What is OKB?

OKB is a global utility token developed by the OK Blockchain Foundation. It plays a crucial role in the OKEx ecosystem, a digital asset platform with a variety of trading pairs. OKB is utilized to cover transaction fees, access unique features, participate in voting and governance, and potentially receive rewards on the platform. The token is also employed in the OKExChain, the OKEx blockchain, to facilitate spot trading, derivatives trading, and the development of scalable applications. OKB seeks to benefit its holders by regularly burning tokens every three months, a process that is recorded on the official website.

How does OKB work?

OKB operates on a proof-of-stake consensus and was initially a token on the Ethereum blockchain. However, it later transitioned to its own blockchain, the OKExChain. The token plays a pivotal role in the OKEx ecosystem, offering users up to a 40% discount on transactions depending on the number of tokens they hold. Users are divided into regular and VIP status groups, with their level determined by their OKB holdings or trading volume. OKB holders may receive compensation and participate in the OKEx Jumpstart platform, which strives to help users benefit from their assets.

What are the potential use cases for OKB?

OKB serves multiple use cases within the OKEx ecosystem. It is used to calculate and cover trading fees, providing users access to discounts. It also grants users voting rights and governance on the platform, allowing them to participate in decision-making processes. Additionally, OKB holders may receive rewards for holding the token. The token is also used in the OKExChain for spot trading, derivatives trading, and the development of scalable applications. Furthermore, OKB is used to allocate resources on the OKEx Jumpstart platform, which aims to help users benefit from their assets.

What is the history of OKB?

OKB was developed by the OK Blockchain Foundation and introduced in 2017. OKEx, which emerged as an offshoot from the original OKCoin platform, is now a well-known trading floor. The platform was initially focused on exchanging fiat for crypto, but it later shifted its focus to crypto trading with a built-in API for algorithmic trading. The key management team includes Jay Hao, who has been the CEO since the beginning, and Mingxing “Star” Xu, who co-founded the separate OKEx platform.