One of the biggest cryptocurrency exchange, Malta-based OKEx officially launched its native token OKB. Following the listing of OKB on OKEx’s platform, the exchange registered increased 24-hour trading volume and moved to the top spot on coinmarketcap.
OKB listed on OKEx cryptocurrency platform with 10 trading pairs
According to the coinmarketcap, OKEx is currently at the top by 24-hour trading volume. Today, OKEx announced the listing of its native token OKB. It is a crypto-to-crypto trading market for which the company has listed 10 trading pairs.
OKEx took the top spot from Binance exchange which usually stays at the number one spot as per 24-hour trading volume. However, looks like in the wake of OKEx’s native token OKB’s listing, the trading volume of the exchange reached $2,682,895,738 in comparison to Binance’s $2,309,410,166 24 hour trading volume.
For the OKB, a pre-opening session tilted “Call auction” has been introduced by the company that has been effective for the twenty minutes allowed users to place “post-only” orders. This session further allowed investors to place orders at the price they desire. Based on the opening price, the sessions are calculated and then trading is enabled.
ERC20 based token for OKEx’s development
One of the world’s biggest digital asset exchange OKEx announced the idea of OKB last month which is a global utility token. As per OKEx, the exchange had stated that there will be no initial offering or public fundraising.
According to its official announcement, it is based on ERC20 protocol standard that will be shifted to the exchange’s public blockchain OKChain in future. They further mentioned at that time that out of the total supply of 1 billion tokens that will be supplied globally, 60 percent would be given free to the OKEx users “for community building and during marketing campaigns”.
10 percent of the total supply will be used for foundation’s operations that will be locked for 3 years while another 10 percent will go to early investors that will be locked for 2 years. Remaining 20 percent i.e. 200 million will be for the development team that will have an initial lockup period of 1 year.
The idea behind OKB is to have transparency in sharing information. Apart from being applied on the platform of OKEx, OKB will also be applied to other projects as well.
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