Cryptocurrency exchange CoinDCX has announced the global launch of its decentralised finance (DeFi) wallet app Okto, which provides simplified and secure access to DeFi services. It has also introduced an AI-based multi-factor authentication to secure self-custodial DeFi wallets.
The wallet is designed to let users swap thousands of tokens and earn from vetted DeFi opportunities. Gaurav Arora, Senior Vice-President of DeFI Initiatives, CoinDCX, told businessline the company has so far made six protocol integrations and targets 100 in four to six weeks. Irrespective of the underlying protocol, the user will be able to see the same interface on the mobile app.
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The Web3 app eliminates the need for safeguarding seed phrases, ensuring full control of funds. It also removes the risk of a single point of failure using consensus-driven multi-party computation (MPC) technology. With MPC, private keys used to access and control funds are never fully exposed, securing users’ funds at all times, said the company.
Okto has built optimisations to handle failure scenarios and achieve a nearly 100 per cent transaction success rate. The wallet abstracts the complexities of DeFi through cross-chain algorithms. It allows users to easily pay gas fees in any token, making transactions more convenient and efficient. This is enabled by an in-built gas optimisation service across chains.
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Arora said, “With seamless access to a wide range of tokens across multiple chains, users can trade across different chains, pay gas fees in any token, and enjoy convenient and efficient transactions. Okto’s user interface is designed to make it easy for even novice users to explore various opportunities across pools on a single app, making it a powerful tool for navigating the world of decentralised finance.”
The wallet supports multiple protocols and has integrated with Web3 chains like Polygon, BSC, and Avalanche, as well as protocols like Stader and WooFi, among others. One of Okto’s key features is its earn functionality, which allows users to earn returns on their existing tokens by adding them to liquidity pools and staking, providing a passive income stream. The swap feature enables trading between different tokens supported by a user-centric design. In addition, Okto offers boosted the annual percentage yields (APYs) on selected assets, providing users with enhanced earning opportunities.