OKEx, the world’s largest cryptocurrency spot and derivatives trade, has just lately introduced the launch of OKChain, an OKEx-owned business public blockchain and OKEx DEX, the primary decentralized software based mostly on OKChain. Adopting a Delegated Proof of Stake (DPOS) consensus mechanism, OKEx has issued OKT as native token of OKChain. The issuance of OKT might be on the genesis block and node block and is anticipated to extend by 1-5% yearly. This marked a key milestone to OKEx, therefore, created a push to the OKB ecosystem too.
Given this, OKB, the worldwide utility token of OKEx, has surged greater than 24% in 7 days to $7.44 (Feb 16, 2020), hitting a brand new excessive.
OKT, the native token of OKChain
OKT is the native token of OKChain, appearing as the bottom token for OKChain Delegated Proof of Stake (DPoS) consensus mechanism. Similar as native tokens of different DPoS public chains, OKT holder can take part within the election or voting of nodes, and the worth of OKT is decided by the event of the general public chain ecosystem, as an illustration DEX and different DeFi functions on it.
Subsequently, OKT is an unbiased token however not a fork coin of OKB with completely different features and various factors affecting their costs.
By way of the issuance guidelines, OKT might be issued first within the genesis block and later yearly with 1-5% extra concern and 100% of the genesis block OKT might be mapped to OKB holders in response to the announcement.
Co-existence of OKB and OKT
The core distinction between OKB and OKT is the working logic. The worth of OKB mirrored by the enterprise efficiency of OKEx and the assist of the OKB buy-back and burn scheme. OKB has already entered a deflation age after burning 700 million unissued OKB and promised by no means to concern extra OKB. Presently, the deflation mannequin has turn out to be a significant and essential pillar of OKB’s worth and an efficient technique of defending the pursuits of customers.
Nonetheless, as a fundamental token of a local public chain which adopts a DPOS consensus mechanism, OKT is designed to fulfil the demand of OKChain for increased freedom in motivating worldwide customers to maintain its extremely autonomous ecosystem. Therefore, a steady token issuance scheme and extra versatile incentive mechanisms are wanted, which runs counter to OKB’s concept of deflation. It implies the rationale of issuing OKT because the native token of OKChain as an alternative of OKB.
Market issues OKT will reduce the worth of OKB. In view of this, the worth of OKB just lately has spoken for itself clearly. Given the worth pillars of two tokens are fully completely different, OKT truly can improve the event of OKB ecosystem by inspiring the vitality of the functions and use instances based mostly on OKChain. Market ought to take into consideration that the enterprise efficiency of OKEx is a vital issue to the worth of OKB.
To sum up, OKT and OKB are basically completely different, however mutually helpful to one another.
Future strikes to boost the worth of OKB
Since its issuance, OKB has achieved nice success. As of now, there are already 11 inside and 32 exterior software use instances within the OKB ecosystem. By way of buying and selling channels, opened fiat gateways for eight main currencies, together with US greenback, Euro, Korean received, Indonesian rupiah, and Vietnamese dong. Moreover, 13,978,364 OKB has been already bought-back and burned. In response to the CoinMarketcap knowledge, the ROI of OKB is as excessive as 322.29%.
“The previous two years have been a continuous exploration for us in worth creation by OKB. We have now come a great distance and are actually extraordinarily assured in our means to drive worth by OKB to our customers, treating it as an important basis to our buying and selling ecosystem and a bridge that connects OKEx to our valued customers,” mentioned Jay Hao, the CEO of OKEx in a latest open letter. “Creating sustainable worth to our customers has all the time been the precedence at OKEx. When the hype lessens or we encounter a bear market, our crew might be quietly constructing and enhancing on our platform. This 12 months, growing the OKB ecosystem might be our prime precedence.”
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