What is OKB? Things to know about OKB

• What is OKB (OKB)?
• About OKX trading platform
• OKB's development journey
• Project team
• Investors and partners
• Detailed information about the OKB (OKB) project
• OKB Key Index (OKB)
• OKB coin allocation
• OKB coin allocation schedule
• Functions of OKB
• Where can OKB trade?
• The potential of OKB
• summary

What is OKB (OKB)?

Similar to Binance Coin and KuCoin Shares, OKB (OKB) is also an OKX (formerly OKEx) cryptocurrency exchange coin. OKB is co-issued by OKX Blockchain Foundation and OKX exchange. It plays a very important role in the ecosystem of OKX exchange and OKX Chain. 

All OKB holders will get access to the exclusive features of the OKX platform. Like BNB and KCS, OKB was originally developed on the Ethereum platform with the standard ERC-20 . After that, OKB was launched on OKX's own blockchain platform, OKX Chain.

About OKX trading platform

OKX is a famous Chinese cryptocurrency exchange, belonging to OKCoin group - a financial company operating since 2013 in China. With the experience drawn from OKCoin, OKX brings users more useful and new trading solutions. 

On 24/07/2017, within 90 minutes, OKX raised more than 100 million USD through ICO event . It can be said that this is a big turning point marking the success of OKX in the cryptocurrency market.

Besides, OKX has become a leading exchange in the world after more than 5 years of operation. Currently OKX ranks third in liquidity, fourth in trading volume and offers a wide selection of crypto asset pairs. Recently, the company behind OKX has left China and moved its headquarters to the Seychelles.

Although, OKX has many aspects similar to Binance – the largest cryptocurrency exchange in the world. However, it still has a few differences, making OKX popular and gaining a certain position in the hearts of investors. 

The OKX platform has its own cloud mining service, and the company has a more focused approach in providing options trading to users. Meanwhile, Binance strives to offer a wide range of crypto services globally.

In addition to acting as an exchange, OKX also builds its own blockchain, called OKX Chain, and is invested by the Block Dream Fund.

OKB's development journey

Initially, OKB was built on Ethereum and released to the market about 1,000,000,000 OKB. OKB's Tokenomics has a coin burning mechanism, so the current total supply of OKB is 300,000,000, which has decreased by 70% compared to the original total supply. 

Facing the fluctuations of the economy, the OKB also experienced a decrease in price. At the time of writing (May 16, 2022), OKB is trading at 12.56 USD, up thousands of times compared to the time of issuance. Every day, about 100 million USD of OKB is traded and it is popular in 141 countries and regions around the world. 

OKB grants users access to special features of the cryptocurrency exchange. Specifically, this coin is used to calculate and pay for transaction fees. Besides, it gives OKB holders access to the voting and governance system on the platform.

Project team

The development team of OKX exchange are all very influential people in the cryptocurrency technology world.

Jay Hao joined OKX as CEO from day one. He has dedicated his career to technology and engineering. Jay Hao has been following the blockchain industry for quite some time, focusing on blockchain-based applications for video streaming and mobile gaming. 

Prior to joining OKX, Jay Hao had 20 years of experience in the semiconductor industry. He has developed a wide range of Codecs: UVLED, ASIC, FPGA, etc. Multimedia Codecs and SOCs for multimedia processors.

Another important member of the management team is Mingxing “Star” Xu. He founded OKCoin in China in 2013 and has built himself a great reputation in the blockchain industry. In 2017, he founded the OKX exchange in Malta, operating under a separate legal entity from OKCoin.

Investors and partners

OKX's partners include many projects in different fields, some prominent projects are DappRadar, DefiLlama, DeBank, TokenInsight, CoinMarketCap...

In the bridge segment, OKX's partners include: PolyNetwork, ChainSwap, BoringDAO...

On the investor side, OKX has raised millions of USD from venture capital funds such as Giant Network Group, Ceyuan Ventures, Longling Capital, Qianhe Capital Management and VenturesLab.

Detailed information about the OKB (OKB) project

OKB Key Index (OKB)

• Ticker: OKB
• Contract: 0x7523…42a86c (ERC-20)
• Decimal: 18
• Blockchain: Ethereum, OKX Chain
• Standard: ERC-20
• Total supply: 300,000,000 OKB
• Circulating Supply: 60,000,000 OKB (May 12, 2022)

OKB coin allocation

As mentioned, the total supply of OKB was 1,000,000,000 OKB, but then OKX burned 700,000,000 OKB. However, OKB does not provide new OKB allocation information. Therefore, investors can refer to the distribution ratio when the supply of OKB is 1,000,000,000 OKB:

• 60% of OKB supply will be for community development and marketing strategy for 3 years. 
• 10% of OKB supply is for running OKX Blockchain Foundation, with OKB lockup period of 2 years.
• 10% of OKB supply goes to Early Shareholders, with OKB lock-in period of 2 years.
• 20% of the OKB supply goes to the OKX development team, which will be locked for the first year. From year 2 onwards will issue 20,000,000 OKB per year to allocate to this target group.

OKB coin allocation schedule

Currently, the OKX team has not released details about the OKB coin allocation schedule. In the near future, the TraderH4 team will monitor and update as soon as OKX announces the specific OKB allocation schedule.

Functions of OKB

OKBs are used to:

• Reduced transaction fees based on the amount of OKB investors hold and trading volume. According to information provided by OKX, OKB holders can save up to 40% on transaction fees.
• Investors can deposit OKB into OKX Earn to receive passive income.
• OKB holders can stake this coin to be able to participate in the token sale of blockchain projects on Jumpstart.
• Stake OKB in Jumpstart will also receive OKT – another coin of OKX Chain.

Where can OKB trade?

Currently, the OKB coin is traded mainly on the OKX exchange. Besides, you can refer to other exchanges such as: FTX, Gate.io...

The potential of OKB

As an exchange coin, OKB is supported by an exchange that already has a certain, reputable and safe position in the cryptocurrency market. Like other exchange coins, OKB plays an important role in the ecosystem of the exchange and the OKX Chain blockchain. 

Unlike the Binance Smart Chain blockchain , OKX Chain is less focused on development in the DeFi space. Therefore, OKB has very few applications in the ecosystem of OKX Chain, its value mainly depends on the ecosystem of OKX exchange. 

In general, OKX has many similarities with KuCoin's KCS. Because the value of both these tokens is underpinned by the exchange itself. Both are fully utilized by the exchange in its features, including: Payment of transaction fees, cost reduction, participation in token sale events (with OKX as Jumpstart, KuCoin as Spotlight)… This may also contribute to an increase in demand for OKB usage, helping the coin's value increase as well.  

Although, the cryptocurrency market has stabilized again, it is still in a downturn and has not been able to break out of the downtrend. If investors want to buy and hoard OKB to be able to experience all the useful features and incentive programs of OKX, they need to wait for the market to show signs of reversing the downtrend at the moment. . 

summary

Above is the basic information about OKB coin of OKX exchange and OKX Chain ecosystem. With 5 years of operation in the Crypto market, along with the available experience, OKX has occupied a certain position in the cryptocurrency market, as well as being favored by users.

Besides, OKX has known how to promote value for its original coin OKB, helping OKB to enter the top 100 coins with large capitalization in the cryptocurrency market with an extremely impressive position of 69 ( May 16, 2022. 

Note : Any investment has risks, investors need to do thorough research before investing in any coin/token and OKB is no exception.

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