Two days ago, we have published the eco-development roadmap of OKB, our global utility token and announced the new Happy Friday program, which both attracted a lot of interest and attention from the public - whether those who are already familiar with or completely new to OKB.
The roadmap outlines the applications of the token and also the timeline set out for the implementations of the plans, including the building of a complete ecosystem, collaboration with top blockchain project teams, establishment of public blockchain etc...which clearly shows that OKB will be a vital piece of OKX's architecture & development.
So in this article, we will give you an overview of what you should know about this utility token:
The total available supply of OKB is 1 billion. 60% of the supply (600 million) will be given to OKX users for community building through marketing campaigns. Up till now, we have already given away 300 million in our OKB Red Packet and Loyalty Points Subscription programs. The remaining 300 million OKB are reserved for marketing events in 2020. Through OKB, we hope to build a sharing community with blockchain technology, allowing every user to participate and contribute to the development of our platform.
The distribution for the remaining 400 million OKB:
- 10% (100 million): Operations of the foundation. Locked up for 3 years
- 10% (100 million): Initial investors. Locked up for 2 years
- 20% (200 million): Our team. Initial lockup of one year, then 20m OKB unlocked annually
Why are we issuing OKB?
We firmly believe that blockchain technology will eliminate transaction barriers, increase operational efficiency across the financial system, and eventually lead towards a significant paradigm shift in the global economy. For those reasons, we strive to continuously innovate and build the greatest transaction network which extends to every corner of the world.
We are commencing the "Happy Friday Program" on Apr 20, 2018 (Hong Kong Time) - Every Friday, 50% of the service fees* collected by OKX during the week will be shared with our OKB holders as a bonus, of which the amount is based on the percentage of OKB the user holds. The total available supply is 1 billion, and currently 70% is locked up. This program will last for 2 years. Adjustments will be made according to circumstances until then.
*including the fees collected from token and futures trading, excluding those settled with loyalty points.