What is OKX Token (OKB)?
OKX Token symbolized as OKB is the electronic currency of the OKX exchange. Initially released on the Ethereum blockchain platform but later runs on its own blockchain, OKchain. Since then OKB is considered a coin (OKX’s exchange coin) and not a token.
Overview of OKEX exchange
Founded in 2014, OKX is invested millions of dollars from venture capital funds such as: Longling Capital, Ceyuan Ventures, Qianhe Capital Management, eLong Inc and VenturesLab.
OKEX (OKX) is one of the reputable exchanges and has a relatively large trading volume (ranked 2nd after Binance).
In addition to acting as an exchange, OKX also builds a private blockchain, called OKX chain (OEC), and has an investment fund called Blockdream Fund/Ventures.
Related: Top 3 most Reputable Centralized Exchanges in 2023
Detailed information about OKB token
Basic information
Token Name: OKB
Tickets: OKB
Contract: 0x75231f58b43240c9718dd58b4967c5114342a86c.
Decimal: 18
Blockchain: Ethereum
Token Standard: ERC-20
Token Type: Utility.
Total supply: 300,000,000 Tokens
Circulating supply: 60,000,000 Tokens
Token Allocation
Here is a clearer and more detailed rewrite of OKX’s token allocation:
Initially, the total supply is 1 billion tokens. However, OKX burned 700 million unissued tokens, so the current supply is 300 million.
OKB token allocation is as follows:
– 60% (600 million tokens) used for community development and marketing for 3 years. Currently, 300 million has been released to the market.
– 10% (100 million tokens) for OK Blockchain Foundation. Locked for 2 years.
– 10% (100 million tokens) for early shareholders. Locked for 2 years.
– 20% (200 million tokens) for the development team. Locked for the first year, then 20 million will be released each year.
OKX uses 30% of trading fee income to buy back and burn 300 million OKB in circulation every quarter.
Use Case
– Global Partners: Preferential prices and transaction fees when using OKX services; OKX’s global partners will enjoy preferential pricing when using OKEx’s services.
– OKB Trading Market: Free transaction fees and service fees when buying and selling transactions in OKB trading market.
– Discounted fee: When buying or selling on OKEx, transaction fees will be reduced
– Vote Rights: Similar to Huobi FastTrack, when using OKB coin to vote, the project will be listed on OKEx.
– OKChain & OKDex: Users can use OKB to pay transaction fees on OKChain after OKChain officially operates.
– OK Jumpstart: Users hold OKB to have the opportunity to invest in potential projects that will be issued through OKEx.
Wallets & Exchanges
Users can use to trade at:
Centralized exchange (CEX): Gate, MEXC, BKEX, Bitget
Decentralized exchange (DEX): UniSwap (Arbitrum), Trader Joe v2 (Arbitrum), SolidLizard…
Trusted OKB storage wallet: Users can store OKB Token on: Coin98 Super App, Metamask, Trust Wallet.
Similar projects
Binance Coin: Coin issued by the Binance exchange.
Huobi Token: The official token of Huobi Global.
Conclude
Through the article about the OKB token above, AZC News hopes readers will grasp basic information about this token to make their own investment decisions. Wishing you a successful investment!
