Academy Industry Analysis Article

OKB Ecosystem Monthly Report – February 2020

2020.03.10 Kelvin

In February, the OKB ecosystem continued to achieve breakthroughs in various aspects, such as developing new application scenarios, improving the OKB deflation model, expanding partners and trading channels, and constructing the OKB community.

– The testnet of OKChain and OKEx DEx were officially launched, and is expected to benefit OKB holders;

– OKB has completed the 7th buy-back and burn and a total of 700 million unissued OKB will be burned. Since then, OKB has entered the era of absolute deflation and become the world’s first fully circulating platform token;

– OKB’s internal and external application scenarios are further expanded;

– A total of 5 new OKB trading channels were added for spot trading and pending order mining;

– Dozens of online community interactions were organized for millions of users worldwide.

As of today, OK Blockchain Foundation has developed many OKB use cases with OKEx, including the construction of up to 13 platform-based application scenarios such as trading fee discounts, OKEx Jumpstart, OKB trading market, etc. along with 35 external application scenarios, covering payment, market data, wallet, lending and wealth management, cybersecurity, travel, lifestyle, and entertainment applications, which allow OKB holders to purchase products or services with OKB token.

Besides, OKB has also accelerated its globalization and is now available on 8 major fiat gateways including the US dollar, Euro, South Korean won, Vietnamese dong, Indonesian rupee, etc., and listed on over 50 trading platforms including Bitfinex and Bitmax.

On the other hand, it provides first-class services to millions of users in 141 countries and regions including the United States, Britain, Germany, South Korea, Japan, Russia, Singapore, and Indonesia.

1. OKB will be migrated to OKChain

As a leading crypto exchange, we partnered with OK Blockchain Foundation to make a mark in the decentralized finance space by launching the commercial public blockchain OKChain testnet and the first DeFi application OKEx DEx on Feb 10. OKChain is highly secure, truly decentralized and open for everyone to enjoy the benefits blockchain and decentralization brings.

OKB will soon be migrated from the Ethereum ERC-20 network to the OKChain mainnet. In order to fulfil the DPoS consensus requirement, OKT was issued as the native token of OKChain, of which the genesis block will be mapped 100% to OKB holders. In the future, OKT and OKB will be interconnected to foster the ecological development of OKChain. OKB holders will be able to participate in the governance of OKChain and become a supernode.

Following the launch of the testnet, OKB also announced 5 ecosystem goals for its users:

1. OKChain allows users to issue their cryptocurrency on the public chain;

2. Users can build their decentralized exchange and customize what assets and trading pairs they want to list;

3. OKChain will support the distribution of DeFi applications;

4. OKChain will support smart contracts;

5. OKChain will support BTC cross-chain, acting as a bridge to connect BTC to the world.

2. A total of 17,161,709.06 OKB was burned, OKB will soon enter absolute deflation

A total of seven rounds of OKB Buy-back & Burn has been performed, with a total of 17,161,709.06 OKB already burned. The current OKB circulation is 282,838,290.94 OKB. Based on the current OKB price (USD 5.5), the total value of OKB bought back and burned is approx. USD 94.4 million.

Following the launch of the OKChain testnet, a total of 700 million unissued OKB has been burned. Since then, OKB has entered the era of absolute deflation and become the world’s first fully circulating platform token. None of OKB is retained by the development team, and the burned OKB all come from secondary market from the buy-back and burns scheme. The burned 17,161,709.06 OKB accounted for 5.7% of the total initial circulation of 300 million OKB, and the current circulating amount is 282,838,290.94 OKB.

Once OKB is migrated to the OKChain mainnet, its smart contract on Ethereum will be deleted, and OK Blockchain Foundation will not issue any additional OKB in the future as entering absolute deflation can better benefit OKB price and its holders in the long term.

3. Increased OKB internal and external application scenarios to empower user rights

Some more OKB application scenarios were implemented on OKEx, and OKB has also reached strategic partnerships with 2 external ecosystem partners.

On Feb 20, OKEx launched spot margin trading (3X) and Savings services for OKB with a borrowing rate as low as 0.01%.

On Feb 25, OKEx organized the 10th OKEx Jumpstart for HDAO and recorded a 120% increase on its debut price. To subscribe for tokens on OKEx Jumpstart, participants need to be OKB holders prior to the start of the sale and reach a minimum holding requirement to enter. Current OKB holders can join by transferring OKB to their Funding Account in advance.

In terms of expanding external partners, on Feb 13th, OKB reached partnership with ZelCore, a new-generation high-quality wallet, to support users’ OKB asset storage on ZelCore.

On Feb 24th, HiCats, a blockchain game developed by Just Studio and issued by MixMarvel, became one of the OKB ecosystem partners and supporters.

On Feb 28, InfinitoWallet joined the OKB ecosystem and added OKB token onto the list. InfinitoWallet is one of the most well-known wallets in the Vietnam crypto community, with over 500,000 registered users and 70,000 monthly active users.

4. OKB listed on 5 new trading platforms

OKB’s trading volume has achieved rapid growth in February, which encouraged more users to trade and participate in the OKB ecosystem globally.

To meet the expectations and requests of OKB users, the team has added 5 trading platforms in February to support depositing, withdrawal and trading services, along with the ETF of OKB’s spot margin trading.

On Feb 13 and 17, OKB partnered with two famous Korean trading platforms, Bitribe and BW, to open OKB/BTC and OKB/USDT trading pairs. These two exchanges mainly offer OKB trading gateways to users in South Korea, Singapore, and other countries.

On Feb 20, OKB has been listed on the Malta-based trading platform BHEX, which provides OKB depositing, withdrawal and trading services to global users.

On Feb 24, OKB is listed on BitSG, a well-known trading platform in Singapore, to support OKB depositing and withdrawal and the ETF of OKB for spot margin trading on BitSG.

On Feb 24, OKB and ViteX, a decentralized trading platform, joined hands to support OKB’s pending order mining services for ViteX users.

As of today, 8 fiat gateways services are available for OKB, including US dollar, Euro, Korean won, Vietnamese dong, Indonesian rupee, etc. OKB is also listed on more than 50 trading platforms, covering 141 countries and regions around the world.

5. One billion global OKB users building community consensus

OKB has closely interacted with millions of users in the community through dozens of online activities, collecting suggestions that are beneficial to improving the OKB ecosystem from users.

Following the launch of OKChain and OKEx DEx on Feb 10, OKEx CEO Jay Hao conducted an AMA in the OKEx official community on issues such as the deployment of the future right of OKB holders that users care the most.

On Feb 17, OKEx held an AMA in its official community for global OKB users in order to explain and report on issues related to OKB’s future ecosystem development.

All in all, a gradual increase in the number of OKB use cases is observed over the past few months. Through joint efforts with the development team, together with the support of OKB holders, it is foreseen that OKB will keep on expanding the scope of applications in the years to come.

Should you have any suggestions on OKEx, please leave us a comment below or contact us at [email protected].

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

Follow OKEx on: