX’s dedication to improving user-friendliness and accessibility within the Web3 realm, asserting,
“OKX remains steadfast in its commitment to enhancing user-friendliness and accessibility within the Web3 sphere.”
OKX, a trailblazing cryptocurrency exchange renowned for its cutting-edge financial services, has been actively involved in a series of initiatives focused on expanding its Web3 offerings.
In parallel, the exchange is diligently working towards obtaining its license in Hong Kong and expanding its presence in India. Additionally, it has recently forged strategic partnerships with various Web3 projects, thereby augmenting the array of utilities accessible on its platform.
The recent introduction of the “USDC Zero Network Fee Campaign” underscores the burgeoning importance of stablecoins such as USDC in the wider financial landscape. It also highlights the transformative potential of stablecoins in redefining conventional financial transactions.
Moreover, in an exclusive dialogue with CryptoNews, OKX’s Global Chief Marketing Officer, Haider Rafique, shared the company’s vision of targeting India’s tech-savvy market.
Despite being one of the largest crypto exchanges in terms of trading volume, OKX does not currently provide centralized finance products to Indian users. However, the company is strategically planning to broaden its Web3 product offerings to cater to the Indian market in the coming months. This expansion plan includes establishing a presence in India, recruiting local talent, and tapping into the country’s tech-savvy youth, who are early adopters of Web3 technologies.
Haider Rafique emphasized India’s strong affinity for technology, underscoring that:
“Most of India’s youth are well-versed in Web2 technology, and they are undeniably pioneers in the Web3 landscape; they possess a deep understanding of these concepts. It’s like second nature to them.”
He also observed that India has a higher prevalence of Web3 asset-holding wallets compared to other regions. This strategic move by OKX underscores its commitment to embracing India’s burgeoning enthusiasm for Web3 and recognizing the nation’s potential for widespread crypto adoption.
