Cryptocurrency exchanges need their utility tokens to function. Today we are going to talk about OKB the native token of the OKX cryptocurrency exchange.
WHAT IS OKB?
OKB is an ERC-20 token that runs on the Ethereum network. It’s used to pay trading and transaction fees throughout the OKX.
It was previously known as OKEX.
HOW IS OKB USED?
OKB operates on OKX’s blockchain, meaning its users can perform several different actions with the asset.
Individuals who hold OKB can earn a passive income via OKX’s Earn program. This lets users stake OKB as assets to leverage trading fees within the exchange
The OKB crypto asset also gives holders voting rights for prospective token listings, where one OKB equals one vote.
The winning candidate will receive the opportunity to take the steps necessary to get listed.
Also, holders of the OKX native token save up to 40% on trading fees.
HISTORY OF OKB TOKEN
Mingxing ‘Star’ Xu founded Okcoin, a Chinese cryptocurrency exchange, in 2013.
He then created a separate Malta-based exchange called OKEx in 2017. On 24 July 2017, OKEx completed an initial coin offering (ICO) that raised more than $100 million for the exchange.
As a result, OKEx launched OKB, an ERC-20 token used to pay transaction fees on the exchange.
Jay Hao joined OKEx as their CEO in November 2018.
OKEx rolled out the mainnet of OKChain, which has since been renamed into OKC, between December 2020 and January 2021. In the process of this launch, OKB holders who staked their tokens via the OKX Jumpstart token launch feature of OKEx were issued a proportional amount of OKT tokens.
The organization behind the OKEx ecosystem is OKEx Blockchain Foundation.
This foundation is responsible for issuing OKB and oversees many aspects of the centralized exchange
On 18 January 2022, OKEx rebranded into OKX. “We’ve dropped the ‘E’ from our name because we’re so much more than an exchange,” Hao said in a statement about the rebrand.
ADVANTAGES OF OKB
1.) Pre-Programmed Scarcity where OKB runs on a buy-back and burn system to help sustain the growth of the platform.
2.) Its price trend over time has been solid
3.) There’s a reduced trading fee
4.)Holders have voting rights.
DISADVANTAGES OF OKB
1.) Its performance is tied to the reputation of its cryptocurrency exchange.
2.)Changes in laws or enforcement of existing laws could negatively impact the value of OKB and the OKX exchange.
3.) It is volatile like all cryptocurrencies.
