CoinDCX’s Okto Wallet Announces Arbitrum Rewards Challenge Aiming to Incentivise Traders

The Arbitrum blockchain's native ARB token is currently trading at $0.5396 (roughly Rs. 45).

Written by Radhika Parashar, Edited by David Delima | Updated: 21 August 2024 17:11 IST

CoinDCX’s Okto Wallet Announces Arbitrum Rewards Challenge Aiming to Incentivise Traders

Photo Credit: Unsplash/ Ash_Ismail

Traders using Okto will have to clear five ‘milestones’ to earn the promised rewards

Highlights

The futures traders will have to facilitate a minimum trade of $10,000
Each user can only get an award upto 1,000 ARB tokens
The initiative will end when the token pool exhausts or on September 15

CoinDCX-owned self-custodial wallet Okto announced the launch of a rewards initiative on Wednesday. Okto is looking to incentivise traders that are active on its platforn while simultaneously ramping up user activity. As part of the program, Okto has announced that it will distribute 50,000 ARB (Arbitrum) tokens among its community members. The token pool has been awarded to Okto by the Arbitrum DAO's Long-Term Incentive Program (LTIPP) grant.

ARB is the native token of the Arbitrum blockchain, and it was trading at $0.5396 (roughly Rs. 45) at the time of publishing. Based on ARB's current value, this reward programme is worth $26,815 (roughly Rs. 22.5 lakh).

“To ensure equitable distribution, each user can earn a maximum of 1,000 ARB (roughly Rs. 45,115) throughout the campaign. Rewards will be distributed weekly, based on user progress,” the platform explained via a post on its website.

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Arbitrum Rewards Challenge: Who is Eligible, How to Participate

An Okto spokesperson told Gadgets360 that the Arbitrum Rewards Challenge is open to users engaged in futures trading on the platform. Essentially, traders using Okto services will have to clear five ‘milestones' before they are deemed eligible to earn the ARB token rewards. The clearance of each milestone will be based on the amount that a user has traded.

Crypto futures traders are investors who buy or sell cryptocurrency at a predetermined price on a future date.

For users involved in futures trading, a minimum trade of $10,000 (roughly Rs. 8.3 lakh) in volume could earn them 15 ARB tokens (roughly Rs. 678) and the maximum trade of $1 million (roughly Rs. 8 crore) could help users gain 1,000 ARB tokens (roughly Rs. 45,000) — the highest reward that can be achieved by a user as part of the Arbitrum Rewards Challenge.

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In addition, a deposit of $30 (roughly Rs. 2,515) in Okto futures wallets could fetch users five additional ARB tokens roughly worth 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.

"Trade volume is not equal to the amount deposited. We also give up to 50x leverage so a traders using $1,000 (roughly Rs. 83,935) of his funds can trade for up to $50,000 (roughly Rs. 41.5 lakh) on certain pairs. Also, one user can win up to 1,000 ARB tokens on trading $1 million (roughly Rs. 8 crore) volume," the spokesperson said.

The wallet service says users will need to keep an eye on their trading volumes as it updates every 24 hours.

"Rewards will be distributed every Friday based on your progress, starting from August 23. The campaign will run until the entire 50,000 ARB reward pool is exhausted or 15th of September, 2024, whichever comes first,” the company said.

The Arbitrum Blockchain's Ongoing Challenges

Arbitrum's LTIPP initiative has provided Okto with the token pool for rewards, is a 12-week pilot programme aimed at catalysing the growth and use of the network.

The blockchain is reportedly struggling to raise the prices of the ARB token in the competitive crypto ecosystem.

The developers of this blockchain protocol are expected to introduce an ARB staking proposal that will offer ARB holders an opportunity to earn a percentage of future rewards generated by the decentralised autonomous organisation (DAO).

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Further reading: Cryptocurrency, Okto, CoinDCX, Crypto Traders

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More