OKEx, the world’s largest cryptocurrency spot and derivatives exchange, announces that OKB Blockchain Foundation, the issuer of OKB, has launched its eighth and largest buy-back and burn of OKB tokens. From the period between March 1 and May 31, a total of 3,509,874.52 OKB was bought back and burned (equivalent to USD $19,000,000, as per OKB price on June 2, 2020). This represents a $1 million increase from the previous period.
OKB Buy-Back and Burn Initiative
The OK Blockchain Foundation launched the OKB buy-back and burn initiative on May 4, 2019, for the then-circulating supply of 300 million OKB. The goals of buy-back and burn are not to influence the token price but to foster the sustainability of the OKB ecosystem and further the use cases for OKB, therefore benefitting its holders.
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As of today, after the eighth round of OKB being sent to a black-hole address to burn, a total of 20,671,583.58 OKB has been burned. The current circulation of OKB is 279,328,416.42.
After the launch of OKChain testnet in February 2020, the 700 million unissued OKB tokens were also burned and the decision was taken to issue no further tokens in the future. This converted the OKB token into a fully deflationary token as well as the world’s first fully circulating platform token.
Benefits for OKB Users
In order to provide maximum benefits to OKB users, there has been a heavy focus on furthering partnerships and adoption of OKB not only on the OKEx platform but also with global ecological partners. The OKB ecosystem continues to expand, bringing advantages to OKB users in many new and exciting ways.
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