What is OKB? How does OKB work?
What is OKB? How does OKB work? OKB is a cryptocurrency used inside OKX Exchange. So why should people invest in it? Despite the breadth and depth of cryptocurrency and blockchain technology, many investors and crypto communities still pay attention to new encryption projects and protocols. OKB is one of the most successful projects in the field of encryption. It has developed into the top 20 largest cryptocurrencies based on market value. At the time of writing, the total market value of OKB exceeded US $5 billion, showing significant growth since its establishment in 2018.
What is OKB?
OKB is the native cryptocurrency of OKX, the Malta Cryptocurrency Exchange. OKX platform is actually the corresponding platform of OKCoin, China's leading exchange, in Europe.
Cryptocurrency Exchange is one of the most important entities in the industry, providing an important portal for users to adopt cryptocurrency and purchase their tokens. This is why if you intend to enter the field of encryption, you should always choose the most secure cryptocurrency exchange. Although we see the growing demand for decentralized exchanges, more traditional exchanges like OKX are still the largest participants in the entire crypto ecosystem.
The person who created OKX and its native token OKB is the same person as the person behind OKCoin. Hao Jie is the CEO of OKX, Malta Exchange, and Xu Mingxing is the CEO of OK Group.
As the native cryptocurrency of OKX platform, investors can purchase, hold and use OKB for cryptocurrency transactions. Although the concept of OKB is the same as that of other cryptocurrencies, it also has its own advantages. So let's explore the possibilities of OKB.
How does OKB work?
OKB runs on OKX's own blockchain, which means that users can perform many different operations on assets.
OKB holders can earn passive income through OKX's Earn program. This allows users to use OKB as an asset to take advantage of the transaction costs in the exchange. They also have the right to vote on future proposals in the OKX ecosystem.
As a special token attached to OKX Exchange, the Exchange obtained the Dubai Virtual Asset License in 2022, and OKB's utility program is associated with its exchange. Although future growth can be expected to invest in assets, assets operate by assisting the functions of the exchange itself.
Other benefits within the OKX platform include substantial discounts on its internal transactions and the ability to invest in the Jumpstart pool of OKX's new cryptocurrency project, providing investors with the opportunity to accept early tokens before mainstream adoption.
Although investors can do many things through OKB in the OKX ecosystem, the real purpose and purpose of the assets are covered up because there is no additional white paper attached to the assets. Although investors may regard this as a danger signal, as the token has been running for a period of time without any accident, the risk of pulling can be reduced.
What are the advantages of OKB?
So why should investors and crypto traders pay attention to OKB? The answer is that cryptocurrency is a great tool to access more investment options inside and outside the OKX exchange. As you further expand your cryptocurrency, the OKX Learning page explains the benefits provided by OKB.
Discount transaction fee
The simple act of holding OKB tokens in your OKX account will save you a lot of transaction costs. This will improve your profitability for a longer time.
The holders of OKB can save up to 25% of the transaction costs in the entire OKX exchange by keeping their accounts recharged with encrypted assets.
Visit OKX Earn
OKB holders can also obtain OKX Earn, which opens the door to the platform's savings plan suite and can bring beneficial returns to exchange users.
Appreciate price trends
It is also worth noting that over time, OKB has been widely appreciated as an independent cryptocurrency. Like other exchange linked tokens such as BNB, the value of OKB has grown over time, about 3400% higher than the low in January 2019. However, after the collapse of the broad cryptocurrency market, the asset has declined.
On May 4, 2019, OKX launched the OKB repurchase destruction plan, and 30% of the spot market transaction fee was used to repurchase OKB. So far, OKX has destroyed about 48372387.94 OKB, which helps to ensure that it has a healthy scarcity level and that its price continues to grow over time.
Visit OKX Jumpstart
By holding a predetermined number of OKBs, OKX holders can participate in the Jumpstart function of the platform. As we discussed, Jumpstart enables users to invest in early cryptocurrency projects that have been reviewed by the platform and listed as safe and high potential projects.
The terms of access vary from project to project, but the program allows discerning investors to participate in high-quality encryption projects that have not been widely adopted.
Other major allowances
In addition to being able to use C2C loans and better participate in margin trading, holding OKB allows you to vote on how you think you should shape the future of OKX platform.
Is OKB token a worthwhile encryption investment?
OKB token has its advantages, but it is only applicable to the right investors. We believe that token is a good asset for users of OKX Exchange, but without the exclusive functions of OKX platform, it will lose its luster.
In addition, investors should be cautious about the lack of a white paper on the asset, which means that its founder may lead OKB in different directions with little warning. However, given the age of the asset, it is unlikely to pull the carpet. Finally, investors should realize that after the downturn of the crypto market in 2022, OKB, like all other cryptocurrencies, has been struggling. In recent months, the value of OKB has dropped by more than 50% from its peak in 2021.
However, if you are an OKX user and want to fully accept a series of intuitive functions of the exchange, OKB may be an essential purchase. Over time, it can help bring about the benefits of saving money.