Find out what is OKB token and what its functions are. Below we present a quick guide that will provide information about the OKB token price or how the token was created. You will also learn the current amount of OKB tokens in circulation and their potential value in the coming years.
Tokenization has been around for a long time, but it’s just starting to get particularly popular. The token represents a value within a given ecosystem, such as the MANA token for the Decentraland system. Coins of this type are also divided into utilitarian tokens and security tokens. OKB belongs to the first of them.
Below we present a guide from which you will learn, among others, what OKB is and what it does, as well as what is current OKB token price and what OKB price predictions are.
Table of contents:
What Is OKB Token
OKB is a utility token of the OKX exchange (formerly OKEx) issued by the OK Blockchain Foundation in cooperation with OKX – a cryptocurrency exchange. Users use it to trade spots and derivatives. It is backed by the Ethereum (ETH) blockchain and belongs to the ERC-20 coin group.
OKB Tokens – What They Do?
OKB tokens play an essential role in the OKX ecosystem. The coin gives users of the exchange access to special features. It can be spent on various security, financial, and utility services related to cryptocurrency markets. From the information released on the official website, we learn that OKX regularly burns OKB tokens to reduce the supply and maintain the value of the tokens.
In addition to providing additional functions, the OKB token is used for:
- calculating and paying transaction fees,
- allowing users to vote and manage the platform,
- rewarding for holding the token.
In addition, users of the platform can receive passive income if they have OKB tokens in OKX Earn, an asset-based earning project.
OKB Token Price
- The OKB token price is $18.97 (at the time of writing).
- OKB’s 24-hour trading volume is $17,593,094.
- Market capitalization is $4,774,535,465
- OKB’s highest rate was $44.01 in May 2021. The historical minimum for the cryptocurrency is USD 0.58, reached in January 2019.
Where To Deposit OKB Token?
You can deposit OKB tokens in the biggest crypto exchange platform, such as SimpleFX, where the token acts as proof of ownership in digital form. They also provide users of crypto exchanges with access to a specific service or product in a blockchain environment.
There is currently a New Tokens Bonus Offer on SimpeFX. You can deposit an OKB token and keep the bonus on your OKB live account.
How To Deposit OKB Token On SimpleFX?
You can deposit OKB tokens on the SimpleFX crypto trading platform very easily. All you need to do is register on the platform, for which you will need to provide your email address. Then, open a live account for MANA deposits:
- Click “MENU” In the upper right corner.
- Select Accounts & Deposits.
- Click Add Account (lower left corner), then select Live.
- Unreel the Currency list and type OKB. You can also select OKB from the suggestions.
- Click the Create an account blue button.
- Now you will see a notification informing you that the account has been successfully created.
- Click the blue Yes, make a deposit button and then the green Deposit button.
- Verify your profile as instructed.
- Once verified, you can deposit OKB Tokens at SimpleFX.
OKB Price Predictions
In the case of OKB price predictions for the last months of 2022, you can find divergent opinions. PricePrediction.net expects it to drop to $17.34 and TradingBeast to around $16.23 by the end of the year. WalletInvestor, on the other hand, is more favorable to OKB price predictions for 2022, predicting over $19.21 in December.
The same website expects the value of OKB to fall to $17.345737 by the end of 2023. TradingBeast also assumes a further drop in the price to approximately $17.209 by the end of December 2023. In turn, OKB price predictions prepared by PricePrediction.net predict a potential increase in OKB prices to $19.58 in 2023.
Experts present two polar opinions when discussing long-term OKB price predictions for 2030. WalletInvestor believes the token will go up and reach $21.262516 by the decade’s end. The PricePrediction.net forecast also assumes an upward trend. This service expects the native OKX token to rise to $26.85 by the end of 2030. The case of OKB price predictions is entirely different for TradingBeast, which is more pessimistic and expects the token to drop to $5.4732.
How Many OKB Tokens Are There
- OKB tokens in circulation amount are 251,627,611.
- The total stock of OKX utility tokens is 300,000,000.
As of 2019, OKX burns around 30% of the exchange’s commission income to buy back tokens from the 300 million circulating tokens. As it informs, the exchange burns tokens every three months by sending them to an address for burning that no one has access to. After each burn, users can view the reports.
OKB Launching Date
The OKB token was launched in July 2017.
What Is OKX (OKEx)
Seychelles-based OKX (formerly OKEx) is a large Chinese cryptocurrency exchange with a global reach. It is the third-largest crypto exchange in the world in terms of the trading volume. OKX offers the opportunity to trade futures contracts on various cryptocurrencies and consulting services on blockchain. The exchange also has a small venture capital that invests in promising projects related to cryptocurrencies and the blockchain industry. The exchange also can create an API.
OKX cares about cybersecurity. Firstly, it uses Slowmist for leading digital asset exchanges, crypto wallets, public chains, or smart contracts. Secondly, the Beosin Blockchain Security and Certik service for verifying smart contracts operates within the OKX ecosystem.
OKX Platform Origins
The OKX platform was launched in the spring of 2017 as a branch of the Chinese OKCoin platform just a few months before launching the OKB token. OKCoin has already been operating in China since 2013. OKX operates as a separate legal entity from OKCoin and is owned and registered in Malta.
The OKX crypto exchange focuses on cryptocurrency trading with a built-in API for algorithmic trading. Jay Hao has been the CEO of the exchange since its inception. Before joining OKX, Hao already had twenty years of experience in the semiconductor industry. He developed a wide range of codecs: UVLED, ASIC, and FPGA and multimedia and SOC codecs for multimedia processors.
Another key member of the OKX trustees is Mingxing “Star” Xu. He is the one who put together the OKCoin platform and gained a reputation in the cryptocurrency industry. In 2017, Xu co-founded the separate exchange OKX. Today, Xu is the CEO of OK Group.