OKEx Burns Three Million OKBs As It Continues To Expand OKChain Ecosystem | Zoom Fintech
The leading cryptocurrency cash and derivatives trading platform, OKEx has effectively concluded its seventh buyback and burn program for the platform’s native OKB utility tokens. The last sphere which started on December 1, 2019 until February 29, 2020 witnessed a repurchase of approximately 3,183,344.61 OKB tokens priced at nearly $ 17,500,000.
After the completion of token engraving, the variety of OKB tokens currently in circulation decreased by around three million. In turn, the reduced supply of tokens will result in a high OKB value remaining in circulation. In accordance with OKEx, the Purchase-back & Burn mechanism was set up in May 2019 by allocating 30% of the transaction fees generated by the OKEx spot market throughout each quarter.
From 300 million OKB tokens in circulation, OKEx has so far burned a total of 17,161,709.06 tokens to deliver the entire right to 282,838,290.94 OKB. On top of that, an additional 700 million unissued tokens were also burned to ensure that no new tokens hit the market sooner or later. With the efficient destruction of additional tokens and people secured through the buyback program, OKB went into absolute deflation, becoming the world’s first fully circulating platform token.
“Two years ago we are now looking to improve the value of OKB. Now we have come a long way and for the moment we are extremely confident of our ability to value OKB with our customers, treating it as an important base for our buying and selling ecosystem and as a bridge that connects OKEx to our valued customers ”. mentioned OKEx CEO Jay Hao.
The robust token administration mechanism applied by OKEx has already proven its worth. Earlier these 12 months, the value of OKB recorded an increase of 25% during the month of January. It is also supported by the current introduction of OKB Spot Margin Buy and Selling with 18 different effects. OKB holders get additional privileges in the type of higher leverage and lower interest rates, low buying and selling costs, Jumpstart quota for new tokens, cost at retailers designated, prioritization and more.
Regarding OKB Jay Hao mentioned, “OKB’s value lies in the privileges and functionality it must provide to its owner. I insist all the time that traders should customize the OKB only based on their rational estimate of the token’s value reasonably rather than guesswork.
Different elements leading to OKB
OKB is the utility token for the entire OKEx ecosystem. Which means that any development inside the ecosystem, whether good or dangerous or not, will have an effect on the value of this token. At this point, OKEx has done everything right, and possibly much better than others in several ways. Current developments aside from the Purchase-back and Burn program which has had a constructive effect on OKB include the profitable launch of OKChain testnet along with its very first OKEx DEx dApp – a decentralized crypto trade.
The all new OKChain on testnet currently offers 5 main options that allow customers to create their own cryptocurrencies, help decentralized exchanges, publish DeFi functions, create and execute sensible contracts and map bitcoin. between the chains.
The partnerships and collaborations between OKEx and various companies have also contributed to the growing value of OKB. With over 35 companions around the world, the platform now offers options to a variety of regular use instances such as cost, transactions, buy and sell service software, wallets, mortgages and finance, cybersecurity, tourism, lifestyle, leisure, social media, electronic contracts, O2O and games. Additionally, there are plenty of choices for customers to start buying and selling OKB, as the token is currently available on eight major fiat gateways, as well as US Greenback, Euro, Korean Received, Vietnamese Dong. , the Indonesian rupiah and many others. , as well as details of 50 one-off exchanges in over 141 countries and regions around the world.
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