Despite the breadth and complexity of cryptocurrencies and blockchain technology, many investors and crypto communities continue to pay attention to new crypto projects and protocols.
It is one of the most successful initiatives in the crypto scene, having grown to inhabit the top 20 list of the largest cryptocurrencies by market capitalization. OKB has grown significantly since its launch in 2018, with a total market valuation of more than $5 billion at the time of writing.
What Is OKB?
It is the native cryptocurrency of the OKX cryptocurrency exchange in Malta. The OKX platform serves as the de facto European counterpart of OKCoin, the largest Chinese exchange.
Cryptocurrency exchanges are among the most important companies in the market, serving as a vital entry point for users to adopt crypto and purchase their coins. As a result, if you want to enter into cryptocurrency, you should always use the safest cryptocurrency exchanges. Despite rising demand for decentralized exchanges, established exchanges such as OKX remain the dominant actors in the crypto sector.
OKX and its native coin, OKB, are the same people behind OKCoin. Mingxing Xu is the CEO of the OK Group, and Jay Hao is the CEO of the Maltese exchange OKX.
Investors can purchase, keep, and utilize OKB to conduct cryptocurrency transactions as the platform’s native cryptocurrency. While the premise of OKB is similar to that of other cryptocurrencies, it also has unique advantages. So, let us investigate the possibilities using OKB.
How Does OKB Work?
It operates on OKX’s blockchain, allowing users to perform various tasks with the asset.
OKB holders can earn a passive income through the Earn program at OKX. This allows users to stake OKB as assets to leverage trading expenses on the exchange. They also have the ability to vote on future proposals within OKX’s ecosystem.
OKB’s utility is linked to its exchange as a specialized token attached to the OKX exchange, which received a Dubai Virtual Asset License in 2022. While the asset can be invested in with the prospect of future growth, it works by helping functions within the exchange itself.
Other benefits of the OKX platform include large discounts on transactions and the ability to invest in OKX’s Jumpstart pool of brand-new cryptocurrency projects, which allows investors to embrace early tokens before they become widespread.
Although investors can engage in a variety of activities through OKB inside OKX’s ecosystem, the asset’s true utility and purpose are obscured by the fact that no white paper is linked with the asset. Although this may be interpreted as a red flag by investors, the risk of a rug pull is mitigated because the token has been running for some time without incident.
What Are the Advantages of OKB?
So, why should investors and cryptocurrency traders be interested in OKB? The answer is that cryptocurrency is an excellent instrument for accessing other investment opportunities within the OKX exchange and beyond. When it comes to stretching the life of your cryptocurrency, the OKX Learn page highlights the benefits of the OKB.
Discounted Trading Fees
Simply having OKB tokens in your OKX account will allow you to save a significant amount of money in trading costs. This will increase your profits over time.
It holders can save up to 25% on trading fees across the OKX exchange by keeping their accounts topped up with the crypto asset.
Access to OKX Earn
OKB holders can also access OKX Earn, which provides access to the platform’s portfolio of savings programs that can provide favorable returns for exchange users.
Appreciating Price Trends
It’s also worth mentioning that OKB has generally been appreciated as a solo cryptocurrency over time. This is because OKB, like other exchange-linked coins such as BNB, has grown in value over time and is now approximately 3,400% higher than its January 2019 lows. However, in the wake of the global crypto market crisis, the asset has fallen in value.
OKX launched its OKB buy-back-and-burn program on May 4, 2019, in which 30% of spot market transaction fees are used to purchase back OKB. OKX has burned around 48,372,387.94 OKB to date, maintaining a healthy degree of scarcity and ensuring its price continues to rise over time.
Access to OKX Jumpstart
OKX holders can participate in the platform’s Jumpstart function by holding a predetermined volume of OKB. As previously said, Jumpstart allows users to invest in early cryptocurrency projects that have been reviewed and listed as secure and high-potential projects by the platform.
The terms of access vary for every project, but the plan can enable astute investors to participate in high-quality crypto ventures that have yet to see widespread adoption.
Other Key Perks
Holding OKB grants you voting rights on how you believe the future of the OKX platform should be fashioned, in addition to the ability to employ C2C financing and better participate in margin trading.
Is the OKB Token a Worthy Crypto Investment?
The OKB token provides benefits, but only for the appropriate type of investor. The token is a valuable asset for OKX exchange users, but it loses luster without the exclusive functions on the OKX platform.
Furthermore, investors should be wary of the asset’s absence of a white paper, which indicates that its developers may be able to steer OKB in a different path with little to no notice. Nonetheless, considering the asset’s age, a rug pull is unlikely. Finally, investors should be aware that OKB, like all other cryptocurrencies, has struggled in the wake of the 2022 crypto market crash. In recent months, the value of OKB has fallen more than 50% from its 2021 highs.
However, suppose you’re an OKX customer looking to embrace the exchange’s range of smart services fully. In that case, OKB is likely a necessary purchase that can help to provide money-saving benefits over time.