OKX (OKB & OKT)

From CryptoWiki

Basics

  • Exchange in South Korea.
  • OKEx is a Malta-based crypto exchange that launched in 2017 and released their native OKB token in March 2018. Their OKExChain has the OKT token.
  • Started in / Announced on:
  • Testnet: had 10 iterations on the testnet.
  • Mainnet release: 30-12-2020

History

"OKEx has become a world-leading trading floor since its launch in 2017. The platform launched in the spring of 2017 and emerged as an offshoot from the original OKCoin platform (operating since 2013 in China). OKCoin now focuses on exchanging fiat for crypto, while OKEx focuses on crypto trading with a built-in API for algorithmic trading."

Audits & Exploits

  • SafeCEX scored OKX in the highest tier possible with 85% (8-12-2022):

"⌛️ 26 days since Proof of Reserves

📎 Announcement

🔎 Assets included: BTC ETH USDT

✅ Merkle tree available and verifiable online

✅ Merkle tree open sourced

✅ Wallet addresses made public

❌ Wallet ownership not audited by third-party

✅ Wallet ownership proven publicly by custom message"

  • CertiK claims to have done an audit for them, according to their website (12-6-2020). 

Bugs/Exploits

  • CertiK announced a critical remote code execution vulnerability in OKX iOS Wallet on the same day the patch became available (30-12-2023).
  • OKX DEX $370k exploit, deprecated contract compromised (16-12-2023).

Token

OKX
Total supplyCMC: 300.000.000 OKB

Messari: Outstanding Supply: 1.000.000.000 OKB

Capped Supply: No
Websitehttps://www.okex.com/

Launch

Token Allocation

There are 1 billion OKB on the market with the following allocations:

  1. 40% - Founders & Project;
  2. 10% - Investors;
  3. 50% - AirDrops & Rewards;

700 million OKB are locked until 2022. This means that the total supply in 2021 is 300 million tokens. The 700 million additional OKB that will be released in 2022 will be distributed as follows:

  1. 100 million awarded to early investors;
  2. 200 million stays with the founding team;
  3. 100 million allocated to the OK Blockchain Foundation;
  4. 300 million left for public awards."

"The OKT genesis block will contain an initial minting of 10 million OKT, which will be distributed to OKB holders who stake their OKB on OKEx Jumpstart. OKT has the same halving model as Bitcoin, where its block reward is cut in half roughly every three years. The block reward is 0.5 OKT and the theoretical upper limit of OKT's total supply is about 41.69 million."

Utility

  • OKT is for voting rights, staking privileges and transaction fee payment
  • OKB. From CMC (29-7-2021):

"50% of service fee incomes are distributed among token holders in proportion to their OKB balance. It allows users to receive up to a 40% discount on transactions (depending on the number of tokens a user has). 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 get a level according to their trading volume. The commissions are updated daily, and users get a discount depending on their respective level.

Platform members can receive passive income if they have OKB tokens, and the token is involved in OKEx Earn (this project helps users earn on their assets). Another purpose of the OKB token is to allocate funds on the OKEx Jumpstart platform. Participation on Jumpstart is available only after registration on the site — then sales are made through MixTrust.

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 commissions fees."

  • To see all burns, go here (2-6-2021):

"We have burned a total of 32,563,881.78 OKB. The current OKB in circulation is 267,436,118.22 OKB."

Other Details

  • Released their native OKB token in March 2018. Their OKExChain has the OKT token.
  • From Messari (10-4-2020):

"OKB is the native exchange token of OKEx that provides discounts on trading fees, access to the OK Jumpstart initial exchange offering (IEO) platform, and voting rights for tokens to be listed on the exchange. In the future, it will be used to pay transaction fees on the OKChain blockchain as well as decentralized exchange OKDEX.

Token Burn: OKEx uses 30% of transaction fees from the spot market to buy-back and burn OKB.

Discounted fees: OKEx offers spot and futures trading fee discounts based on the user’s holdings of OKB as well as 30-day trading volume.

OK Jumpstart: IEOs on OK Jumpstart are available to OKB holders based on user’s 7-day holdings.

Token listing votes: OKB gives holders voting rights on subsequent token listings where 1 OKB = 1 vote. The winning candidate will be required to pay a security deposit between 200k – 300k which will be returned monthly over 12 months.

“Happy Friday” distribution: OKEx runs a weekly bonus campaign where half of the trading fees are distributed to token holders. The rewards are denominated in bitcoin and the amount distributed is dependent on the number of OKB a user holds."

Coin Distribution

"OKB currently has 50,814 holders. Among these, the top 10 wallets command 22.26% of the token’s supply. Furthermore, the top 50 OKB holders own 22.66% of the total supply, while the top 100 holders account for 23.16%. It is worth mentioning that three out of the top 10 OKB wallets are labeled as exchange addresses."

Technology

Implementations

Transaction Details

How it works

Fees

Upgrades

Staking

  • From the docs (29-7-2021):

"Out of all validator candidates that signaled themselves, the 21 with the highest stake are the ones who are designated as validators. If a validator’s total stake falls below the top 21 then that validator loses the validator privileges: therefore they can’t participate in consensus and generate rewards any more."

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

Privacy Method

Compliance

  • The founder of OKEx was arrested which lead to a stop on withdrawals of the exchange, since he was the private key holder (16-10-2020).
  • Got in the news for removing support for five major privacy coins due to new international regulations. 

"OKEx Korea confirmed it would halt trading of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on Oct. 10.

The reason, said the exchange, is that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force, or FATF.

More than 200 countries should theoretically implement the rules by June 2020, despite concerns that doing so is physically impossible for many decentralized blockchains.

The five cryptocurrencies outlined by OKEx make it all but impossible to identify the sender and recipient of a transaction by design. 

An OKEx representative told Cointelegraph that the coins will be delisted only on OKEx.co.kr, but they will remain listed on the global OKEx platform."

Their Other Projects

X Layer

Roadmap

  • Can be found [Insert link here].

Usage

Projects that use or built on it

Competition

"OKEx is similar in many aspects to the cryptocurrency exchange giant Binance, but there are a few key differences. The OKEx platform has its own cloud mining service, and the company has a more focused reach in providing options trading for users. Meanwhile, Binance strives to offer a broad range of crypto services globally."

Pros and Cons

Pros

Cons

Team, funding, partners

Team

Funding

Partners

(:

Knowledge empowers all and will help us get closer to the decentralized world we all want to live in!

Making these free wiki pages is fun but takes a lot of effort and time.

If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

ETH tip address: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31

Retrieved from "https://cryptowiki.me/index.php?title=OKX_(OKB_%26_OKT)&oldid=20502"