OKB (OKB) currently has a price of £39.81 and is down -2.76% over the last 24 hours. The cryptocurrency is ranked 39 with a market cap of £2.4B. Over the last 24 hours, it saw £11.2M of trading volume. The token has a circulating supply of 60M tokens out of a total supply of 236M tokens.
OKB is the native cryptocurrency of OKX, one of the largest cryptocurrency exchanges in the world. It is used for various functions within the OKX ecosystem, including trading fee discounts, participation in token sales, and accessing premium features.
A utility token is a type of cryptocurrency that is designed to have a specific use or function within a particular blockchain platform or ecosystem. Utility tokens are primarily used to access and utilize a product or service offered by a blockchain platform. These tokens are typically created and distributed by the platform developers as a means of incentivizing users to participate in the platform and contribute to its growth. Utility tokens can be used for various purposes, including accessing premium features, making purchases, or participating in decentralized applications (dapps) within the platform.
Within the OKX exchange ecosystem, OKB acts as a utility token, providing users with various benefits. These include discounted trading fees, exclusive features, and the opportunity to participate in token sales and crowdfunding projects. By serving as a loyalty reward for active users, OKB encourages engagement within the OKX ecosystem. OKB plays a crucial role in the OKX Jumpstart program, enabling users to participate in token sales and gain early access to blockchain projects.
OKB introduced a loyalty rewards program to encourage users to hold and utilize their tokens. This program allows participants to earn additional OKB tokens based on the percentage of tokens they hold. These reward tokens can be utilized for various purposes within the OKB ecosystem. Apart from earning tokens, participants in the loyalty program also gain exclusive access to certain features and services. This includes early access to new products, priority customer support, and premium features that are exclusively available to loyalty program participants. The primary objective of OKB's loyalty rewards program is to acknowledge and reward users for their loyalty and active involvement with the cryptocurrency.
OKB was created in July 2017, following an initial token offering that raised $100 million. Its creation was part of OKEx's efforts to enhance the functionality and services available on their platform, as well as to provide additional benefits and features to their users. Since its creation, OKB has gained popularity and has been listed on various other exchanges, further expanding its reach and adoption in the cryptocurrency industry. It has also been burned by the exchange on a regular basis.
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