OKB (OKB): Project reviews, recent developments, upcoming events, communities
- OKB (formerly OKEx), a utility token issued by OKX, is the top 100 cryptocurrency with the highest performance of the week, gaining 2.1% in the devastating market.
- OKX announced that it has burned $ 68 million worth of OKB and reduced the supply of tokens.
- The exchange has also integrated (AVAX) into That NFT MarketplaceCurrently supports 6 different chains.
- Brazilian OKX users are now able to purchase Brazilian Real after a partnership with payment and crypto gateway provider Foxbit.
OKB is the official token of OKX, which was rebranded from the OKEx exchange in January 2022. This is the official global utility token issued by the OKBlockchain Foundation. Tokens give users access to special features of OKX.
Utility tokens are used in OKX to facilitate spot trading, derivative trading, and simultaneous development of several scalable applications. In addition, the layered architecture reduces consensus time, improves scalability, and enhances security.
OKB is proud of its parent company through this long bearish market flow. So how does OKB work in the market?
OKB went against the crypto market trend in a week, losing 30% and 36%, respectively. With a minor backlash in the bear market, OKB was able to maintain the top 100 cryptos with the best performance with a profit of only 2.1%.
OKB (OKB) 24-hour price chart. Source: CoinMarketCap
In the last 24 hours, OKB has risen 1.8% to trade at $ 11.23 after reaching a daytime high of $ 11.30. OKB has traded between $ 10.94 and $ 11.30 within the last 24 hours. This is the OKB trend for the last 7 days.
OKB (OKB) 7D price chart. Source: CoinMarketCap
OKB ranks 6th in exchange tokens and 60th in all cryptocurrencies, with a market capitalization of $ 3.36 billion.
Recent trends and future events
Adopting a deflationary model to improve the price of OKB, OKX has burned coins. OKX announced that in the 16th round of buybacks and tempers, the exchange destroyed a total of 3,755,642.45 OKB, about $ 68 million, between March 1st and May 31st.
OKX was one of the first exchanges to launch a non-fungible token marketplace in September 2021 and continues to expand its support. OKX recently announced the integration of Avalanche (AVAX) NFTs into the market.
The OKX NFT Marketplace now supports six major chains: Ethereum, OKC, Immutable X, Binance Smart Chain, Polygon and Avax. Users can find some of the largest collections of digital art in OKX.
Immediately after supporting Saitama’s token transfer, OKX began supporting the second largest stablecoin. USDC has opened for spot trading on 13 pairs of exchanges including AXS / USDC, SUSHI / USDC and ALGO / USDC.
USDC pairs are now available for trading as well as for all projects in the OKX ecosystem. In addition, OKX has revealed that it will continue to grow the USDC pair and add support for further development from USDCoin.
OKX has also expanded its service to Brazil by partnering with Foxbit, a payment and crypto gateway provider. Leveraging Foxbit’s gateway, OKX users in Brazil can buy Brazilian Real USDT on the exchange.
In May, OKX announced a multi-year partnership with one of its biggest deals, McLaren Racing, F1’s second most successful team. OKX has become one of the most involved crypto exchanges in sports, especially football.
By becoming the official crypto exchange partner of the British soccer team Manchester City, OKX has announced support for a 1: 1 ratio of token migration from GAL (Galatasaray Fan Token) to GALFT tokens.
On the flip side
- Despite being one of the best performing exchange tokens, OKB has been criticized.
- However, OKB has endured criticism that it is not as useful as things like BNB and FTX tokens and continues to thrive.
OKB has one of the largest communities of all crypto projects, thanks to being the best crypto exchange utility token. However, maintaining stability in the bear market has raised awareness of OKB.
@CoinCodex tweeted about OKB.
Bears were dominant today as the total market capitalization of #cryptocurrency decreased by -8.30%. #Bitcoin lost -6.77%, while #Ethereum fell -14.07%. #OKB is the best performance of the day-$ OKB was impressed with the + 0.92% profit. https: //t.co/6UFbtMojat
— CoinCodex (@CoinCodex) June 12, 2022
Since listing on Saitama, we have gained many new fans. One Twitter (NYSE 🙂 user @ shazitariq_15 tweeted.
#OKX is the first exchange for a new logo # SaitamaV2 #WeAreSaitama @ElonMansur @mannythehitman pic.twitter.com/HNlhs77ZI1
— ShaziTariq ⓈⒶⒾⓉⒶⒶ (@ shazitariq_15) June 17, 2022
Another user, @SaitamaDubai, tweeted.
# OKX’s new #Saitama logo looks beautiful #SaitamaWolfPack #SaitaPro # SaitamaV2 pic.twitter.com/Hd0T4tTYwv
— Dubai (@SaitamaDubai) June 16, 2022
Why you need to care
OKB is the heart of the OKX ecosystem. As OKX continues to expand its DeFi and Web3 ecosystem, OKB tokens will find more use cases and price increases in the future.