CoinDCX’s Okto Wallet Rewards Traders with Arbitrum Tokens
CoinDCX’s self-custodial wallet Okto announced the launch of a rewards initiative on Wednesday. Okto aims to incentivize traders who are active on its platform while also increasing user activity. As part of the program, Okto announced that it will distribute 50,000 ARB (Arbitrum) tokens to its community members. The token pool was awarded to Okto through the Arbitrum DAO’s Long-Term Incentive Program (LTIPP) grant.
ARB is the native token of the Arbitrum blockchain and was trading at $0.5396 (approximately Rs. 45) at the time of publication. Based on the current value of ARB, this rewards program is worth $26,815 (approximately Rs. 22.5 lakh).
“To ensure fair distribution, each user can earn a maximum of 1,000 ARB (approximately Rs. 45,115) during the campaign. Rewards will be distributed weekly based on the user’s progress,” the platform explained via a after on her website.
Arbitrum Rewards Challenge: Who’s Eligible and How to Participate?
An Okto spokesperson told Gadgets360 that the Arbitrum Rewards Challenge is open to users who trade futures on the platform. Essentially, traders using Okto services must clear five “milestones” before they are eligible to earn the ARB token rewards. The release of each milestone is based on the amount a user has traded.
Crypto futures traders are investors who buy or sell cryptocurrencies at a predetermined price on a future date.
For users involved in futures trading, a minimum trade of $10,000 (approximately Rs. 8.3 lakh) in volume can earn them 15 ARB tokens (approximately Rs. 678) and the maximum trade of $1 million (approximately Rs. 8 crore) can help users earn 1,000 ARB tokens (approximately Rs. 45,000) – the highest reward that can be achieved by a user as part of the Arbitrum Rewards Challenge.
Additionally, a deposit of $30 (approximately Rs. 2,515) into Okto futures wallets can earn users five additional ARB tokens worth approximately Rs. 225). This offer is valid for new users who created their Okto wallets after August 15 and these tokens will be unlocked after the users reach the first milestone.
“The trading volume is not equal to the deposited amount. We also provide up to 50x leverage, so a trader using $1,000 (approximately Rs. 83,935) of his funds can trade up to $50,000 (approximately Rs. 41.5 lakh) on certain pairs. Also, a user can win up to 1,000 ARB tokens for trading $1 million (approximately Rs. 8 crore) volume,” the spokesperson said.
According to the wallet service, users should keep an eye on their trading volume as it is updated every 24 hours.
“Rewards will be distributed every Friday based on your progress, starting on August 23. The campaign will run until the entire reward pool of 50,000 ARB is exhausted or until September 15, 2024, whichever comes first,” the company said.
The Ongoing Challenges of the Arbitrum Blockchain
Arbitrum’s LTIPP initiative has provided Okto with the token pool for rewards. It is a 12-week pilot program aimed at stimulating the growth and usage of the network.
The blockchain is reportedly struggling to increase ARB token prices in the competitive crypto ecosystem.
The developers of this blockchain protocol are expected to introduce an ARB staking proposal that will give ARB holders the opportunity to earn a percentage of future rewards generated by the decentralized autonomous organization (DAO).
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