The OKTC testnet is scheduled for a significant upgrade at block height 9,460,000. This update introduces several new features and improvements designed to enhance the network's functionality and user experience.
Key Features of the V0.11.0 Upgrade
The upgrade advances the testnet to version V0.11.0 and updates the chain-id to okchain-testnet1. A central improvement is the added support for OpenDEX-Desktop v0.0.2 and the introduction of a local node push mode.
Through its data analysis module, stream, the upgrade enables the push of critical market data—including real-time quotes, candlestick charts, and trade history records. This allows the desktop version to deliver an operational experience identical to before, but without relying on any centralized servers.
For a comprehensive look at the developments in OKTC v0.11.0 and OpenDEX, you can review the project's detailed monthly progress reports.
Understanding the OpenDEX Ecosystem
OpenDEX stands as OKTC's premier DeFi product. It is built on the design principle that "anyone can operate a DEX," aiming to create a fully decentralized exchange ecosystem that eliminates the need for servers.
In traditional exchange operations, two primary models exist: the market maker model and the order matching model.
- Market Maker Model: This model offers superior liquidity but lacks a price discovery mechanism, forcing market makers to bear the risk of one-sided market movements. It is commonly used in scenarios like bank-provided f currency exchange services.
- Order Matching Model: This model provides a price discovery mechanism but requires a "double coincidence of wants"—matching a specific buy order with a specific sell order. Consequently, liquidity can vanish during one-sided markets as no party is incentivized to take on the risk.
This is why, in markets like stock exchanges, a hybrid approach is often used: an order book mechanism is established, and project entities themselves act as market makers to provide liquidity, ensuring a smoother trading experience. This is the origin of the order book-based trading model.
Before OKTC, numerous projects attempted to implement an order book-based DEX on the blockchain with mixed results. The primary challenges are two-fold:
- The order book model demands high-performance and highly secure infrastructure. Some DEXs on Ethereum have migrated to Layer-2 protocols to address this exact issue.
- The model requires a market maker to provide liquidity and absorb market volatility risks, with a clear structure for their rewards. This is the pain point that Automated Market Maker (AMM) DEXs, led by projects like Uniswap, successfully solved.
OpenDEX tackles these challenges by establishing its own application-specific blockchain (appchain) to resolve performance and security concerns. It introduces a "DEX operator" role to clarify operator rewards, incentivizing them to provide liquidity for their listed trading pairs and absorb associated market risks.
To adhere to its decentralized design principles, OpenDEX leverages technologies like IPFS and Ethereum's ENS. OKTC provides corresponding tools like OpenDEX-UI and OpenDEX-Desktop to assist OKTChain operators and traders. These tools enable the full suite of exchange operations—including deployment, token pair issuance and management, and trading—without relying on any centralized services. 👉 Explore more strategies for decentralized trading
Actions for OKTC Validators
Validators play a critical role in a smooth network upgrade. To migrate successfully, it is mandatory to follow the official step-by-step upgrade guide.
Crucial Pre-Upgrade Considerations:
- Risk of Slashing: Upgrading a consensus node carries a risk of double-signing and being penalized (slashed). Before starting your validator and signing processes, you must verify your software version and the genesis file hash.
- Error Handling: If an error occurs during the network startup or upgrade process, the best course of action is often to wait for the network to fully launch before attempting corrections.
- Seeking Help: If the network halts and the genesis file you are using differs from the expected one, seek advice from core developers before resetting your validator through official community channels.
- Data Snapshot: Before exporting the state from v0.10.10, it is highly recommended that validators take a complete data snapshot at the export height. While the snapshot process depends on your infrastructure, it generally involves backing up the
okexchaincliandokexchainddirectories. - Contingency Plan: If the upgrade is unsuccessful, validators and operators must downgrade back to OKTC v0.10.10, restore from the latest snapshot, and then restart the node.
The definitive resource for this process is the upgrade workflow published on the OKTC Wiki.
Guidance for Wallet, Block Explorer, and Service Providers
Applications and services built on OKTC may experience brief service interruptions during the upgrade. The specific user experience may vary depending on the application.
As always, exercise caution and follow standard security best practices when managing cryptocurrencies. Remain vigilant against phishing attempts and other forms of exploitation.
For reliable information throughout the upgrade, please refer only to the following official communication channels provided by the OKTC team:
- The official OKTC GitHub repository.
- The official OKTC blog for announcements and learning resources.
- The official technical Telegram group for community discussion.
If you are uncertain about the steps to take or the reliability of any information source, the safest approach is to take no immediate action. Instead, wait for updates from the three official channels listed above. Never share your 12-word mnemonic seed phrase with any administrator, website, or unofficial software.
Frequently Asked Questions
What is the primary benefit of the local node push mode?
It allows the OpenDEX desktop application to receive real-time market data, candlesticks, and trade records directly from a local node. This enhances privacy and reliability by removing dependence on centralized data servers, creating a fully self-sufficient trading experience.
How does OpenDEX differ from AMM-based DEXs like Uniswap?
While AMMs use liquidity pools and algorithmic pricing, OpenDEX utilizes a traditional order book model. It solves the liquidity problem inherent to order books by introducing incentivized "DEX operators" who act as market makers for specific trading pairs, providing liquidity and absorbing volatility risk.
What should a validator do immediately if the upgrade fails?
The immediate action is to stop the node, downgrade the software back to the previous stable version (v0.10.10), and restore the node's state from the complete data snapshot taken before the upgrade attempt. Only after restoring from the snapshot should the validator attempt to restart the node.
Is my funds safe in my wallet during the upgrade?
Your funds are tied to your private keys and the blockchain state, not the upgrade itself. However, wallets, explorers, and other services might be temporarily unavailable. The greatest risk during any upgrade period is phishing. Always use official channels for information and never enter your seed phrase on any website.
Where can I find the absolute latest status on the upgrade?
The single source of truth is the OKTC GitHub repository. Official announcements will also be mirrored on the official OKTC blog. For real-time discussion, the official technical Telegram group is available, but always verify any instructions against the GitHub or blog.