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News

OKX Burns $244 Million of OKB Tokens In Record Supply Cut

June 9, 2023 - Around 2 mins mins to read

Key Points:

  • Crypto exchange OKX burns $244 million worth of OKB tokens, the largest value since the monthly program started. Roughly 5.5 million tokens removed from the supply.
  • OKX claims the value of the burn was around $258 billion.
  • OKB is a global utility token that lets holders enjoy benefits including discounts and exclusive access.
OKX has recently completed its monthly program of repurchasing and burning its exchange token, OKB.
OKX Burns 244 Million of OKB Tokens In Record Supply Cut

This time, the exchange has repurchased and burned the largest value of tokens in a single month since it started the program.

On-chain data from Dune collected by user @sankin indicates that approximately 5.5 million tokens, equivalent to around $244 million, were removed from the token’s supply. These tokens have been burned, which means they are permanently removed from circulation.

image 630
The value of OKB burned by OKX has set a new record. Source: Dune/@sankin

According to the exchange, the value of the burn was around $258 billion when calculated at a 90-day average price. The exchange has described OKB as a “global utility token issued by the OKX Blockchain Foundation” that offers various benefits to its holders, including discounts and exclusive access.

Since its launch in May 2019, OKX has burned a total of 64,042,314.70 tokens through this monthly program. This is a significant amount of tokens, and it reflects the exchange’s commitment to managing its token supply and maintaining its value.

image 631
The price of OKB is down more than 2% on OKX over the past week. Source: TradingView

Despite this latest token burn, the price of OKB has remained relatively stable, with a slight 0.29% increase in trading on OKX. The exchange will likely continue to monitor its token supply and make adjustments as necessary to ensure the continued success of its platform.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

OKX Burns $244 Million of OKB Tokens In Record Supply Cut

Key Points:

  • Crypto exchange OKX burns $244 million worth of OKB tokens, the largest value since the monthly program started. Roughly 5.5 million tokens removed from the supply.
  • OKX claims the value of the burn was around $258 billion.
  • OKB is a global utility token that lets holders enjoy benefits including discounts and exclusive access.
OKX has recently completed its monthly program of repurchasing and burning its exchange token, OKB.
OKX Burns 244 Million of OKB Tokens In Record Supply Cut

This time, the exchange has repurchased and burned the largest value of tokens in a single month since it started the program.

On-chain data from Dune collected by user @sankin indicates that approximately 5.5 million tokens, equivalent to around $244 million, were removed from the token’s supply. These tokens have been burned, which means they are permanently removed from circulation.

image 630
The value of OKB burned by OKX has set a new record. Source: Dune/@sankin

According to the exchange, the value of the burn was around $258 billion when calculated at a 90-day average price. The exchange has described OKB as a “global utility token issued by the OKX Blockchain Foundation” that offers various benefits to its holders, including discounts and exclusive access.

Since its launch in May 2019, OKX has burned a total of 64,042,314.70 tokens through this monthly program. This is a significant amount of tokens, and it reflects the exchange’s commitment to managing its token supply and maintaining its value.

image 631
The price of OKB is down more than 2% on OKX over the past week. Source: TradingView

Despite this latest token burn, the price of OKB has remained relatively stable, with a slight 0.29% increase in trading on OKX. The exchange will likely continue to monitor its token supply and make adjustments as necessary to ensure the continued success of its platform.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News