Moving CoinDCX to web3

Indian crypto exchange CoinDCX has announced its integration with Okto Chain, an orchestration layer designed to simplify web3 for users and developers.

Orchestration layers are designed to provide a simplified user interface for users and developers when interacting with web3 environments. 

Similarly, Okto Chain offers a suite of easy-to-use software development kits (SDKs), allowing developers to integrate Web3 functionalities into their applications. Meanwhile, users benefit from a smoother user experience similar to web2 applications. 

With the recent integration, CoinDCX users will able to access 50,000 tokens within the exchange’s mobile application’s web3 mode. This includes major ecosystems like Polygon, Binance Smart Chain, Solana, Base, and 10 other chains. 

Further, users will also benefit from on-chain rewards, OKTO airdrops, and self-custody services within the app itself. The exchange is also rewarding users with Okto points for every web3 transaction, as a part of the launch.

Okto Chain’s chain abstraction also facilitates interactions across multiple blockchains. As such, CoinDCX users will also be able to perform cross-chain token swaps and multi-chain identity verification.

Interestingly, the web3 mode also allows CoinDCX users to use INR without requiring any additional wallets. This means users can directly buy tokens like ETH and Matic using fiat currency.

All gas fees involved in these transactions will be automatically handelded by the orchestration layer. This means, users don’t need to manage multiple native tokens when interacting with different chains.

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According to founder Neeraj Khandelwal, several Web3 companies are still developing chain-abstracted products. However, Okto Chain has already deployed this technology at scale.

Okto Chain was initially revealed in May 2024. It is a zero-knowledge roll-up chain secured by a decentralized set of Proof of Stake (PoS) validators.

The blockchain’s abstraction layer integrates Decentralized Wallet Networks (DWNs) and Decentralized Transaction Networks (DTNs). 

DWNs manage unified wallet accounts secured by Multi-Party Computation, facilitating delegated signing and permissions across various blockchains. Meanwhile, DTNs handle asynchronous transaction orchestration, managing tasks like nonce management, gas-fee estimation, and transaction lifecycle management across multiple chains.

Besides the CoinDCX app, the Okto Chain ecosystem can be accessed via the Okto wallet. 

The crypto exchange launched the wallet via its defi arm, Okto, in 2022. The wallet provides users access to over 100 decentralized apps (dApps) and 20+ blockchains. The wallet also allows users to hold the OKTO token, the blockchain network’s upcoming native token.