OKEx is an exchange under OKcoin group, a Chinese-based company that has two separate brands. OKEx offers more trading-oriented solutions and was founded in 2017. The company recently left its entity from China and moved the headquarter to Seychelles due to the strict regulations system in Hong Kong.
In this article, I'm going to walk you through all of the important features and facts about OKB Token.
What is OKEx?
OKEx is an international cryptocurrency exchange founded in 2017 that offers cryptocurrency to cryptocurrency trading services. The cryptocurrency market has been growing rapidly and gaining a tremendous amount of attention from users.
July 24th of 2017 marked a new milestone for OKEX cryptocurrency exchange with the successful completion of their record-breaking ICO on OK Blockchain Capital in Beijing, China. OKEX 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:
- To provide cryptocurrency traders with safe and convenient cryptocurrency trading markets for digital asset transactions between users;
- To enable the cryptocurrency-based Initial Coin Offering to operate along with the cryptocurrency trading market in one place;
- To become a top tier exchange, the platform offering services around the world, connecting cryptocurrency traders from over 100 countries and regions.
Okex 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, OKEx can be called the world's top cryptocurrency exchange.
OKExChain is blockchain-powered by the OKEx 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.
The total value locked on the blockchain already reached 7 billion US dollars after just 7 days.
OKT is the native token of the OKExChain 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.
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 OKEx 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 Sale & Release Schedule
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, OKEx traders can save up to 25% on trading fees.
- Save OKB and earn: OKEx users have access to OKEx 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.
- OKEx Jumpstart: For users seeking more active opportunities, OKEx 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.
- Miscellaneous benefits: Apart from the OKB use cases listed above, OKEx 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 OKEx 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
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.
Alternatively, you can apply the same steps for Coin98 Wallet to swap other tokens for OKB.
How to mine OKB
Mining OKB is not possible because it is an ERC-20 token.
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.
Team and Investors
The OKEx team has been established for a long time and has a large number of employees. Notable members include:
- Star Xu is the founder of OKEX 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 OKEX 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.
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 OKExChain total value locked already reached 2 billion dollars after 7 days.
I hope you have found a lot of useful information on the OKB token topic today.
If you have any suggestions or recommendations, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.