OKX is a digital asset trading platform established in May 2017, headquartered in Seychelles. Its predecessor is OKCoin, which is mainly aimed at domestic mainland trading users. However, due to policy changes, it chose to move abroad and complete the brand upgrade - OKEX. On January 18, 2022, it was expected that the positioning of the future crypto ecological infrastructure provider would include the launch of trading system, MetaX, multi-chain wallet, OKX NFT market, DEX, DaPPs and other products, as well as OEC public chain and OKX ventures investment. Therefore, it was officially renamed OKX, and the original OKEx DeFi Hub was renamed MetaX.
OKX currently provides a variety of cryptocurrency trading services, including wallet, OTC, spot, contract, option and other types of products, and covers the purchase and sale of most mainstream currencies such as Bitcoin, Ethereum and Litecoin. OKB is the platform currency of its trading platform.
How does OKX (OKB) Work?
The cryptocurrency trading platform mainly earns intermediate commission income by providing users with safe and reliable trading market services, and OKB is just like the stocks issued by securities companies in the traditional securities market.
As a platform currency, the initial value of OKB is reflected in the development of the platform and the relationship between supply and demand in the market. On the level of market supply and demand, the economic model adopted by OKB is the deflation model (the same as most platform currencies), that is, the total amount of issuance is limited and there is a regular repurchase and burning mechanism, so that the circulation in the market continues to decrease until it reaches a lower value. In this way, the price rise will encourage more people to hold it, thus driving the price rise. In February 2020, OKX announced the total destruction of 700 million OKB that had not yet been issued. OKB officially entered the absolute deflation mode and will become the first fully circulated utility token in the world.
OKB burning solution: OKEx takes out 30% of the handling fee for currency transactions to buy back OKB and transfer it to the black hole address for complete destruction.
On the other hand, the utility token is also related to the market expectations of investors in the market. When the expectations are higher, it will also bring the support of pulling up. Therefore, the major trading platforms are constantly expanding the application scenarios of the utility token to create demand for the utility token. OKB's ecosystem construction has also built a variety of application scenarios, such as liquidity, handling fee preference, voting on coins, merchant rights and interests, public chain ecosystem empowerment, etc. With the continuous expansion of OKB's ecosystem construction, OKB's price will also be positively affected.
What is OKX (OKB)?
OKB is a global universal point issued by the OK Blockchain foundation, referred to as OKB. OKB does not do ICO and does not publicly raise funds from investors. It uses the token economic model to connect innovative digital asset projects and users to create an OKEx ecosystem closed loop. The initial circulation of OKB was 1 billion. In 2020, it was announced that the 700 million that were not issued would be burnt, officially entering full deflation. Presently, the total issued amount is 300 million OKB, and holding OKB can enjoy various interests:
1. Service fee discount
2. Open win-win plan
3. Jumpstrat coins
4. Rights and interests of fiat currency merchants
5. Public chain platform empowerment, etc.