Dear valued customers,
Following the launch of the OKChain testnet in February, we decided to burn the 700 million unissued OKB and promised no more additional issuance in the future. Since then, OKB has entered an absolute deflation and become the world's first fully circulating platform token.
At OKX, we uphold the belief of generating ever-growing value for users with actions. To this end, we have been spending our revenue on the OKB Buy-back & Burn scheme to give back to all OKX supporters. The bought-back and burned OKBs all come from the secondary market.
The seventh round of buy-back & burn was initiated from Dec 1, 2019 to Feb 29, 2020. The amount of OKB bought back and burned is 3,183,344.61, equivalent to $17,500,000, which has been sent to the black-hole address for coin burn.
Starting May 4, 2019, OKX has been implementing the OKB Buy-back & Burn scheme for the currently circulating 300 million OKB. We use 30% of transaction fee income from the spot market to buy back OKB and send them to a black hole address to burn. A total of seven rounds of Buy-back & Burn has been executed with the a total of 17,161,709.06 OKB burned. The current circulation is 282,838,290.94 OKB.
The Black Hole Address to Burn OKB:
OKB is a global utility token issued by the OK Blockchain foundation and a vital piece of OKX's architecture and ecosystem development. OKB is designed to bridge high-quality blockchain innovations, users and investors, ultimately promoting win-win and robust development in the blockchain and crypto industry.
As the native token of the OKX ecosystem, OKB has been well-received by tens of millions of users worldwide in the past two years. We are also making breakthroughs in introducing more use cases of OKB:
1. OKChain’s Continuous Ecological Empowerment on OKB
OKChain is a decentralized public chain of OKX that supports various kinds of decentralized applications (DApps) and allows users to issue their own cryptocurrencies, create trading pairs, and trade freely on it.
With OKChain, we hope to build an open and autonomous ecosystem to achieve large-scale commercial application of blockchain technology. Here are the highlights of OKChain’s functionalities:
a. OKChain allows users to issue their own cryptocurrency on the public chain. We will also migrate OKB to OKChain.
b. Users can build their decentralized exchanges and customize what assets and trading pairs to list. Our decentralized application,OKX DEx has also been launched.
c. OKChain will support the release of DeFi applications.
d. OKChain will support smart contracts.
e. OKChain will support BTC cross-chain, acting as a bridge to connect BTC to the world.
Furthermore, we have issued OKT as the native token of OKChain and will map 100% of the genesis block tokens to OKB holders in appreciation of their support.
2. OKB Ecosystem Expansion
Recently, the OKB ecosystem has expanded both internally and externally of the platform. Highlights are as follows：
On the OKX platform, we have launched OKB spot margin trading with up to 3x leverage as well as Savings service to meet users’ growing demand for trading and earning.
Externally, we have established collaborations with a total of 35 partners around the world, covering dozens of daily scenartios such as payment, transactions, trading service software, wallets, loan & finance, cybersecurity, tourism, lifestyle, entertainment, social networking, e-contracts, O2O, and games.
The globalization of OKX is also accelerating. OKB is now available on 8 fiat gateways to trade with US dollar, Euro, Korean won, Vietnamese dong, Indonesian rupiah, etc., and listed on over 50 trading platforms that encompass 141 countries and regions.
3. OKB Community Building
Every step of the progress we have achieved is made possible only thanks to the support of our dear users. In order to share the fruit with our users, we have carried out 27 community events, including campaigns, AMA, and airdrops.
Creating ever-growing value for users is our mission. In the future, we hope to hear more from you about your views on the development of OKB.
Once again, thank you for your continued support of OKB. As always, we will continue to provide first-class services and share the fruit of our achievment with all supporters and partners. If you have any opinions and suggestions, please feel free to contact us:
The OKB Team
Mar 2, 2020