Academy Industry Analysis Article

What Is OKB? An Overview of OKEx’s Platform Token

2020.06.23 OKEx

What is OKB?

OKB is a globally available ERC-20 utility token issued by the OK Blockchain Foundation that gives users of the OKEx trading platform various exclusive benefits. OKEx also has a buy-back and burn program for OKB tokens, whereby 30% of spot trading fee income is allocated to acquiring OKB from the secondary market each quarter.

In terms of performance, OKB posted gains of 287.96% in 2019 and 66.53% in Q1 2020, and the token currently trades on more than 30 different markets.

Latest OKB announcements

  • In May 2019, OKB launched the quarterly “buy-back and burn” program to kickstart the OKB deflation model.
  • In August 2019, OKB holders started receiving trading-fee discounts.
  • In February 2020, the OKChain Testnet was released, and it was announced that the 700 million un-issued OKB will be burned, making OKB the world’s first fully circulating platform token. 
  • In February 2020 OKB also started supporting 3x leverage trading and launched OKB savings, with the minimum daily interest rate for borrowing tokens reaching 0.01%.

Benefits of holding OKB

Transaction fee discounts

OKB holders receive various benefits, starting from transaction fee discounts across all markets — spot, futures and options.

Jumpstart participation

Holding over 100 OKB tokens for five consecutive days allows users to participate in OKEx Jumpstart, the exchange’s token sale platform. Each user’s allotment rate and subscription amounts depend on the number of OKB held.

Small-balance conversion

Realizing how traders often face asset wastage in the form of small, unusable amounts leftover in their exchange wallets, OKB supports small-balance conversion, whereby users can convert all the leftover balances into OKB tokens.

Benefits of OKChain

OKChain is a public, decentralized blockchain protocol developed by the OKChain community. OKT is the native token on OKChain, serving as the fuel, or gas, for the operation of the whole public chain. 100% of the OKT genesis blocks will be mapped to OKB holders.

OKT holders can maintain OKChain by becoming supernodes and proxy voters.

The first group of OKT holders can enjoy not only various rights within OKChain, but also access to services provided by top partner projects and organizations from all over the world that have joined the OKChain ecosystem.

Market view

According to data from CoinGecko, OKB topped the list of the 30 digital cash in the first quarter of 2020, with a 148% increase.

According to crypto analytics firm Messari, the annual return on investment of OKB is as high as 62%, which is far above the industry average.

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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.