Ok, the reports are in and they are big! OKEx, one of the world’s leading cryptocurrency spot and derivatives exchange has finally released its latest OKB Ecosystem monthly report for August, and the report prints some big figures. The report reveals that it has recorded a historic burn volume of 3,816,358.49 OKB (equivalent to $21,000,000), in its ninth round of Buy-Back & Burn. OKB is a global utility token issued by the OK Blockchain Foundation that powers the OKEx trading platform.
OKB’s Buy-back and Burn initiative was launched in May 2019. About 30% of the spot market transactions fee was utilized to buy back OKB from the market and send them back to a black – hole address so that it could initiate the burn process. As of press time, a total of 24,487,942.07 OKB have been burned, taking the current OKB circulation to 275,512,057.93.
In combination with this, the launch of OKChain testnet that happened in February has also led to the burning of the 700 million unissued OKB tokens. This makes OKB the world’s full circulating platform token and a complete deflationary currency. Now with this initiative, OKB has become a scarce asset which will now provide OKB holders with a far better long-term value. OKEx CEO Jay Hao commented:
“This record burn volume of OKB deepens our commitment to OKB holders in providing them a deflationary platform token with a continually reduced supply. This is especially pertinent at a time when central banks around the world are ceaselessly printing money, and when many fiat currencies are experiencing problems with inflation. OKB is designed to serve holders not only as a way of accessing multiple benefits within the OKEx platform and through its growing list of partners but also as a long-term store of value and a real alternative to fiat.”
OKB has millions of holders to whom they also provide a host of other incentives and benefits apart from the concurrent Buy-Back & Burn scheme. The report also elaborates that OKB in search for more user benefits continues to collaborate and form new partnerships. At present it has already developed 76 application scenarios for its users globally. These applications will include diverse services that will allow them to use the OKB token for payment as well as to obtain loans, mortgages, C2C services and even social networking. Additionally considering OKB’s surging ahead utility outside the OKEx exchange is letting the OKB users enjoy the extended privileges on the platform which include discounted trading fees, a quick early-bird access to some of OKEx’s new projects in the making, OKB margin trading and many more.
The report this month also revealed that OKB now operates nine fiat trading channels across more than 60 trading platforms and exchanges encompassing 154 countries worldwide.
OKEx offers the broadest marketplace which allows crypto traders, miners and large-scale investors to manage their crypto assets and hedge risks.