What is OKB Coin?
OKB coin is a global token that gives OKX users access to several of the crypto exchange’s features. To be more specific, OKB calculates and pays trading costs, offers users access to voting and site administration, and pays users for staking it.
History of OKB Coin
At the time of the token’s launch, the total supply of OKB, which has a circulating supply of 300 million OKB, was set at 1 billion OKB. The exchange has been operating a quarterly token buyback and burn program since May 2019 to decrease the token’s available supply. By doing so, the system has raised the value of OKB and encouraged users to hold tokens.
OKB repurchased 30% of the proceeds from spot trading fees. OKB launched the testnet for OKChain, the exchange’s private blockchain, in February 2020. The exchange burned 700 million unissued OKB tokens from its ICO in September 2020, reducing the total supply to 300 million, minus the OKB tokens already burned.
Between December 2020 and January 2021, OKB introduced the mainnet of OKChain, which has since undergone a name change to OKC from OKEx. Holders of OKB who staked their tokens using OKB’s Jumpstart token launch feature received a proportionate amount of OKB tokens during this launch. On January 18, 2022, the OKB brand became the OKX brand.
Hao said in a statement regarding the rebranding, “We’ve dropped the ‘E’ from our name because we’re so much more than an exchange.β
Who Is the Founder of OKB?
Mingxing “Star” Xu founded the Chinese cryptocurrency exchange Okcoin in 2013. By doing this, he founded the OKB free trade in Malta in 2017. On July 24, OKB’s initial coin offering (ICO), which raised more than $100 million for the transaction, ended. OKX presented OKB, an ERC-20 token, to cover the costs of trade preparation. As of November 2018, Jay Hao has served as OKB’s CEO.
How does OKB crypto works?
Although it is possible to invest in the asset in anticipation of future growth, the asset functions through supporting exchange-related operations because OKB runs on OKX’s blockchain, and users can interact with the asset in various ways. OKB holders get access to the Earn program through OKX. This enables users to stake OKB as assets to offset exchange trading costs. They can also vote on upcoming proposals within the OKX ecosystem. The OKB token’s utility is tied to its exchange because it is a specific token associated with the OKX platform, which obtained a Dubai Virtual Asset License in 2022.
Significant discounts on platform transactions and the potential to participate in one of the brand-new cryptocurrency projects in OKX’s Jumpstart pool, which gives investors a chance to adopt early tokens before they gain widespread popularity, are additional benefits. Although there are many activities that investors can engage in inside the OKX ecosystem using OKB, the asset’s true utility and purpose are hidden by the absence of a white paper. Although investors might see this as a warning sign, the fact that the token has been operating without incident for some time lessens the chance of a rug pull happening.
Safe Shores for Community Sailing by OKB Coin
OKB has partnered with diverse companies and localities to make life easier for clients. To mention a few, Litex for mobile fuel cards, Tripio for lodging, TrueChain for business transactions, QLC Chain for mobile communication services redemption with OKB, and QLC for file and data transfer services redemption with Fish Chain.
By integrating security measures into its ecosystems, such as Slowmist for well-known digital currency exchanges, crypto wallets, and smart contracts, Beosin public chains, and Certik for smart contract verifications, OKB is also devoted to boosting cybersecurity. To give OKB customers access to a wider variety of DeFi services, OKB has teamed with Bitpie-Multichain wallet, which makes it simple to handle OKB, Kcash, a multichain wallet, Linkeye, and Molecular Future.
Advantages of the OKB Coin
- Discounts on transactional fees
Holding OKB tokens in your OKX account will allow you to avoid paying a significant amount in trading commissions. Over time, this will increase your profits. By maintaining a sufficient balance in their accounts with the digital asset, OKB holders can reduce their trading costs on the OKX exchange by up to 25%. - Launch Sessions
A holder must have held at least 100 OKB coins for five consecutive days to participate in the Jumpstart session, an OKB platform for token sales. The amount and the duration of holding OKB determine the cut each user receives at the end of the session. - Specific Merchants
After trading, a small, unopened quantity is frequently left in the wallet. As a result, OKB provides small-balance conversion, allowing users to convert any remaining balances into OKB tokens. - Utilization of OKX Jumpstart
Holders of OKX may use the platform’s Jumpstart feature by holding a minimum quantity of OKB. As we previously covered, Jumpstart offers consumers the chance to fund early bitcoin projects deemed secure and have high potential by the platform. The conditions of admission differ from project to project, but the program allows astute investors to invest in top-notch cryptocurrencies that haven’t yet seen widespread adoption. - Prioritized Scarcity
On May 4, 2019, OKX launched its buy-back-and-burn program for OKB, which uses 30% of transaction fees from the spot market to repurchase OKB. Approximately 48,372,387.94 OKB have been burned by OKX to date, maintaining a healthy amount of scarcity and causing its price to rise over time. - Added Benefits
Holding OKB also entitles you to vote on how you think the future of the OKX platform should be fashioned, enabling you to employ C2C lending and enhancing your margin trading participation.
