OKB (OKB)
OKB is the utility token for the OKX cryptocurrency exchange, launched in March 2018 by the OK Blockchain Foundation. Known for its high liquidity and trading volume, OKX ranks among the top global exchanges and offers a wide variety of trading pairs. The platform has implemented a quarterly buyback-and-burn program since May 2019 to manage the circulating supply of OKB, aiming to enhance its value and encourage holding.
OKB offers various benefits within the OKX ecosystem. Holders can enjoy up to a 40% discount on trading fees based on their trading volume. The token also provides exposure to new crypto projects via the OKX Jumpstart launchpad initiative and staking rewards through OKX Earn. Additionally, OKB is integrated into multiple financial and utility services, allowing users to save on fees with partners like CryptoHopper and manage virtual game assets on platforms like Enjin.
Technology
| Ticker | OKB |
| Category | Exchange-based Tokens |
| Website | https://www.okx.com/okb |
| @okx | |
| Telegram | OKXOfficial_English |
| https://www.reddit.com/r/OKX/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0x75...6c Copied! |
| okex-chain | 0xdf...c2Copied! |
| sora | 0x00...e9Copied! |
Initially launched as an ERC-20 token, OKB operates on the Ethereum blockchain using a proof-of-stake (PoS) consensus mechanism. In February 2020, the token transitioned to its own blockchain, OKChain. OKX focuses on providing a stable and reliable trading environment through technologies like load balancing on servers and distributed clusters to protect user data. The platform uses hot and cold wallets for cryptocurrency storage and has implemented a semi-autonomous multi-signature feature to ensure secure transactions.
Tokenomics
Allocation
OKB has a total supply of 300 million tokens, distributed as follows:
- User incentives, ecosystem development, marketing: 60%
- Team motivation: 20%
- Shareholders: 10%
- OK Blockchain Foundation: 10%
Between December 2020 and January 2021, the mainnet of OKChain was introduced, which has since been rebranded from OKEx to OKC.
Utility
OKB serves multiple purposes within the OKX ecosystem, offering users several advantages:
- Trading fee discounts: OKX traders may save up to 25% on trading fees by holding OKB in their sub-accounts.
- Earn interest: OKB holders can earn interest on their savings through OKX Earn, which provides passive income opportunities for various digital assets.
- OKX Jumpstart: Holders can stake OKB to earn reward tokens from new blockchain projects. Holding 100 OKB for five consecutive days may allow participation in Jumpstart token sales.
- Additional benefits: Users can convert small balances to OKB, use OKB for margin trading, engage in C2C lending, and participate in voting activities on the OKX platform.
- Token burn: OKX uses a quarterly buyback-and-burn program to reduce the circulating supply, allocating 30% of spot trading fee income to buy back and burn OKB tokens.
Burning strategy
A burning strategy was introduced by OKX for OKB to manage its circulating supply, starting on May 4, 2019. Initially, OKB tokens were burned weekly, with updates provided every Friday. From June 1, 2019, the burn process shifted to a quarterly schedule, with details released within a week of each burn. Tokens are sent to an inaccessible address, effectively removing them from circulation. The first phase of the burn program removed 1,929,043.01 OKB tokens, aiming to stabilize and potentially increase the value of OKB.