What is OKB?
OKB is a global utility token that is used on the cryptocurrency exchange OKX (previously known as OKEx). The primary goal of OKB is to connect digital asset projects with OKX users and professional investors, creating an OKX ecosystem that supports the development of blockchain technology and the digital asset sector.
OKB was created in 2017 by OKEx, which was founded by Mingxing 'Star' Xu in 2013 as the Chinese cryptocurrency exchange Okcoin. In 2017, Xu created a separate exchange based in Malta called OKEx, which completed an initial coin offering (ICO) that raised over $100 million. As part of this ICO, OKEx launched OKB, an ERC-20 token that is used to pay transaction fees on the exchange. Jay Hao became CEO of OKEx in November 2018.
The total supply of OKB was set at 1 billion tokens upon its launch, with a circulating supply of 300 million. In May 2019, OKEx implemented a quarterly token buyback-and-burn program to decrease the circulating supply of OKB. The exchange uses 30% of the income from spot trading fees to buy back OKB tokens, with the goal of increasing the value of OKB and encouraging users to hold onto the tokens.
In September 2020, OKEx burned 700 million OKB tokens that had not been issued since the ICO, bringing the total supply down to 300 million minus the OKB tokens that had been burned in previous buyback-and-burn programs.
In December 2020 and January 2021, OKEx launched the mainnet of OKChain, which was later renamed to OKC. As part of this launch, OKB holders who used OKX's Jumpstart token launch feature were issued a proportional amount of OKT tokens. In January 2022, OKEx rebranded as OKX.
OKB has a number of uses on OKX, including paying fees on the exchange and enabling users to participate in the network's governance. OKB holders can also earn passive income by holding the tokens on OKX Profit, a feature that helps users earn on their assets. Additionally, OKB is used on the OKX Jumpstart platform to distribute funds. OKB is also utilized on-chain to support spot trade, derivatives trading, and the creation of multiple scalable applications. The layered design of OKB enhances scalability, security, and reduces consensus times.
OKB is a utility token that allows OKX users to access various features on the exchange. These features include the ability to pay and receive discounts on trading fees, vote on and participate in governance on the site, and receive rewards for staking OKB. OKB holders are also eligible for a service fee discount, voting rights, and the opportunity to participate in projects on OKX Jumpstart, among other benefits.
The OKB token is important for the OKX ecosystem as it allows users to receive discounts of up to 40% on transactions (depending on the number of tokens owned or staked). OKX splits users into two status groups: normal and VIP. A normal user's status is determined by the amount of OKB they own, while VIP users are assigned a status based on their trading volume. Trading fees are adjusted daily, and OKB holders receive a discount based on their status.
In summary, OKB is a global utility token used on the OKX cryptocurrency exchange to pay fees, participate in governance, and access various features and discounts. It is an important asset in the OKX ecosystem and is used to support multiple applications on the OKC blockchain.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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