Introduction to OKB
OKB is the global utility token issued by the OK Blockchain Foundation. With a total supply of 300 million tokens, OKB was not offered through an Initial Coin Offering (ICO) and no public fundraising was conducted.
The token is built on advanced blockchain technology and is designed to foster a vibrant ecosystem, connecting innovative digital asset projects with a global user base. Holding OKB grants users various privileges, including participation in platform operations, access to premium services, exclusive events, and early access to new platform features.
Real-Time OKB Market Data
As of the latest update, the price of OKB stands at $49.04**. The 24-hour trading volume is **$4,779,962. Over the past 24 hours, the price of OKB has decreased by -1.48%.
Key on-chain metrics for OKB include:
- Circulating Supply: 60,000,000 OKB
- Max Supply: 300,000,000 OKB
- Total Supply: 300,000,000 OKB
- Circulation Rate: 20%
- Market Capitalization: $2,942,580,000
Understanding the OKB Tokenomics
A fundamental feature of OKB's economic model is its deflationary mechanism. Every quarter, the platform uses 30% of its spot trading fee revenue to buy back OKB from the secondary market. These repurchased tokens are then permanently destroyed by sending them to a burn address.
This buy-back-and-burn initiative commenced on May 4, 2019. Initially, the burns were conducted weekly, with details published every Friday. Since June 1, 2019, the process shifted to a quarterly schedule, with reports issued shortly after each burn event.
In a significant move on February 10, 2020, the project announced the destruction of all 700 million OKB tokens that were initially set aside and not in circulation. This event made OKB the world's first major exchange token to become fully circulating, meaning all its tokens are in the market and subject to the buy-back-and-burn process, potentially increasing its scarcity over time.
OKB Contract Addresses
To view on-chain data and transactions, you can use a blockchain explorer. The contract addresses for OKB on different networks are:
- Ethereum Network: 0x75231f58b43240c9718dd58b4967c5114342a86c
- OKT Chain (OKChain): 0xdf54b6c6195ea4d948d03bfd818d365cf175cfc2
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Frequently Asked Questions
What is the primary use case for holding OKB?
Holding OKB provides users with a suite of benefits within its native ecosystem. These include fee discounts on trading, participation in exclusive token sales, voting rights on certain platform decisions, and access to premium services and events, creating a robust utility token model.
How does the OKB token burn mechanism work?
The platform commits 30% of its spot trading fee revenue to regularly buy back OKB from the open market. These repurchased tokens are subsequently sent to a burn address, permanently removing them from circulation. This process reduces the total supply, aiming to create a deflationary pressure on the asset.
Is OKB an Ethereum-based token?
OKB originally launched as an ERC-20 token on the Ethereum blockchain. However, it has since expanded to other networks, including its native OKT Chain (OKChain). It is crucial to use the correct contract address when receiving OKB on a specific network to avoid loss of funds.
What does 'fully circulating' mean for OKB?
"Fully circulating" means that all 300 million OKB tokens that will ever exist are already in public circulation. There are no tokens held in reserve for the team or company that could be released into the market later, making its supply model completely transparent.
Where can I safely store my OKB tokens?
OKB can be stored in any wallet that supports the networks it operates on, such as compatible Ethereum wallets for the ERC-20 version (e.g., MetaMask, Trust Wallet) or wallets that support the OKT Chain. For enhanced security, many holders prefer using a reputable hardware wallet.
Why did the OKB price change recently?
Like all crypto assets, the price of OKB is influenced by a combination of broader market trends, overall trading volume on its native platform, changes in Bitcoin's price, updates to the platform's ecosystem, and general shifts in investor sentiment within the cryptocurrency space.