Okb Coin: A Smart Investment Decision?

OKB is a cryptocurrency that powers the OKEx exchange, the European offshoot of China's OKCoin. It is a native token that offers several benefits to its holders, including discounts of up to 40% on trading fees, passive income opportunities, and voting rights on the platform. OKEx regularly burns tokens to add value to OKB and make it more attractive to investors. However, investing in OKB, or any cryptocurrency, comes with risks, and it is important to do your own research before making any investment decisions. This paragraph introduces the topic of whether OKB coin is a good investment by providing an overview of the coin's purpose, benefits, and potential risks.

OKB's price history

In May 2019, when OKB was first introduced to the open market, it was valued at around $1.60. The price fluctuated in the initial months, reaching an all-time low of $1.25 on 17 May 2019, before gradually increasing to around $5 by 2020.

The year 2021 witnessed a bullish crypto market, with OKB experiencing a significant surge to its all-time high of $44.17 on 3 May 2021. However, the crypto market underwent a slump during the summer, causing OKB to trade below $10 at certain points. OKB regained momentum in August and traded above $20 for a significant portion of the autumn, ending the year at $28.82.

The year 2022 proved challenging for the crypto market, and OKB faced struggles as well. The depegging of the UST stablecoin and the subsequent collapse of the associated LUNA cryptocurrency triggered a market crash, dragging OKB to a low of $10 on 12 May 2022. The situation worsened with the cancellation of withdrawals on the Celsius (CEL) crypto lending platform, confirming the bear market and driving OKB down to $9.71 on 19 June 2022.

OKB demonstrated resilience and staged a recovery, surpassing $20 in mid-August before stabilising around $16.62 on 9 September 2022. The price fluctuated, dipping to $14.47 on 22 September but eventually climbing back up to $23.89 on 7 November. However, the collapse of the FTX (FTT) exchange once again impacted OKB, causing it to drop to $17.37 on 14 November. OKB showed signs of recovery and was trading at approximately $22.96 as of 14 December 2022.

As of 12 August 2024, OKB's price stood at $36.73, with a 24-hour trading volume of $3.11 million.

It is important to remember that OKB's price, like any cryptocurrency, is subject to high volatility and can fluctuate significantly.

OKB's unique features

OKB is the native token of the OKEx exchange, the European offshoot of China’s OKCoin. OKEx is a world-leading trading floor and one of the largest crypto exchanges in the world.

Discounts on Transactions

OKB token holders can receive up to a 40% discount on transactions depending on the number of tokens they hold. The exchange divides users into two status groups: regular and VIP. Regular users are assigned a level according to their OKB stock, and VIP users are assigned a level according to their trading volume. The commissions are updated daily, and users get a discount depending on their respective level.

Passive Income

Platform members can receive passive income if they have OKB tokens. The token is involved in OKEx Earn, a project that helps users earn on their assets.

Access to Special Features

OKB is the OKEx utility token that enables users to access the crypto exchange's special features. The coin is used to calculate and pay trading fees, grant users access to voting and governance on the platform, and reward users for holding OKB.

OKEx Jumpstart Platform

Another purpose of the OKB token is to allocate funds on the OKEx Jumpstart platform, which helps users benefit from their assets. Participation on Jumpstart is available only after registration on the site — then sales are made through MixTrust.

Native Asset of the OKExChain

OKB is the native asset of the OKExChain (the OKEx blockchain). The OKB token is used on the chain to facilitate spot trading, derivatives trading, and the simultaneous development of several scalable applications. Additionally, a layered architecture reduces consensus times, improves scalability, and boosts security.

Regular Token Burns

To add value to OKB and make the digital coin more attractive to holders, OKEx regularly burns tokens every three months and records the coin burn on the official website. For this procedure, OKEx uses 30% of the income from commission fees.

OKB's security

OKB is the OKEx utility token that enables users to access the crypto exchange's special features. The coin is used to calculate and pay trading fees, grant users access to voting and governance on the platform, and reward users for holding OKB. OKEx is a very transparent platform and its developers assure that security is their top priority. Here are some of the ways in which OKB is secured:

Proof-of-Stake (PoS) Consensus

The OKB coin is an ERC-20 token that relies on a proof-of-stake (PoS) consensus. This means that OKB holders can participate in the consensus process and validate transactions, thereby securing the network.

OKExChain

OKB operated on the Ethereum blockchain initially but later moved to its own blockchain, the OKExChain. This allows for greater control over the security and functionality of the OKB token.

Load Balancing, Distributed Clusters, and Other Technologies

OKEx uses load balancing on servers, distributed clusters, and other advanced technologies to protect the platform and user data.

Hot and Cold Wallets

OKEx has developed hot and cold wallets to store OKB tokens. Cold wallets are one of the safest methods for storing cryptocurrencies, while hot wallets are more convenient and accessible. OKEx added a semi-autonomous multi-signature feature to its hot wallets to enable fast, convenient, and secure transactions.

Ledger Hardware Wallet

OKB tokens can also be stored in a Ledger hardware wallet, which provides an additional layer of security. The Ledger hardware wallet stores private keys offline and requires physical validation of transactions, making it resistant to malicious attacks and threats.

Where to buy OKB

OKB is the native token of the OKX (formerly OKEx) crypto exchange. OKB tokens can be purchased on centralised crypto exchanges. Here are some of the most popular places to buy OKB:

OKX

OKX is the native platform for OKB and therefore the easiest way to obtain OKB coins. OKX is one of the largest crypto exchanges in the world, ranking third in liquidity and fourth in trading volume. It offers fiat-to-token, token-to-token, and derivatives trading.

LBank

LBank is one of the top cryptocurrency exchanges for trading in OKB stock. LBank is a centralised exchange based in China that offers a wide range of crypto assets for trading.

BTCC

BTCC is another top exchange for trading OKB. BTCC is a well-known and respected cryptocurrency exchange that offers a variety of trading options and features.

Gate.io

Gate.io is a popular cryptocurrency exchange that allows users to purchase or trade OKB tokens. Gate.io offers a user-friendly platform with a variety of features and tools for trading cryptocurrencies.

Uniswap (V2)

Uniswap is a decentralised exchange (DEX) that allows users to trade OKB tokens. Unlike centralised exchanges, Uniswap is not controlled by a central authority and instead relies on smart contracts to facilitate trades.

OKB's price predictions

OKB is the native token of the OKEx crypto exchange, the European offshoot of China's OKCoin. OKB operates on the OKEx blockchain and is used to pay trading fees on the network. OKB holders can also earn passive income by taking part in the exchange's Earn programme and can stake their coins.

• CoinCodex predicted that the coin could reach $26.53 on 19 December 2022 and possibly hit $30.03 on 13 January 2023.
• DigitalCoinPrice predicted that OKB could be worth $27.98 in 2022, $56.95 in 2023, $80.79 in 2024, $100.21 in 2025, and $324.93 in 2030.
• CaptainAltCoin predicted that OKB could drop to $16.52 by February 2023, with a potential recovery to $28.14 by December 2023 and a value of $71.73 in 2025.
• Wallet Investor predicted that OKB could lose a fair chunk of its value over the next 12 months, trading at about $16.93 by 14 December 2023.

It is important to note that price predictions, especially for volatile assets like cryptocurrencies, are often wrong. Longer-term crypto forecasts are often made using algorithms, which can change rapidly. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

Frequently asked questions