CoinDCX launches decentralised finance wallet Okto

Cryptocurrency exchange CoinDCX has announced the global launch of its decentralized financial (DeFi) wallet application Okto, which provides simplified and secure access to DeFi services. It has also introduced AI-based multi-factor authentication to secure self-guarding DeFi wallets.

The wallet is designed to allow users to exchange thousands of tokens and earn from vetted DeFi opportunities. Gaurav Arora, Senior Vice President of DeFI Initiatives, CoinDCX said Business line To date, the company has completed six integration protocols and 100 goals in four to six weeks. Apart from the underlying protocol, the user will be able to see the same interface on the mobile app.

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Web3 eliminates the need to protect seed phrases, ensuring complete control of funds. It also eliminates the risk of a single point of failure by using consensus-driven Multiparty Computing (MPC) technology. The company said that with MPC, the private keys used to access and control funds are not fully disclosed, securing users’ funds at all times.

Okto has built optimizations to handle failure scenarios and achieve an almost 100 percent transaction success rate. The wallet strips away the intricacies of DeFi through cross-chain algorithms. It allows users to easily pay gas fees with any token, making transactions easier and more efficient. This is enabled by the gas optimization service included across the series.

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“With seamless access to a wide range of tokens across multiple chains,” said Arora, “users can trade across different chains, pay gas fees in any currency, and enjoy convenient and efficient transactions. Okto’s user interface is designed to make it easy for even novice users to explore the many opportunities across collections on a single app, making it a powerful tool for navigating the world of decentralized finance.”

The wallet supports multiple protocols and has been integrated with Web3 chains such as Polygon, BSC, and Avalanche, as well as protocols such as Stader, WooFi, and others. One of Okto’s main features is the profit function, which allows users to earn returns on existing tokens by adding them to liquidity pools and bets, providing a passive income stream. The swap feature allows trading between different tokens backed by a user-centric design. In addition, Okto offers enhanced annual percentage returns (APYs) on selected assets, providing users with enhanced earning opportunities.