It is quite easy to see that various exchanges now have their coin. The popular exchange ranked 75th position on Coinmarketcap based on the “exchange score” also follows a similar trend.
OKB is the utility token of OKX (formerly known as OkEx) that gives users access to some special features on the exchange. Such features include discounts on trading fees, voting rights for listing tokens on the exchange, decision-making process on the platform (governance), rewards for holding OKB, and eligibility for OKEx Jumpstart initial exchange offering (IEO).
Later with the token, users will be able to cover their transaction fees on both OKChain and the decentralized exchange OKDEX.
OKB is pivotal to the OKX ecosystem, therefore, one or more of the benefits highlighted below could be why you want to consider holding it.
Depending on the quantity of OKB you hold, you can get up to a 40% discount on every transaction made on the OKX platform. Usually, users are categorized into Regular & VIP members which is a great determinant of the discount allocated. As a Regular user, the platform assigns you a level based on your OKB holdings which further determines the extent of discount you get. However, it is the trading volume that determines your level, hence, the discount you get as a VIP user.
As a member of the OKX platform and an OKB tokens holder, you can earn passive income on your holdings by being part of the OKEx Earn. In addition to this, funds could be allocated to you during OKEx Jumpstart initial exchange offering (IEO) usually depending on the number of OKB tokens staked during such event. If you want to participate in the latter, you must register for the program on the OKEx Jumpstart platform – Both the staked tokens and your IEO allocation will be sent to your funding account at the end of the event.
Being the native token of the platform, OKB facilitates trading activities on OKExChain as well as the development of many scalable applications. Also since the OKExChain is a layered architecture, consensus times are reduced, scalability as well security is significantly improved.
About 80 applications have been developed by the OKB ecosystem and they cover payments, transactions, wallets, loans and financial management, technical security, tourism, life services, entertainment, social networking, electronic contracts, and C2C services.
As an OKB holder, you have access to first-class security services, mortgage-lending services, various wallet services, online and offline shopping payment services, hotel reservation services, etc. through the use of OKB.
OKB tokens are burnt every three months using the buy-back and burn mechanism and the records of the token burn are placed on their official website. Currently, a total of 32,563,881.78 OKB tokens have been burnt and the amount of tokens in circulation presently is 264,436,118.22 OKB.
With this burning system in place, OKB is a deflationary token and it is expected to significantly increase in value with time-based on the law of supply and demand – the lower the supply of tokens, the higher the price. Moreover, for the burning procedure, OKEX uses 30% of the income from commissions fees (from which welcome bonuses are provided to new users). Hence, you are likely going to get a good return by just holding the tokens.
As an OKB token holder, you are also entitled to the following benefits:
- OKB Savings
- Converting small balances to OKB
- OKB margin trading
- Designated merchants
- OKB trading
- OKExChain ecological benefits
- OKEx DEX trading
- C2C lending
- Global partnerships
- Voting OKNodes
- Benefits from token listings
Although there is no information about the maximum supply of OKB, only 60,000,000 tokens (with a market cap of $1,036,218,089 USD) are currently in circulation. However,1 Billion OKB tokens are available on the market and they are allocated as follows:
- 40% – Founders & Project;
- 10% – Investors;
- 50% – AirDrops & Rewards;
- 700 million OKB are locked until 2022. Hence, the total supply in last year (2021) is 300 million tokens.
However, the 700 million additional OKB tokens will be released this year (2022) and with the following distribution:
- 100 million awarded to early investors;
- 200 million stays with the founding team;
- 100 million allocated to the OK Blockchain Foundation;
- 300 million left for public awards.
Mingxing “Star” Xu is the co-founder of OKEx exchange while Jay Hao is the CEO right from the beginning. Both individuals have good managerial skills and are quite experienced in the technology industry. Moreover, they have built an impressive reputation over time which I am pretty sure they would not want to soil.
Based on the fact that the OKB token is backed by strong fundamentals, good utilities, and the rapid growth of the OKEx exchange, it can be considered a good investment. Many investors believe the price of OKB will increase to $100 by the end of the year; this contributes to about 572% Return On Investment (ROI) from the current price or 5.72x of the initial investment if bought at the current price of $17.48 as at the time of writing.
I highly recommend you Do Your Own Research (DYOR) before making any investment decision.
You can easily buy OKB directly from OKX exchange or any other crypto exchanges that support buying and selling of the token. Such exchanges include FTX, Gate.io, Uniswap (V2), HitBTC, BiONE, LBank, Hotcoin Global, Coin Ex, ProBit Global, Hotbit.
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