OKB Price Today

The current real-time OKB price is $45.07 . OKB price has plummeted by 1.93% in the last day and decreased by 15.42% in the last seven days. It’s important to note that the current OKB market capitalization is $2,704,490,614. The maximum supply is coins, with a circulating supply of 60,000,000.00. OKB is ranked #48 in terms of market cap.

OKB – The Basics

OKB is the native token of the OKX exchange, formerly OKEx. It’s built on Ethereum and is used for various purposes within the OKX ecosystem. As such, OKB was designed to be secure and scalable.

OKX created OKB following the company’s Initial Coin Offering (ICO), which raised over $100 million from investors. Mingxing ‘Star’ Xu founded OKX, now helmed by CEO Jay Hao. 

Related reading: OKX review for crypto traders.

How OKB Works

As the primary token of the OKX altcoin exchange, OKB has several uses within its ecosystem. The token is used to support spot/derivatives trading, creating applications, and governance, among other activities.  

OKB is an ERC-20 token built on the Ethereum network. It has inherited many of its characteristics, including Ethereum’s decentralization, security, and scalability. As such, people will need ETH tokens to pay the transaction fees when sending OKB. 

As OKB is built using much of Ethereum’s underlying architecture, the asset utilizes the Proof-of-Stake (PoS) consensus protocol for transaction validation. However, OKB holders cannot directly stake OKB to earn rewards and secure the network. That said, people can stake the asset on the OKX exchange, but it doesn’t benefit the network. 

The Utility of OKB

Being directly linked to a popular cryptocurrency exchange, OKB offers users of the platform several benefits that can assist with trading activities. For example, people can increase their potential profits by attaining a discount of up to 40% on spot and futures trading fees for holding specific amounts of OKB. Rewards start at 100 OKB and plateau at 1000 OKB.

On top of providing users with reduced trading fees, OKB token holders can earn staking rewards and bolster their positions by locking up their tokens in OKX’s Earn program. People can pledge OKB on a flexible term to earn an estimated Annual Percentage Rate (APR) of 5%.

While OKB was designed primarily to enrich the OKX exchange’s ecosystem, the token has also gained merit as a transactional currency due to its liquidity. Holders can spend their OKB tokens on security services like CertiK and Chainsguard. Through integration with services like Alchemy, OKB can also be used to buy goods, while BetProtocol enables the token to be used for gambling. 

OKB Token Burns

A significant portion of OKB’s value is derived from its token burn program. OKX conducts a buyback and burns OKB tokens regularly based on market and company performance. The team is transparent regarding how many tokens are burned, periodically releasing a report. To date, 104 million OKB, worth around $3.5 billion, have been removed from circulation. 

OKB Price History

OKB launched in May 2019, with the asset trading for around $1.5974. Over the next few months, OKB appreciated as users of the OKX exchange purchased the token for its benefits, leading OKB to hit $2.60 by the end of 2019. 

Going into 2020, OKB gathered steam, enjoying a brief surge to $6.66 before falling to $3.42 and growing steadily for the remainder of the year, entering 2021 at around $7.51. As the broader crypto market took off during the 2021 bull run, OKB performed exceptionally well, hitting $37.14 at its peak in May. 

As the market cooled off, OKB fell sharply, hitting around $10.97. However, toward the end of the year, crypto surged, leading OKB to rebound to $31.77. However, the effects of the pandemic, uncertainty regarding war, and a bear market led the token to collapse in 2022, falling back to around $11.50. 

As OKX implemented new features and conducted token burns, OKB went parabolic, climbing to $57.73 in February 2023 and  $61.53 in November. Around four-fifths of the OKB supply had been burned by this point, leading OKB to perform well in early 2024. It hit an all-time high of $69.24 in March before falling steadily to today’s valuation of $45.07 .