Academy Press Room Article

Three Million OKB Burned while OKChain Ecosystem Continues to Expand

2020.03.06

OKEx (www.okex.com) the world’s largest cryptocurrency spot and derivatives exchange announced the 7th OKB buy-back & burn scheme was completed on Feb 29. The amount of OKB bought-back and burned between Dec 1, 2019 and Feb 29, 2020 was 3,183,344.61 OKB, equivalent to US$17,500,000. Apart from that, the announcement also implied that OKChain ecosystem will empower OKB in the future.

The Buy-back & Burn scheme of OKB, the global utility token of OKEx, has been implemented to the circulating 300 million OKB using 30% of the transaction fee income from the OKEx spot market every quarter since May 4, 2019. After 17,161,709.06 OKB were burned in total, there are 282,838,290.94 OKB now in circulation. Furthermore, after burning the 700 million unissued token, OKB has entered an absolute deflation and become the world’s first fully circulating platform token.

“OKB has always been the core of OKEx. Over the years we have explored and expanded a lot within the token ecosystem. It further implies the growth of OKEx where we gain our trust from the community,” said Jay Hao, CEO of OKEx, “The value of OKB lies in the privileges and functionalities it has to offer to its owner. I always stress that traders should own OKB only out of their rational estimate on the token’s value rather than speculation.”

OKChain ecosystem adds value to OKB

The testnet of OKChain was launched on Feb 10, 2020. At the initial stage, the testnet offers five main features, including issuing users’ own cryptocurrencies, building decentralized exchanges, publishing DeFi applications, creating and executing smart contacts, as well as mapping bitcoin cross-chain. As a milestone of OKEx, OKChain is built as an open and autonomous ecosystem to realize large-scale commercial application of blockchain technology.

As the platform token of OKEx, the price of OKB is inextricably tied to the business performances of the platform. After the launch of OKChain testnet, OKB surged to $7.44 (Feb 16, 2020), hitting an all-time-high and ranked among the top 10 tokens by market cap. It is expected that the expansion of OKChain ecosystem will favor the prospect of OKB further.

OKB ecosystem and trading channels are expanding

Recently, OKB has been made available for spot margin trading with up to 3x leverage as well as Savings service for users to earn interest income. Partnership-wise, OKEx has established collaborations on OKB with a total of 35 partners around the world, covering dozens of everyday use cases such as payment, transactions, trading service software, wallets, loan & finance, cybersecurity, tourism, lifestyle, entertainment, social networking, e-contracts, O2O, and gaming.

Besides, OKB is now trading on eight major fiat gateways against US dollar, euro, Korean won, Vietnamese dong, as well as Indonesian rupiah, and listed on over 50 spot exchanges, covering 141 countries and regions.

END


About OKEx

The world’s largest and most diverse cryptocurrency marketplace, OKEx is where global crypto traders, miners, and institutional investors come to manage crypto assets, enhance investment opportunities, and hedge risks. We provide spot and derivatives trading, including futures, perpetual swap, and options, of major cryptocurrencies, offering investors great flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact:
Vivien Choi
Email: [email protected]
Telegram: @vivienchoi

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