DeFi liquid mining welcomes heavyweight players.

According to the OKEx announcement, OEC has launched the Swap and Farm functions at 18:00 (HKT) on January 22, and simultaneously opened the OKT/USDT Farm pool. The tens of thousands of OKT generated will be distributed.

In short, users can inject OKT/USDT into the OEC Farm pool from now on, and after the snapshot on January 26, users can share tens of thousands of OKT according to the proportion of LP Token in the Farm pool.

Currently, OKEx has opened the deposit and withdrawal of OKT. OKT holders can deposit assets to the OEC wallet, and provide liquidity for the Farm pool while obtaining top mining rewards. Based on the current price of OKT, the total reward amount is as high as tens of millions of dollars.

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Liquidity mining ushered in the second spring?

In the summer of 2020, the tide of liquidity mining will start, and the Ethereum DeFi ecosystem will explode.

For a time, various mining concepts and projects were dizzying, and some "scientists" with technological and financial advantages took the lead in getting rich, and they easily made tens of millions every day. Under the wealth creation effect, more and more investors are pouring in, hoping to get a share of this DeFi feast.

However, the road to DeFi is full of bumps. In addition to mastering a large number of complex operation steps, the inherent performance bottleneck of Ethereum has become a gap that is difficult for small and medium investors to overcome, mainly reflected in the following two points:

1. Gas fees are high, and mining cannot make ends meet

Before June last year, the Ethereum Gas fee was stable below 30 Gwei, but with the outbreak of liquidity mining, this figure rose rapidly, exceeding 500 Gwei at the peak. Taking the UNI airdrop as an example, to receive 400 UNI, you need to pay at least $20 in gas fees.

When users participate in liquid mining, they basically have to pay Gas fees for every step of the operation. Many users often encounter the problem that the wallet balance is not enough to pay Gas fees when participating in liquid mining——Ethereum Liquidity Mining The high cost of mining can be seen.

2. Network congestion, transaction waiting time is long

According to OKLink data, the current TPS of the Ethereum network is 13.6 transactions per second, and the average block generation time is 13 seconds. Of course, this is only theoretical data. When a large number of transactions are concurrent, the waiting time for each transaction ranges from tens of minutes to several hours.

Also take the UNI airdrop as an example. According to the Honeycomb Finance report, some users received it from 10:00 am and did not complete the transaction until 3:00 pm. Due to the network congestion, they did not catch up with the high point and lost a lot of money.

Based on the above pain points, many investors are discouraged from liquidity mining.

Things are improving in 2021, though. With the advancement of the Layer 2 network and the launch of many high-performance public chains, DeFi liquidity mining is expected to usher in a second spring, and OEC is a typical breaker.

According to public information, OEC is an open source high-performance decentralized transaction public chain that allows anyone to issue digital assets and create transaction pairs. At the same time, it introduces EVM virtual machine technology and OKEx cross-chain gateway, and is also compatible with Cosmos’ IBC cross-chain solution. .

For the two bottlenecks faced by Ethereum, OEC provides practical solutions:

1. Significantly reduce the gas fee. According to the official disclosure, the transaction fee for each OEC chain transaction is about 0.0005 OKT, which is about $0.035 based on the current price of OKT. Compared with the gas fee of $20-$30 on the Ethereum network, OEC has reduced this expense by more than 99%, which benefits all mining participants.

2. Increase transaction speed. According to OKLink statistics, the current block generation time of OEC is 3.64 seconds. In other words, users hardly need to wait for every step of operation on the chain, which is in stark contrast to the confirmation time of tens of minutes or even hours when the Ethereum network is congested.

In a nutshell, OEC has built a bridge that allows everyone to participate in DeFi mining with a low threshold. Compared with Ethereum, users can conduct various low-friction transactions in OEC.

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OEC Head Mine Tutorial

For any mining project, the head mining reward is often the most, and the OEC Farm pool is no exception.

According to the settings, each block of OEC will generate 0.5 OKT to the whitelist Farm pool. Since the opening of the whitelist Farm was later than the mainnet, the accumulated rewards generated during the period were about 168,048 OKT. This part of the top mine will be distributed according to the user's pledge ratio after the snapshot is completed on January 26.

Based on the calculation of USD 70 per OKT, the total bonus of the first mine is approximately USD 11.76 million. Of course, the current market is generally optimistic about OKT. If the price of OKT rises in the later period, the first mining reward will also increase.

How to participate in OEC Farm pool OKT mining? The detailed tutorial is as follows:

1. Accesshttps://www.okexcn.com/OEC/farmEnter the Farm Pool

You can find it on the OEC landing page (https://www.okexcn.com/OEC) in the Dapp to find the Farm, you can also directly accesshttps://www.okexcn.com/OEC/farmEnter the Farm pool.

2. Create your OEC wallet

Before officially opening OEC Farm mining, you need to create an OEC wallet.

Enter the OEC home page - click to enter DEX - click "Create Wallet" in the upper right corner, and follow the page prompts to complete the OEC wallet creation. (If you already have a wallet, you can also import it directly, remember to back up the mnemonic)

3. Withdraw OKT from OKEx to the on-chain wallet

After creating the wallet, you need to withdraw your OKT and USDT to your OEC wallet through OKEx. Note that you must select the OEC network when withdrawing the currency. After the withdrawal is successful, you can link the wallet to operate on the chain.

4. Go to OKEx Swap to add liquidity

The first step in the operation on the chain, clickhttps://www.okexcn.com/dex/swap, go to OKEx Swap to add OKT-USDT liquidity to get LP Token.

5. Pledge LP to the head mining pool to get OKT rewards

After successfully obtaining LP Token, go back to the first head mine Tab on the Farm page, click pledge, and you can pledge your LP (OKT-USDT) to the head mine pool.

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Right now, the popularity of DeFi is unabated, and liquidity mining is expected to break out again.

Supporting this conclusion is the promotion of various optimization schemes. Taking Layer 2 as an example, this solution puts the transaction process off-chain, thereby alleviating the problems of Ethereum mainnet congestion and high gas costs. Many leading DEXs have considered deploying applications in Layer 2.

However, the current Layer 2 protocol is still immature, and the transfer of main network assets to the second layer network still requires high fees. In addition, different protocols are separated from each other. When users transfer assets across protocols, they always have to bypass the interaction with the main network, and additional Gas expenditure is inevitable.

In this context, a high-performance trading public chain like OEC fundamentally provides a targeted solution, which can provide a better soil for liquidity mining. Regardless of whether you are a big investor or a small retailer, you can share the DeFi feast with a low threshold.

Right now, the OEC Farm pool rewards are as high as tens of millions. Users can also earn part of the fee income while sharing the OKT first mine, which can be said to kill two birds with one stone.

Of course, the opening of the OEC first mine is only the first step. We look forward to the birth of more new OEC-based gameplay in the future, and will continue to inject new vitality into the DeFi track.