About OKB's Seventh Buyback & Burn Report

[NateWong0929]

On Feb 29, 2020, seventh OKB buy-back & burn was completed. According to the data, the amount of OKB bought back and burned between Dec. 01, 2019 — Feb. 29, 2020, was 3,183,344.61, equivalent to $17,500,000 US dollars .


On February 10th, following the launch of the OKChain testnet, OKEx has announced to burn the 700 million unissued OKB and promised not to issue any additional OKB tokens. Since then, OKB has entered the era of absolute deflation and become the world’s first fully circulating platform token. Starting May 4, OK Blockchain Foundation has executed Buy-back & Burn scheme for the current circulating 300 Million OKB. They claim to use 30% of transaction fee occurred on the Spot Market of OKEx to buy back OKB and send them to a “black hole” address to burn. A total of seven rounds of Buy-back & Burn has been performed with the cumulative number of burned OKB: 17,161,709.06. The current circulation is 282,838,290.94 OKB.


OKB is a global utility token issued by the OK Blockchain Foundation. It is designed based on blockchain technology and backed with a token economy model. As mentioned in the OKB ecosystem report released on Feb 29, 2020, OKB now ranks among the top 10 cryptocurrencies by market capitalization globally, proudly offering over dozens use cases, and is listed on 8 major C2C markets worldwide.

Apart from offering data on the buy-back & burn scheme, the report also mentioned the features and functions of the newly released OKChain and the progress of OKB ecosystem construction by OK Blockchain Foundation.

As far as the newly released OKChain is concerned, its goal is to build an open and autonomous ecosystem on OKChain and achieve the large-scale commercial application of blockchain technology. According to the description, it has five features and functions, such as allowing users to issue crypto, to build a dex, to support Defi applications, to establish smart contact, and to map cross-chain bitcoin.

Regarding the platform internal empowerment, OK Blockchain Foundation has developed many use cases on OKEx with the use of OKB, including OKEx Jumpstart, OKB trading market, and Opening Partnership Program; OKB supporters and designated merchants can also enjoy trading fee discounts. This time OK Blockchain has asked OKEx to give the function of Spot Margin Trading and Saving services to OKB.

Besides, OKB has partnered with 35 external businesses, covering payment, market data, wallet, lending and wealth management, cybersecurity, travel, lifestyle, and entertainment applications, which allow OKB holders to purchase products or services with OKB token.

The building of the OKB ecosystem is a key milestone towards cryptocurrency mass adoption for the entire industry.

OKB has also accelerated its globalization: OKB has been available on 8 fiat gateways including the US dollar, euro, Korean won, Vietnamese dong, Indonesian rupee, etc., and listed on over 50 trading platforms in 141 countries and region.


The latest report also disclosed details of OKB community construction: OKB team had conducted about 27 community interactions, for example, AMA, airdrops, and campaigns as described in the report.

About OKEx

OKEx is a world-leading digital asset exchange headquartered in Malta, offering comprehensive digital assets trading services including fiat-to-token, token-to-token, and also derivatives trading to traders globally. Currently, over 400 spot and derivatives trading pairs are available for users to optimize their trading strategies. By providing a safe, reliable, and stable environment for digital asset trading, OKEx serves millions of customers from more than 200 countries and regions.