OKB is the native utility token of the OKX cryptocurrency exchange, previously known as OKEx. Founded in 2017, OKX introduced OKB to the market a year later, in March 2018.
OKX is one of the world's largest crypto trading platforms, allowing users to buy, hold, and trade popular crypto tokens, including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and more. The crypto exchange is known for its robust security measures, clean asset reserves, diverse product offerings, and user-friendly interface. With a global presence in over 100 countries, OKX is committed to providing a safe, secure, and transparent platform for users to buy and trade cryptocurrencies and take full advantage of the opportunities presented by blockchain technology.
Beyond spot, margin, and derivatives trading, OKX also offers trading bots and copy trading for users to trade with confidence, an Earn program for users to grow their crypto holdings passively, an NFT marketplace, and an OKX Web3 Wallet that allows users to seamlessly access decentralized finance (DeFi) services and decentralized applications (dApps). Additionally, OKX boasts its own EVM and IBC-compatible Layer 1 blockchain network, OKX Chain (OKC), for next-gen dApps.
OKX has also established strategic partnerships with a number of globally recognized brands, including McLaren F1, Manchester City, and Tribeca Festival. Through these partnerships, OKX aims to raise awareness of the benefits of blockchain technology and increase the adoption of cryptocurrencies worldwide. These prestigious partnerships demonstrate OKX's commitment to expanding the use cases of blockchain and its dedication to supporting cultural and sporting initiatives.
OKB serves as the backbone of the OKX ecosystem, offering its users a wide range of benefits. These incentives include trading fee discounts, staking rewards from OKX Earn, exclusive access to early crypto projects in OKX Jumpstart, and voting rights.
How does OKB work
OKB operates as an ERC-20 token on the Ethereum blockchain. The versatile native token is a vital component of the OKX ecosystem. Holding OKB allows users to save up to 40 percent in trading fees, interact with the OKX crypto ecosystem, earn passive income, have priority access to new token listings, and more.
The OKX ecosystem consists of over 80 diverse applications worldwide, spanning payments, wallets, financial management, loans, security, tourism, lifestyle, entertainment, and social networking, amongst others.
Outside of OKX, users can also spend OKB on security, utility, and financial services in the cryptocurrency market and beyond. Examples include BitTorrent, Enjin, Mercuryo, Ledger, Cobo, and many more. OKX has provided an API for online and offline merchants to accept OKB as a form of payment and is continuously working on adding more partners.
What makes OKB unique
OKB is a deflationary cryptocurrency token thanks to its innovative Buy-Back and Burn program. As part of this program, OKX buys back OKB tokens every 3 months, taking into consideration market conditions and the platform's performance. These tokens are then sent to a burn address, which is a wallet with no private key attached, ensuring that the tokens are permanently removed from circulation.
Launched in 2019, the OKB Buy-Back and Burn program is a critical aspect of OKX, designed to promote the long-term value and stability of the OKB token. As of September 11, 2023, OKX has bought and burned 70,182,835.48 OKB tokens as part of the Buy-Back and Burn program. This ongoing commitment to the program demonstrates OKX's dedication to building a sustainable and successful platform that benefits all OKB holders in the long term.
OKB price and tokenomics
As with most crypto prices, the price of OKB is subject to fluctuations in the cryptocurrency market and is influenced by various factors, such as market trends, buyer sentiment, and global events.
The max supply of OKB tokens is set at 300 million, with a circulating supply of over 241 million tokens. The limited supply of OKB, coupled with its increasing demand and the Buy-Back and Burn program, has contributed to its appreciation in value over time.
OKB's price history shows that the token has experienced significant price changes in the past, with both bullish and bearish trends. Yet, it has remained a popular choice for crypto enthusiasts. As with any financial decision, it is essential to conduct thorough research and due diligence before purchasing OKB or any other cryptocurrency.