Game Plan for Burning the OKB Coin
When supply is limited, the value and demand of a product rise inevitably as a result of the decreased supply, the value increases. Similarly, OKB employs a burning strategy every three months. 30% of the income from transaction fees on the OKB spot market is used to buy back OKB and send them to the black hole address for burning. Between December and February, the most recent burn, known as the seventh burn, consumed 3,183,344.61 OKB.
OKB vs. OKT
The operating logic is the main difference between OKB and OKT. The commercial performance of OKB and the support of the buyback and burn plan for OKB are measures of OKB’s value. After burning 700 million unstamped OKB and swearing never to issue any more OKB, OKB has already entered a deflationary period. The deflation model is currently a crucial part of OKB’s price and an effective method for safeguarding user interests.
By inviting users from around the world to embrace its highly autonomous ecosystem as the fundamental token of a native public chain that uses a DPOS consensus technique, OKT, on the other hand, is intended to satisfy OKChain’s need for greater independence. Therefore, a continuous currency supply system and more flexible incentive mechanisms are needed, in contrast to the OKB’s view of deflation. It refers to the justification for utilizing OKT as the native currency of OKChain rather than OKB.
The markets fear that OKT will undervalue OKB. The most recent price of OKB speaks for itself in light of this. Given the significant variations in the two tokens’ pricing pillars, OKT can encourage the growth of OKChain-based use cases and applications, which will help the OKB ecosystem develop. Market players should be aware that OKB’s price is significantly influenced by the success of its business. To sum up, although OKT and OKB are essentially dissimilar, they complement one another nicely.
Is OKB crypto a good investment?
Indeed. Because investors believe in OKB, it has grown to be crucial. They understand the value of buying OKB. Competitors of OKB confront fierce opposition. The price of OKB is expected to increase. Thus buying OKB is undoubtedly a sensible investment. Let’s look at some OKB price predictions for December 14, 2022. It is crucial to understand that price predictions frequently turn out to be inaccurate, especially for something as volatile as a cryptocurrency.
A regular process subject to alteration at any time is used to predict longer-term bitcoin prices. First, according to CoinCodex, the short-term price of the OKB cryptocurrency will be $26.53 on December 19 before increasing to $30.03 on January 13, 2023. The technical analysis on the website was sufficiently bullish, with 29 indicators predicting positive trends and only four negative trends.
The digital currency might be worth $27.98 this year, $56.95 the following year, and $80.79 the year after that, according to DigitalCoinPrice’s projection for the price of OKB coins. The website predicts that OKB will increase in value until 2030 when it is expected to be valued at $324.93. On the other hand, CaptainAltCoin foresaw some bad news for OKB soon, forecasting a decline to $16.52 by February 2023. The price of OKB will increase to $71.73 in 2025, with a projected rebound to $28.14 by December 2023.
Finally, Wallet Investor was significantly more pessimistic about the price of OKB in 2023, projecting that the coin would sell at roughly $16.93 on December 14, 2023, after losing a large amount of its value during the following year.
It’s crucial to remember that cryptocurrencies remain incredibly volatile, making it challenging to forecast with any degree of accuracy what the price of a coin or token will be in a few hours and even more challenging to make long-term forecasts. Therefore, predictions provided by experts and algorithm-based forecasters might be wrong.
How to buy OKB Coin?
- Download Coinbase Wallet:
To buy OKB, you need self-custody wallets like Coinbase Wallet. Both a browser extension and a mobile app are offered for Coinbase Wallet. Install the Coinbase Wallet. - Pick a username for your Coinbase Wallet.
You must select a username while configuring your Coinbase Wallet. The username is optional. However, it is necessary to access your account. With this login, other Coinbase Wallet users can easily send you cryptocurrency. - Keep your catchphrase in a secure location.
