OKB is a utility token issued by the OK Blockchain Foundation which was later adapted into OKEx, a cryptocurrency exchange. OKB holders enjoy benefits such as discounted fees, voting rights, and entrees into rewards and giveaways.
A brief history
OKB was launched in 2019, two years after OKEx came into operation, founded by Jay Hao and Mingxing Xu. OKEx is the Maltese offshoot of the Chinese OKCoin platform, which launched in 2013. OKCoin was focused on exchanging fiat for crypto, while OKEx focused on crypto trading with a dedicated API for algorithmic trading. The OKEx platform also has its cloud mining service, and the company has a more focused reach in providing options trading for users. OKEx seeks to bring such sophisticated trading methods to everyday users' disposal by providing a simple interface.
OKB in practice
OKB is the native exchange token of OKEx that provides discounts on trading fees, access to the OK Jumpstart IEO platform, and voting rights for tokens to be listed on the exchange. First, the exchange divides users into two status groups: regular users and VIP’s. Regular users are assigned a level of transactional discounts according to their OKB stock, and VIP users get a level according to their trading volume. The commissions are updated daily, and users get a discount depending on their respective levels. Platform members can also receive passive income by holding OKB tokens if the token is involved in OKEx Earn- a project that helps users earn on their assets. Another purpose of the OKB token is to allocate funds on the OKEx Jumpstart platform. OKB holders can stake their OKB tokens 14 days before each new Jumpstart project is launched to earn high rewards and staking incentives while enjoying the secure and robust infrastructure that the OKEx exchange provides. Lastly, to add value to OKB OKEx regularly buys back and burns tokens every three months. For this procedure, OKEX uses 30% of the income from commission fees to pay for the buy-backs.