Cryptocurrency trade OKEx introduced the eighth spherical of repurchase for its platform’s proprietary OKB token.
In a June 5 announcement, OKEx introduced the beginning of the eighth and largest repurchase of OKB tokens. From March 1 till May 31, the trade purchased and burned over 3.5 million OKB tokens, which at its present worth of $5.35, interprets to a complete worth of over $18.7 million.
OKEx’s OKB repurchase initiative was launched in early May 2019, when there have been however 300 million of the tokens in circulation. After this final burn, a complete of over 20.67 million OKB tokens have been burned.
All the burns end in a present complete variety of tokens in circulation below 280 million OKB, for a market cap simply in need of $321 million. The burned tokens are despatched to what OKEx fitl calls a “black-hole address.”
OKB is a deflationary token
Per the announcement, the aim of the burns is to not affect the token’s worth, all the same to as a substitute encourage the event of an ecosystem primarily supported OKB. In February 2020 OKEx additionally burned 700 million of unissued OKB tokens and secure to not situation any extra tokens. The agency claims:
“This [decision] converted the OKB token into a fully deflationary token besides as the world’s first fully current platform token.”
In the longer term, OKEx guarantees that the tokens power be emotional to their native blockchain, OKChain, all the same to this point there’s only a get a load at community. According to a March 2019 announcement, the agency is growing the blockchain and plans to additionally launch a decentralised trade on it.
OKEx bets on derivatives
Since March, OKEx has been the world’s prime Bitcoin (BTC) futures trade by measure and is continuous to sharply push to increase additional.
Just yesterday, the trade launched Ether (ETH) choices contracts on its buying and marketing platform and introduced that EOS choices power be launched on June 18. The agency’s CEO, Jay Hao, instructed Cointelegraph that he believes derivatives are essential for the crypto ecosystem:
“Derivatives are fundamental for the development of the crypto ecosystem and for attracting institutional funds. When you look at traditional markets, derivatives typically account for more than fourfold the trade volumes of the underlying plus. Yet, in crypto, spot trading is still much large. That won’t be the case for much longer.”
Hao additionally instructed Cointelegraph that the agency’s derivatives market is three to 4 occasions large than its spot market. He additionally mentioned that he expects that derivatives will quickly turn into 4 or 5 occasions large than spot markets in the entire crypto market. He concluded:
“Crypto has grownup exponentially in the last few years yet compared to traditional markets and plus classes, it’s still tiny. We need a sophisticated, interesting, robust, and varied derivatives market to take crypto to the next level.”