OKB is an ERC 20-based cryptocurrency owned by the OKEx exchange. It was released in April 2019. It has direct agreements with Cryptomall, Aliniex, Ledger and Bvnex cold wallets.
OKEx cryptocurrency exchange is based in Malta. It is the 4th centralized cryptocurrency exchange with the highest trading volume, with a daily trading volume of close to 18 billion dollars. These numbers can change daily. But it ranks 17th in the list, which Coinmarketcap evaluates and ranks exchanges according to their various qualities, with a score of 7.0 out of 10. The highest score belongs to Binance with 9.8. There are no other exchanges with a score above 9. The reason why OKEx is reliable in the market is that although it has been serving for many years, it has not experienced any hacking. 731 different trading pairs can be traded on the exchange.
OKB, which has a market value of 2 billion 260 million dollars, is the 59th most valuable cryptocurrency. While there are 60,000,000 OKB in circulation, the total supply is 300,000,000 OKB.
Some of the services OKEx offers:
OKExChain
OKEx Cloud
Mining Pools
OKEx Academy
OKEx Win
C2C Credit
jumpstart
Spot Buying - Selling
Margin Transactions
Futures Options
OKB Coin Burn
The increase in the recognition and trading volume of OKEx exchange enables OKB to increase its price and market value. Users who pay their transaction fees with OKB receive a 40% discount on transaction fees, and 30% of the OKB collected from the paid fees is constantly burned. OKBs will continue to be burned forever in the system, which works similarly to Binance's BNB burning policy. In Binance, this limit is the decrease of the BNB supply to 100 million units. After 100 million BNB remains, there will be no more burns. This coin burn policy by OKEx is a move to continuously increase the value of OKB. As of now, the number of OKB burned is over 30 million. This means that 1 billion 100 million dollars worth of coins were burned. This is the first incentive to increase OKB use.
OKExChain
Again, under the leadership of Binance, the aim of crypto exchanges to create their own blockchain mainnets, that is, their own networks, to carry out transactions there, has also made other crypto exchanges appetite. Congestion in the Ethereum network, longer transaction times, and increased transaction fees have increased the interest in the Binance Smart Chain network. Decentralized cryptocurrency exchanges such as PancakeSwap, BurgerSwap, Bakery Swap use Binance Smart Chain, causing BSC to be used more than the Ethereum network. So much so that only the transactions made on PancakeSwap managed to exceed the number of all transactions on the Ethereum network.
Transactions on OKExChain, the expected release network, which is in testing phase by OKEx, will also be carried out with OKB. This testnet is being tested in various airdrop projects with non-valued OKBs that are available only in the testnet, issued by the OKEx Discord channel. In the near future, with the network transitioning from testing to normal, many dex projects may start using the network, so OKB usage may continue to increase. In fact, the OKExChain is the second thing that is an incentive to increase the use of OKB.
Jumpstarter
We all know about the Launchpad projects on Binance. By staking BNB and BUSD at Launchpad and Launchpool events, you can become the first investors of new projects and get a share from the pools. On OKEx, this event is called Jumpstarter. Thanks to Jumpstarter, it is possible to participate in new projects such as ICO, IFO, IDO by staking OKB. We can count this for the third incentive that increases OKB use.
Discount on Transaction Fees
The use of OKB on the OKEx cryptocurrency exchange continues to provide different advantages. Almost every stock market uses this method anyway. A small amount of transaction fee paid in trades made on the stock exchange is 40% discounted for those who hold OKB in their account. With a small calculation, the commission to be paid for a transaction is $0.60 instead of $1. This counts as the fourth incentive to increase OKB use.