A recovery phrase of 12 random words will be sent to you when you create a new self-custody wallet. Anyone who knows your recovery phrase can access your crypto because it is the key. Keep your recovery phrase a secret from others. Do not divulge your recovery phrase to anyone. Coinbase will never request your recovery phrase. Additionally, Coinbase can only assist you in accessing your wallet if you remember your recovery phrase. - Recognize and prepare for the Ethereum network costs
Fees vary according to the amount of traffic on the network, the complexity of the transaction, and how quickly you need the transaction to be finished. Consider saving some cash for fees. - Send ETH you’ve purchased to your Coinbase Wallet.
If you don’t already have one, create a Coinbase account before you may buy Ethereum (ETH). Your ability to send ETH to your Coinbase Wallet depends on whether you use the mobile app or the Chrome extension. - Use ETH to acquire OKB in the trading tab.
Once you’ve linked your ETH to Coinbase Wallet, you may use the mobile app or browser extension to convert it to OKB. Tap or click the “Swap” icon on the “Assets” page, then select “Choose asset” and “OKB” from the list of options. Enter the ETH amount you wish to convert to OKB. To finish, confirm your order and follow the directions displayed on the page. Remember to include transaction charges in your budget.
We Coin-Labs provides only objective information about OKB.
Therefore, we are not responsible for the investment decision in OKB and the resulting loss.
OKB Basics
The primary characteristics of OKB are as follows.
| Cryptocurrency Features | OKB (OKB) |
|---|---|
| Publisher or Developers | Jay Hao |
| Jurisdiction of Incorporation (Registration Number) | Switzerland |
| Symbol | OKB |
| Platform | OKX |
| Published Date (CMC Registration) | 2019-04-30 |
| Max Supply | No limit |
Investment Suitability of OKB in 2023
The results of the OKB investment suitability evaluation conducted by Coin-Labs are as follows.
| Investment Suitability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the Top 4 Exchanges in Korea | Listed on Exchanges |
| Listing Status on the World's Top 10 Exchanges | Listed on 1 Exchanges |
| Number of Available Pairs Worldwide | 86 Pairs |
| Market Cap of the Cryptocurrency | 2,639,554,999,863 KRW (Rank #30) |
The table above shows the result of investment suitability evaluation for OKB.
More descriptions about the rating items can be found here.
OKB Price
The price and recent trading volume of OKB are as follows. (Data of 2023-01-27 17:20:24)
| Price Items | Price and Trading Volume of OKB |
|---|---|
| OKB Price | 43,992.583 KRW |
| Price Change 24h | -1.04% |
| Price Change 7d | 14.64% |
| Trading Volume 24h | 26,185,029,224 KRW |
| Trading Volume Change 24h | -13.62% |
Cryptocurrency Metadata
You can check the development status and social media information of OKB through the links in the table below.
| Metadata Source | URL |
|---|---|
| π Official Website | https://www.okx.com/ |
| π White Paper | |
| π°οΈ Source Code (GitHub) | |
| π¦ Twitter | https://twitter.com/okx |
| π€ Reddit | https://reddit.com/r/okx |
| πΊ Message Board |
Korean Crypto Exchanges where OKB is Listed
Korean crypto exchanges where OKB is listed in 2023 are as follows.
| Top4 Exchanges | Listed Status | Page URL |
|---|---|---|
| Upbit | Not listed | |
| Coinone | Not listed | |
| Korbit | Not listed | |
| Bithumb | Not listed |
World Crypto Exchanges where OKB is Listed
World crypto exchanges where OKB is listed in 2023 are as follows.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Not listed | |
| Huobi | Not listed | |
| Coinbase | Not listed | |
| FTX | Not listed | |
| Kraken | Not listed | |
| KuCoin | Not listed | |
| Bitfinex | Not listed | |
| Bithumb | Not listed | |
| Gate.io | Listed | https://www.gate.io/trade/OKB_USDT |
| Bitstamp | Not listed |
Frequently Asked Questions
What is the current price of OKB?
OKB price today is 43,992.583 KRW. Furthermore, the price of OKB has fluctuated by -1.04% from 24 hours ago, and by 14.64% from a week ago.
Where is OKB listed?
Currently, it is listed on a total of among the 4 largest exchanges in Korea, and is listed on a total of 1 among the world top 10 exchanges.
What is the market cap of OKB now?
Currently, OKB has a market cap of 2,639,554,999,863 KRW, which is ranking 30 among cryptocurrencies worldwide.
How much is the trade volume of OKB?
Currently, 60,000,000 OKB coins are circulating through 86 market pairs. As a result, in the last 24 hours, 26,185,029,224 KRW of OKB coins were traded in the market.
