The world of digital assets moves fast — and so does innovation on leading blockchain platforms. For users of global crypto exchange OKX, May 2023 was a pivotal month marked by critical network upgrades, new feature rollouts, and enhanced trading capabilities across both centralized and Web3 services. These developments reflect OKX’s ongoing commitment to improving user experience, expanding ecosystem support, and ensuring seamless access to emerging blockchain trends.
This comprehensive update covers all essential announcements from OKX during May 2023, including support for major network upgrades like Optimism (OP), the launch of advanced trading tools such as limit orders in Web3 wallets, and key adjustments to trading precision for improved market liquidity.
Network Upgrade Support: Optimism (OP) Hard Fork
OKX confirmed full support for the Optimism (OP) network upgrade and hard fork, ensuring continuity for users engaging with one of Ethereum’s most popular Layer-2 scaling solutions. As a major player in the decentralized finance (DeFi) space, maintaining compatibility with protocol-level changes is crucial for uninterrupted asset transfers, smart contract interactions, and cross-chain activities.
Users were advised to monitor their OP holdings and transactions around the upgrade window to avoid potential disruptions. The exchange ensured that deposits, withdrawals, and trading of OP remained functional before and after the fork, with no expected long-term downtime.
👉 Discover how OKX supports next-gen blockchain networks and seamless asset management.
Scheduled Maintenance & Technical Upgrades
To deliver a more stable and secure trading environment, OKX conducted scheduled maintenance sessions during May and early June:
- May 25, 2023: Service suspension from 2:00 PM to 2:04 PM (UTC+8)
- June 1, 2023: Another brief technical upgrade from 2:10 PM to 2:16 PM (UTC+8)
During these windows, all trading functions — including order placement, modifications, cancellations, margin adjustments, and fund transfers — were temporarily paused. These short downtimes allowed the engineering team to implement backend optimizations without compromising system integrity or user security.
Such proactive maintenance reflects OKX’s focus on platform reliability, especially during periods of high market volatility or major blockchain events.
Enhanced Trading Precision Across Major Pairs
In an effort to improve market liquidity and offer tighter price control, OKX adjusted the minimum price precision for select spot, margin, and perpetual contract trading pairs on June 1, 2023, between 2:00 PM and 2:30 PM (UTC+8).
This change enables traders to set more granular prices, particularly beneficial in low-volatility conditions or when executing algorithmic strategies. Affected pairs included major cryptocurrencies across multiple blockchains. Any updates to spot trading precision were automatically mirrored in corresponding leveraged products where applicable.
These refinements support professional traders seeking precision while enhancing overall market efficiency.
Web3 Wallet Innovations: Limit Orders & BRC-20 Support
One of the most significant advancements in May was the introduction of limit order functionality in the OKX Web3 Wallet, launched on May 24. This feature allows users to set custom buy or sell prices for supported tokens across multiple chains — including Ethereum, BNB Chain, Polygon, Avalanche C-Chain, Fantom, Arbitrum, and OKTC — without needing constant market monitoring.
This brings centralized exchange-like convenience to decentralized trading environments, empowering users with better price execution and time efficiency.
Additionally, on May 23, OKX Web3 Wallet added support for BRC20 tokens, a novel asset class built on the Bitcoin blockchain using ordinal inscriptions. By enabling BRC20 asset management within its mobile app, OKX positioned itself at the forefront of Bitcoin ecosystem innovation.
BRC20 is an experimental token standard that leverages Bitcoin’s blockchain to mint and transfer fungible digital assets through JSON-based inscription data. While still evolving, it has sparked renewed interest in Bitcoin’s programmability beyond simple payments.
Supporting BRC20 showcases OKX's agility in responding to grassroots crypto movements and provides early adopters with secure tools to manage these emerging assets.
Frequently Asked Questions
Q: What is the significance of supporting BRC20 in a Web3 wallet?
A: BRC20 support allows users to interact with a new class of Bitcoin-based tokens directly from their self-custody wallet. This expands use cases for Bitcoin beyond transfers and storage into areas like experimentation with tokenized assets.
Q: Are limit orders in Web3 wallets executed on-chain?
A: Yes — OKX Web3 limit orders are typically routed through integrated decentralized exchanges (DEXs) or aggregators. When market conditions meet your set price, the trade executes via an on-chain transaction, giving you full control over your funds.
Q: How does adjusting price precision benefit traders?
A: Finer price steps allow for more competitive bids and asks, reducing slippage and improving fill rates. It’s especially useful for arbitrageurs and high-frequency traders operating in tight markets.
Q: Was there any impact on GALA token holders during the V1 to V2 swap?
A: The GALA token migration from V1 to V2 was completed seamlessly on OKX. Only GALA (V2) is now supported for deposits and withdrawals. Users who mistakenly sent V1 tokens risked permanent loss, emphasizing the importance of verifying token versions before transfers.
Q: Why did OKX host a Meme Coin voting event?
A: Community-driven listing initiatives help identify trending projects with strong grassroots support. By allowing users to vote via deposits, OKX gauged real demand before listing ILCAPO (CAPO) and Turbo (TURBO).
Q: Is ORDI available for trading and withdrawal?
A: Yes — ORDI became available for deposit on May 20 at 6:00 PM HKT, with trading going live at 8:00 PM (UTC+8). Withdrawals were also enabled shortly after sufficient user deposits met listing thresholds.
New Listings: ORDI and Meme Coin Spotlight
OKX continued its aggressive listing strategy by launching ORDI/USDT trading pairs on May 20, following community interest in Ordinals-based assets. ORDI serves as a community token associated with the Ordinals protocol, which enables NFT-like inscriptions on Bitcoin satoshis.
Simultaneously, OKX concluded its Meme Coin recharge campaign, selecting two top-performing projects based on community participation:
- ILCAPO (CAPO)
- Turbo (TURBO)
These selections highlight the platform’s responsiveness to viral trends while maintaining due diligence through structured launch frameworks.
👉 Explore how OKX enables early access to trending digital assets like ORDI and emerging Meme Coins.
GALA Token Migration Completed
On May 22, OKX announced the successful completion of the GALA token swap from V1 to V2. This transition followed Gala Games’ network upgrade aimed at enhancing scalability and cross-chain interoperability.
Post-migration:
- GALA (V1) deposits are no longer accepted
- Only GALA (V2) is supported for transfers
- Trading and withdrawal services fully restored
Users were strongly urged to verify the correct token version before initiating any transactions to prevent irreversible losses — a common risk during token migrations.
The May 2023 updates from OKX demonstrate a clear trajectory toward deeper integration between CeFi and DeFi ecosystems, stronger support for innovative blockchain standards, and continuous refinement of trading mechanics.
Core keywords naturally integrated throughout this article include: OKX, Web3 wallet, BRC20, ORDI, Optimism OP, limit orders, GALA token swap, and trading precision. These reflect central themes that align with current search intent around exchange features, wallet capabilities, and emerging crypto trends.
👉 Stay ahead in the fast-moving crypto landscape with OKX’s cutting-edge tools and real-time updates.