OKB is a cryptocurrency released by the OK Blockchain Foundation and Maltese crypto exchange, OKX. The exchange is one of the largest in the world and currently ranks third in liquidity, fourth in trading volume, and provides a wide selection of trading pairs. OKX is similar in many aspects to the cryptocurrency exchange giant Binance, but there are a few key differences. The OKX platform has its own cloud mining service, and the company has a more focused reach in providing options trading for users. Meanwhile, Binance strives to offer a broad range of crypto services globally.
OKB is the OKX utility token that enables users to access the crypto exchange's special features. The coin is used to calculate and pay trading fees, grant users access to voting and governance on the platform, and reward users for holding OKB.
OKX has become a world-leading trading floor since its launch in 2017. The platform launched in the spring of 2017 and emerged as an offshoot from the original OKCoin platform (operating since 2013 in China). OKCoin now focuses on exchanging fiat for crypto, while OKX focuses on crypto trading with a built-in API for algorithmic trading. The exchange also gives users access to a multi-currency wallet and functions for margin trading.
Token Burn OKX uses 30% of transaction fees from the spot market to buy-back and burn OKB.
Discounted fees OKX offers spot and futures trading fee discounts based on the user’s holdings of OKB as well as 30-day trading volume.
OK Jumpstart IEOs on OK Jumpstart are available to OKB holders basedon user’s 7-day holdings.
Token listing votes OKB gives holders voting rights on subsequent token listings where 1 OKB = 1 vote. The winning candidate will be required to pay a security deposit between 200k – 300k which will be returned monthly over 12 months.
“Happy Friday” distribution OKX runs a weekly bonus campaign where half of the trading fees are distributed to token holders. The rewards are denominated in bitcoin and the amount distributed is dependent on the number of OKB a user holds.