OKB: Crypto Exchange OKX Burned $258m Worth of Native Token OKB
- OKX reportedly burned $258m worth of its token OKB earlier this year to reduce its market supply.
- OKB has shown impressive growth over the past year and managed to navigate the 2022 sell off relatively unscathed.
- Two of OKX’s main competitors (Binance and Coinbase) were hit by SEC lawsuits last week.
OKX, the eighth largest crypto exchange in the world, reportedly burned some $258m worth of its native native token OKB from March to May this year – in efforts to reduce its market supply. The planned move allowed the token to log gains while the wider crypto market remained relatively flat. Since the start of the year, the exchange token has managed an impressive 50% increase – now sitting at a price of around $39.
Recently, OKX has been pushing to become front of mind for crypto traders – launching a large marketing effort last year which saw its logo become part of Manchester City football club’s strips. And with two of its main competitors (Binance and Coinbase) having been sued by the SEC last week, concerned might be seeking alternative places to trade – which could prove beneficial for OKX’s inflows. Its OKB token has also demonstrated fairly solid performance over the last year with 239% growth.
OKB is a cryptocurrency that powers the OKEx ecosystem, one of the leading digital asset exchanges globally. OKB is an ERC-20 token built on the Ethereum blockchain and serves as a utility token within the OKEx platform. It was launched by OKEx, a Malta-based cryptocurrency exchange, in 2018. The primary purpose of OKB is to provide various benefits and incentives to OKEx users. Holders of OKB can enjoy discounted trading fees on the OKEx platform, participate in token sales, access exclusive features, and earn rewards through staking and loyalty programs. The token also offers additional benefits such as priority access to customer support and participation in community voting.
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