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Why OKB — Earn in DeFi, get discounts & early access with OKX’s platform token
What is OKB?
OKB is a globally available ERC-20 utility token issued by the OK Blockchain Foundation. It plays an integral role in connecting the various services and products available to OKX users and is a deflationary token by design, thanks to the Buy-Back and Burn initiative.
Benefits of using OKB on OKX
There are numerous advantages and utilities available to OKB users within the OKX ecosystem, as highlighted below.
Trading fee discounts
Active traders are constantly seeking ways to improve their profitability and trading fee discounts can make a notable difference. By holding OKB within a sub-account, OKX traders can save up to 25% on trading fees.
Save OKB and earn
OKX users have access to OKX Earn — a section dedicated to passive-earning opportunities. Alongside support for various digital assets, the Earn section also allows OKB holders to earn interest on their savings.
For users seeking more active opportunities, OKX Jumpstart allows OKB holders to stake their holdings and earn reward tokens from upcoming blockchain projects. Additionally, holding 100 OKB tokens for five consecutive days also allows participation in Jumpstart token sales, where user allotment rates and subscription amounts depend on the size of OKB holdings.
Apart from the OKB use cases listed above, OKX users can also convert their small balances to OKB, use OKB for margin trading, C2C lending, voting, etc.
Using OKB outside of OKX
In order to provide additional value to our users, OKX has established partnerships to expand OKB use cases outside the platform. A number of partners now accept OKB as a means of payment as well as provide an API that allows both online and offline merchants to acccept OKB payments in their own marketplaces.
Several security and cold wallet companies also support OKB storage, including Coinify, Coinomi, BTT, Ledger Vault, Guara Enji and more. OKX continues to foster new partnerships and expand the OKB ecosystem.
Get into DeFi with OKB
Our commitment to supporting innovation and the DeFi economy is evident from the projects we have listed on the platform (numbering up to 50, as of Oct. 1, 2020). Additionally, we are also providing users with the most comprehensive range of DeFi trading products, including perpetual swaps, coin-margined swaps, savings, margin trading and derivatives.
Finally, recognizing the growing trend of liquidity mining, OKX also enabled support for yield farming via our Earn section. OKX users can now yield-farm on protocols like Uniswap, YFII, Compound and Curve — all without having to leave the OKX platform.
The next step for OKX is to explore OKB integration with DeFi platforms and expand our offering of yield-farming opportunities for OKB holders.
High demand, decreasing supply
Apart from its various use cases, OKB is also designed as a deflationary token, with a continually reducing supply. This is achieved with our Buy-Back and Burn program. Launched in May 2019, the Buy-Back and Burn program uses 30% of spot market transaction fees to buy OKB back from the community and then burns it. The latest buy-back round took place between June 1 and Aug. 31, 2020, when a historic amount of OKB tokens, worth $21 million, was burned.
OKC and the launch of OKT
OKC is an open-source decentralized public chain created by OKX and is designed to promote the development of large-scale commercial applications. The blockchain’s native cryptocurrency is OKT. OKB holders will soon be able to claim the newly minted OKT when the OKC mainnet is launched.
OKC’s architecture has been designed to allow any user to apply to become a supernode, allowing developers and businesses to quickly and securely launch a variety of decentralized applications, issue digital assets, create trading pairs and trade without friction.
To offer a scalable, efficient and user-optimized development experience, OKC currently supports multi-chain parallel developments, bringing interoperability to a large pool of users. In the near future, OKC will also support programmability via the Ethereum Virtual Machine, including all of the standard Ethereum developer tools.
The OKB ecosystem is constantly growing and adapting to the ever-evolving blockchain environment, and the OKB team is committed to maintaining this trajectory in order to provide powerful functionalities and unmatched user experiences — both on and off the OKX platform.
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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.