OKX exchange burns OKB tokens of a record $258 million

As of June 9, the platform has withdrawn 64 042 314б70 OKB from circulation

09.06.2023 - 08:15

236

2 min

What’s new? From March 1 to May 31, the OKX crypto exchange conducted its 20th native token burn, which saw 5 497 312,77 OKB worth $258 million (calculated at a 90-day average price) withdrawn from circulation. As of June 9, the platform has burned 64 042 314,70 coins and has 235 957 685,30 in circulation.

Information on the OKX website

Cryptocurrency burning is the process of removing a certain number of tokens from circulation, after which they become permanently inaccessible. Often burning is carried out in order to increase the rate of an asset or prevent it from inflation. Burning can be done by sending tokens to a wallet without a private key, by conducting a hard fork, using special software, or using algorithms that destroy some of the funds during transactions.

What is known about OKB burning? The Buy-Back & Burn program was launched on May 4, 2019. OKX began buying back exchange tokens from the original supply of 300 000 000 OKB every three months based on seasonal market and operational performance. Once redeemed, the coins are sent to be burned into a wallet without a private key.

What is known about OKX? It is a centralized exchange (CEX) headquartered in Seychelles, founded in 2013. As of June 9, 346 coins and 573 trading pairs are available on the platform, with a daily trading volume of $549 million. The exchange token OKB is trading at $44,76, having gained 0,6% overnight, according to aggregator CoinGecko.

On April 14, the Binance exchange burned 2,02 million native BNB tokens worth $671 million. On June 5, the SEC classified a number of cryptocurrencies, including BNB, as securities in the lawsuit against Binance.com, Binance.US, and their founder Changpeng Zhao.

Author: