OKEx is a cryptocurrency exchange for trading cryptocurrencies. Since its introduction in 2017, OKex has become the world leader in the trading arena. It offers a wide range of trading pairs and is among the largest networks in the world. It is also the third in terms of liquidity and fourth in trading volume. With its layered architectures, OKEx’s consensus times are minimized while its scalability and security are enhanced. Read along to learn about its OKB token.
Users of the exchange are categorized into regular and VIP where the level of regular users depends on their OKB stock while that of the VIP users are assigned a level based on their trading volume. The discount or commissions that a user can get depends on their level.
What is OKB?
OKB is a universal utility token from the OK Blockchain Foundation and OKEx which is a Maltese crypto exchange. Its objective is to link digital asset projects to its user base and investors in order to establish an OKex environment that enhances the creation both blockchain technology and the world of virtual assets. Every three months, OKEx burns tokens to give more value to the OKB, making it more enticing to holders. This process consumes 30% of the exchange’s revenue from commissions fees.
The purpose of the OKB token is to facilitate spot trading and derivatives trading. It also makes the development of scalable applications almost a seamless process. The OKB utility token also enables users to get discounts when paying for trading fees with the OKEx network. Furthermore, decentralized apps developed on the OKChain platform use it as well. OKB also grants voting and governance rights for projects to be listed on the exchange and rewards OKB holders. With the OKB token, a user can allocate funds to the OKEx Jumpstart network.