OKB is a digital currency developed by the OK Blockchain Foundation and the OKX crypto exchange based in Malta.
OKX is known for being a top-ranking and highly liquid exchange, it positions third in terms of liquidity and fourth in trading volume.
The exchange offers a wide selection of trading pairs, and also has a cloud mining service available. The concept of OKX’s native token is comparable to Binance’s BNB, as the crypto community considers it to be one of the main competitors among exchange tokens.
Key Takeaways
- OKB is the utility token for OKX and allows users to access the exchange’s special features.
- OKB is used to pay trading fees, grant users voting and governance rights on the platform, and reward users for holding the token, similar to the Binance model.
- The OKB token is also native to OKXChain – used to facilitate spot and derivatives trading.
How does OKB work?
The OKB token is elemental to the OKX ecosystem. It enables users to receive discounts on transactions, with the percentage of the discount dependent on the number of tokens they hold. The exchange divides users into two categories: regular and VIP. Regular users are assigned a level based on their holdings, while VIP users are assigned based on their trading volume. Commission fees are updated on a daily basis, and users receive discounts based on their respective level.
OKB holders can earn passive income through the exchange via the OKX Earn program, which helps users earn on their staked holdings. The coin is also used to allocate funds on the OKX Jumpstart platform, which is only available to registered users through MixTrust.
In addition to its use for trading, the token is native to the OKXChain, the OKX blockchain. The network uses the token on chain to facilitate spot trading, derivatives trading, and for developing of scalable applications. The layered architecture of the chain reduces consensus times, improves scalability, and enhances security.
To increase the value of OKB and make it more appealing to holders, OKX regularly burns a portion of the tokens every three months and publicly records the burn on its website. 30% of the income from commission fees funds this process. OKX also offers welcome bonuses to new users.
Transaction Fee Discounts
The OKX platform has established levels based on a user’s OKB holdings. The higher the level, the greater the discount on OKB transactions. In addition, the platform identifies VIP users based on their trading volume, who receive more favorable discounts and benefits.
Leftover Balance Conversion
During trading, it is common for small amounts of cryptocurrency to be left unused in a wallet. To address this issue, OKX offers a small-balance conversion feature that allows users to convert any leftover balances into OKB tokens.
OKB Development
OKB is a utility token similar to Binance Coin (BNB), but issued by the OK Blockchain Foundation and adopted by OKX.
In May 2019, OKX implemented a “Buy-Back & Burn” program for the 300 million circulating tokens, with 30% of trading fee income from the spot market used to buy back OKB from the secondary market, sending it to a “black hole” address that burns that supply.
52 applications integrate the coin internally and externally, covering a range of industries, including payments, market data, wallet services, lending and wealth management, cybersecurity, travel, lifestyle, and entertainment. This allows OKB holders to use the currency to purchase products or services.
Approximately $100 million worth of OKB trades daily, with major trading pairs including USDT, BTC, and ETH. While most OKB trades on OKX, it is also available on more than 40 other major peer-to-peer, spot, and decentralized exchanges, including BKEx, Coinall, DragonEX, and BitMax, serving 141 countries and regions globally.
OKB FAQ
Frequently asked questions.
Who Are the Founders?
Jay Hao joined OKX as CEO from the beginning, and he still holds the position. Hao has dedicated his career to technology and engineering. He has followed the blockchain industry for quite some time, with a focus on blockchain-based apps for video streaming and mobile gaming. Prior to joining OKX, Hao had twenty years of experience in the semiconductor industry. He has developed a broad range of codecs: UVLED, ASIC, FPGA, and multimedia codecs and SOCs for multimedia processors. During this time, Hao accumulated impressive experience in product development and management.
What is the total supply?
OKB has a total supply of 300 million tokens, with a circulating supply of 60 million. A portion of the supply sits reserved for the OKX team and its ecosystem partners.
How does the Network secure itself?
Initially, the network was based on the Ethereum blockchain, but later moved to its own blockchain, known as OKExChain. The platform prioritizes security and maintains a stable trading environment through the use of technologies such as load balancing and distributed clusters. Additionally, OKEx has implemented both hot and cold wallets, with the latter being a highly secure method for storing cryptocurrencies. To enhance security on the hot wallets, OKEx has incorporated a semi-autonomous multi-signature feature for fast and secure transactions.
How do I buy OKB?
- The first step to buying OKB is finding a crypto exchange that supports it. For starters, OKX as the native exchange is ideal. Other popular options include Gate.io and ProBit.
- You’ll need to create an account on the CEX by providing some personal info, such as your name and email address. You will also require to verify your identity, which may involve uploading a copy of your government-issued ID or other documents.
- Fund your account: Most exchanges allow you to deposit funds using a bank transfer or credit card. You can also deposit other cryptos that the exchange supports, which you can then trade for the coin.
- Buy the coin: Once you have funds in your account, you can use them to buy OKB on the current USD price. To do this, navigate to the exchange’s trading platform and search for OKB. You can then place an order to buy the token using the funds in your account. OKB price live data is based on the token’s market cap and circulating supply. You can check OKB price statistics on CoinGecko and CoinMarketCap.
- Store your OKB: Once you have purchased OKB, it is important to store it in a secure wallet. You can either keep it on the exchange (although this carries some risk if the someone hacks the exchange or it goes bankrupt), or you can transfer it to a personal wallet.
Final Thoughts
OKB is a utility crypto of a platform with an existing user base. Nothing is better than when a token meets demand and improves on a rich platform. We are doing the same thing with DUA. Our upcoming token will empower and connect the underserved and the fragmented. DUA token will perfectly align with our vision of globally connecting communities, not just socially but also financially. Learn about DUA and the dua app ecosystem here, and follow our Twitter to stay updated!