The decentralized finance (DeFi) platform Okto has announced the launch of Season 1 of its Okto Wallet points program, along with a strategic airdrop of its native OKTO tokens.
This initiative promises to reward users for their on-chain activities.
Okto Airdrops 7% of Its Tokens to Users
In an exclusive interview with BeInCrypto, Neeraj Khandelwal, the co-founder of Okto, said that all existing self-custody wallets equipped with the Okto Wallet application have received bonus Okto points. The company has set an initial drop of 20 million points for all the eligible on-chain traders.
This points program extends to all on-chain activities on the Okto Wallet app. Activities include depositing crypto, buying and selling tokens, placing futures trades, and participating in various airdrop quests.
This initiative incentivizes users to engage more deeply with the platform’s offerings.
Users transferring their assets from other centralized exchanges to Okto Wallet can earn bonus points. The platform has planned a reward of 1.5x bonus points for high-volume traders on their first $1 million in futures volume.
Read more: Best Upcoming Airdrops in 2024
Through the points program, the airdrop campaign allocates 7% of the OKTO tokens to early users. According to the whitepaper, the OKTO token would power the OKTO chain and play a crucial role in network operations. However, the team has not yet released the total supply and complete allocation details.
“Details about total supply and allocation of the remaining 93% will be detailed in next version of our whitepaper,” Khandelwal told BeInCrypto.
Recently, the crypto community has scrutinized the fairness of token distributions. EigenLayer airdrop faced backlash for its changing eligibility criteria and regional restrictions. Large allocation to the project’s investors was also a concern.
In response to such concerns, Khandelwal reassured that Okto is committed to ensuring a level playing field. Furthermore, the platform says that it has implemented strong sybil checks and partnered with leading anti-sybil establishments to prevent fraudulent activities.
In addition, Okto is also advancing its technological infrastructure by developing a fully expressive orchestration layer.
Read more: Is Account Abstraction Secure? A Guide to Mitigating Risk
“The Okto infra does the heavy lifting of abstracting Web3 complexities and orchestrating end-to-end delegated and secure transactions,” Khandelwal explained.
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