OKEx ranks first in terms of YTD returns among all exchange tokens 🚨 This article is 5 years old...
OKEx ranks first in terms of YTD returns among all exchange tokens
2 min read
Updated: Mar. 27, 2020 at 12:50 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Despite the massive downturn in the cryptocurrency market, some of the native utility tokens from the top exchanges in the world were able to keep most of the gains they made over the past year.
Exchange tokens outperformed the rest of the market
During the first half of the year, most of the cryptocurrencies in the industry surged significantly. Among the top three by market cap, for instance, Bitcoin went up over 300 percent, Ethereum moved up 250 percent, and Litecoin rose a whopping 400 percent. Meanwhile, exchange tokens went through a more substantial bullish impulse.
BitMax Token (BTMX) skyrocketed 900 percent while Binance Coin (BNB) shot up nearly 640 percent, and OKEx’s OKB token rose just above 600 percent. But, in terms of year-to-date (YTD) returns, OKB ranks first among all exchange tokens since it was able to keep 322 percent of the gains made. This utility token is succeeded by BTMX, which holds a YTD return of 244.5 percent and BNB with 232 percent.
OKB success relies on its mission
According to Jay Hao, the CEO of OKEx, part of the success that OKB has seen over the year is correlated with the effort that his team is putting to launch OKChain into mainnet. At the moment, the self-built blockchain infrastructure is at the final stage of testing and will go live “very soon.”
Hao believes that there is a substantial “misplacement of resources” around the world where 69 percent of the global population, around 1.7 billion people, are unbanked. As a result, the OKChain is expected to help the unbanked by providing them with “basic financial services” to achieve “financial inclusion.”
The trust that investors have in OKB to reach this goal can be seen in its price. And, Hao maintains that the utility of this token will continue to expand as it represents an “integral part” of the OKEx ecosystem.
Hao affirmed:
“We are developing a series of use cases with our partners in many fields, such as cybersecurity, finance, lifestyle services and more. Now you can top up your mobile, fuel card, book your hotel stay, or purchase gears for your online games with OKB on tens of platforms. You can even buy OKB with some of the fiat currencies on select platforms now. I can promise you there will be more use cases to come.”
Moreover, Hao argues that the “buy-back and burn” program that was implemented by the firm in May could also be pushing the price of OKB higher based on the supply and demand economic model.
To date, OKEx burned nearly 14 million OKB, representing 4.66 percent of its total supply. Now, it remains to be seen if this utility token will continue to outpace its competitors.
OKB Market Data
At the time of press 12:50 am UTC on Mar. 27, 2020, OKB is ranked #29 by market cap and the price is down 2.16% over the past 24 hours. OKB has a market capitalization of $255.9 million with a 24-hour trading volume of $84.95 million. Learn more about OKB ›
Crypto Market Summary
At the time of press 12:50 am UTC on Mar. 27, 2020, the total crypto market is valued at at $188.15 billion with a 24-hour volume of $114.72 billion. Bitcoin dominance is currently at 65.71%. Learn more about the crypto market ›
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In this article
OKB is a global utility token issued by OK Blockchain Foundation.
Bitcoin
$97,311.39
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,334.77
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Litecoin
$94.6977
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
ASD
$0.04053
AscendEX (rebranded from BitMax) is a global digital asset financial platform founded by a group of Wall Street quantitative trading veterans in 2018, building on core value of “Efficiency, Resilience and Transparency.” AscendEX offers trading services across over 200 trading pairs across cash, margin, and futures products, in particular margin trading of over 50 tokens […].
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
