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What is OKX Token? Everything you need to know about OKB Token

In this article, I'm going to walk you through all of the important features and facts about OKB Token.
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lochoang
5 min read
Published Apr 18 2019
Updated May 30 2024
okb token

Overview OKX

OKX Exchange

July 24th of 2017 marked a new milestone for OKX (formerly OKEx) exchange with the successful completion of their record-breaking ICO on OK Blockchain Capital in Beijing, China. OKX cryptocurrency exchange's ICO was able to raise over $100 million in 90 minutes, despite China's cryptocurrency ban.

The exchange was created to serve these main purposes for users:

1.
To provide cryptocurrency traders with safe and convenient cryptocurrency trading markets for digital asset transactions between users;
2.
To enable the cryptocurrency-based Initial Coin Offering to operate along with the cryptocurrency trading market in one place;
3.
To become a top tier exchange, the platform offering services around the world, connecting cryptocurrency traders from over 100 countries and regions.

OKX cryptocurrency exchange has a transaction volume of more than 6.4 billion US dollars (according to Coinmarketcap 10th August, 2021). The number of transactions is about 1.4 million per day. Based on the above data, OKX can be called the world's top cryptocurrency exchange.

Updated by Coinmarketcap 10/08/2021

OKXChain

OKXChain is blockchain-powered by the OKX team. This decentralized trading application provides an open-source infrastructure that can be used to build any number of different decentralized exchanges. The technology was designed to make finance available and accessible so that investors are able to control their assets with ease while still being confident in the transparency around how trades happen on this DEX created through OKExChain's platform.

From the successful mainnet launched on Jan 15th 2021, the OKExChain ecosystem grew rapidly with new digital wallets and security partners.

okxchain
OKXChain

The total value locked on the blockchain already reached 7 billion US dollars after just 7 days.

okx token

OKT is the native token of the OKXChain ecosystem, providing immediate utility and benefits — such as voting rights, staking privileges and transaction fee payment — for decentralized exchanges.

The OKT genesis block will contain an initial minting of 10 million tokens that can be distributed to all those who stake their shares on this network. Its halving model is similar to Bitcoin in which its reward diminishes every three years with a total supply limit of 41.9 million tokens.

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What is OKB token?

OKB is a blockchain-based utility token created by the OK Blockchain Foundation. It aims to connect prospective digital asset projects to OKX users as well as professional investors, creating an ecosystem of collaboration for the advancement of blockchain technology and innovation

OKT and OKB are two tokens that have different features. Specifically, while both can be used to trade cryptocurrency on the platform, they will cater towards entirely different use cases with their differing functions; one being a native token of an existing blockchain network and the other designed for trading purposes only.

Detailed information about OKB Token

OKB Key Metrics

Ticker: OKB
Contract: 0x75231f58b43240c9718dd58b4967c5114342a86c.
Decimal: 18
Blockchain: Ethereum
Token Standard: ERC-20
Token Type: Utility
Total supply: 300,000,000 OKB
Circulating supply: 267,436,117 OKB

OKB Token Allocation

OKB Token Allocation

OKB Token Use Sase

OKB token will be used as:

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.
fee okx
Discounts for users
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.
OKX Jumpstart: 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.
okx jumpstart
Previous token sales on OKX
Miscellaneous benefits: 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.
Token Burn: The team uses 30% of the income from OKX spot trading fees to buy back and burn OKB from the 300 million in circulating supply. The event happens every 3 months.

How to buy OKB tokens

You can use Coin98 Exchange to swap other tokens for OKB following these simple steps on: exchange.coin98.com

Step 1: Connect Coin98 Extension Wallet.

Step 2: Select Uniswap.

Step 3: Choose coins/tokens for trading:

Search OKB.
If the result does not come up, you can paste the contract of OKB into the search box: 0x75231f58b43240c9718dd58b4967c5114342a86c.

Step 4: Adjust the amount you want to swap.

Step 5: Adjust the gas fee, then click Approve.

buy okb token
How to buy OKB on Coin98 Exchange

Alternatively, you can apply the same steps for Coin98 Wallet to swap other tokens for OKB.

How to store OKB

You can store OKB token on Coin98 Wallet with these below steps:

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search OKB Token.

Step 3: Click on the correct result.

Step 4: Copy the wallet address and send OKB to this address.

how to store okb
How to store OKB using Coin98 Wallet

Team and Investors

Team

The OKX team has been established for a long time and has a large number of employees. Notable members include:

Star Xu is the founder of OKX as well as a blockchain investor and technical expert. He is the Chief Executive Officer of OK Blockchain Capital, OKCoin's Venture Capital Arm. He has experience in the the blockchain space since 2013.
Jay hao is the CEO of OKX and has more than 21 years of experience in the semiconductor industry, developing multimedia codes as well as complex system-on-chip design for multimedia processors and wireless communication systems.

Investors

OKcoin is funded by 5 investors with Giant Network and PreAngel being the leading ones. The project has raised a total of $10M in funding over 2 rounds with the latest round on Dec 15th, 2017 from a Series B Round.

Is OKB a good investment?

This article has been a great guide to the OKB token. In order to make the right decision for your portfolio and personal goals, there are few key points that we need to pay attention to:

OKB tokens will be burned every 3 months. The burning program will eventually decrease the total tokens available on the market.
The team recently exited from China due to the strict regulations. This means the project can be extended with more new features and stronger development.
The OKXChain total value locked already reached 2 billion dollars after 7 days.