OKB

What is OKB (OKB)?

OKB is the native utility token of the OKEx ecosystem. Initially he worked for Ethereum blockchain and is based on ERC-20 token standard. OKEx is centralized cryptocurrency exchange (CEX). Although the company rebranded to OKX in January 2022, it is called OKEx here for clarity.

OKEx is a decentralized platform (DeFi). Although it primarily functions as a CEX, it also offers other crypto services, including support for GameFi and dApps, oracles, and cloud mining., via the OKC Project. You can see OKB’s all-time price dynamics in the chart above.

Who created OKB?

OKEx and its native OKB token is a project that has been co-founders Jay Hao and Mingxing “Star” Xu. Hao is the CEO of OKEx. He has many years of experience in the technology industry and has a particular interest in media, entertainment and blockchain-based metaverse technologies. Star Xu is the founder of another cryptocurrency exchange, Okcoin.

OKEx was officially launched in 2017 following the success of Okcoin. Both platforms belong to Ok Group. OKEx offers spot, derivative and margin trading of cryptocurrency assets, and on Okcoin, users can exchange both cryptocurrency and fiat currency.

The value of the asset has been volatile since its launch. It experienced frequent fluctuations throughout 2021 and the first quarter of 2022, with OKB prices peaking significantly in May 2021. The value of the token generally followed market trends.

Over the years, OKEx has become one of the most popular centralized cryptocurrency exchanges in terms of trading volume, at certain points ranking among the top three. Although it started on the Ethereum chain, it has since moved to the native OKExChain..

However, OKEx also faced some controversy. In 2018, the platform was accused of falsifying trading volume data.. In October 2020, Xu was allegedly arrested on charges of digital fraud, causing the platform to temporarily suspend withdrawals. Such events had a direct impact on the decline in the price of OKB.

What are the features of OKB?

The current total supply of OKB coins is 300 million, with a hard cap of 1 billion. Since the number of tokens in circulation is limited, it is considered a deflationary asset. This means that the price of OKB will likely increase in the future as there are fewer tokens available. To further ensure deflation, some of the tokens are regularly burned.

OKB is used as the main utility asset in the OKEx ecosystem. Users require OKB crypto to pay trading commissions. However, as token holders, they are entitled to special benefits and rewards. Transactions come with a discount that can be up to 40%, depending on the exact number of OKB tokens the user owns.

In addition, the platform offers OKEx Earnings Program. Here users can invest your assets to generate passive income. This allows token holders to gain greater benefits and can positively impact the price of OKB.

Token holders in the OKEx ecosystem can be assigned one of two roles: regular, based on asset supply, and VIP, which is determined by individual trading volume. The assigned role determines what benefits users receive.

OKB tokens can also be used for voting. Although the platform does not conform to the typical decentralized autonomous organization (DAO) models, users can vote for lists of tokens. All tokens are returned to wallets after voting is completed.

In addition to the centralized exchange, the OKEx platform also hosts OKCsmart contracts Web3 application-centric platform. Users can create NFTs, develop dApps and decentralized games, and use oracles.

While OKB currently serves as the platform’s utility token, the company says the OKT token will take on this role in the future, with the legacy asset being used as a bridge between the ecosystem and users. It is possible that a token change could affect both the OKT price and the OKB price.