OKEx, the world’s leading cryptocurrency trading platform and exchange has announced that any holders of its native OKB token will soon benefit from a discount in trading fees.
The news is great for long-term OKB holders who are already benefiting from OKEx’s Buy-back and burn programme, which is gradually helping increase the value of the ERC-20 token, which currently sits at close to $3 per token on CoinMarketCap.
The total supply of OKB is set at one billion tokens. Of which 300 million are currently in circulation. The remainder will be released in 2022.
A spokesperson for OKEx said the decision to add a discount on trading fees to OKB holders was made because the exchange wanted to give something back to investors who had bought OKB, and would apply to three of its products.
“OKB is the native coin on OKEx. Currently it’s an ERC-20 token, but when we finalise work on our own blockchain, OKChain, the token will be migrated to the exchange’s own blockchain,” they said.
“We thought it was time to give people who invested in OKB something back. That’s why we introduced the discount on trading fees. The discount will apply across three of our products, spot trading, futures trading and perpetual swap trading, and is exclusive to level 1 users who hold a specific amount of OKB.
“The discount is effective from August 7. After the update, there will be two different trading fee schedules for normal users and VIP users respectively. Normal users’ fees will be determined based on trading volume and OKB holding amount, while VIP users’ fees will be determined by trading volume only.”
OKB token holders receive a number of benefits from holding the token.
These include using them to pay for fees for trades made on OKEx, and being able to participate in any token sales that are launched through OKEx’s OK Jumpstart scheme – a program that helps promising blockchain projects get a boost and grow their business.
Reviewing OKB token last month, Shinobi Capital, said that the token will see “continued growth”.
The report concluded that by the end of 2020 the token could have a market capitalization of around $7 billion – rival platform coin Binance coin (BNB), is currently valued at a market cap of $4.4 billion, and said that OKB “is likely to become one of the fastest-growing assets in the market.”