Popular centralized cryptocurrency exchange OKX bought over $177 million in altcoins in the last round as part of its ‘Buyback and Token Burn Program’.
OKX announces the launch of the 19th round of Buy-Back & Burn
According to a new announcement, OKX launched the 19th round of its Buy-Back & Burn program, which it started on May 4, 2019, on March 24, 2023. According to the exchange, it has repurchased a total of 5,183,976.43 OKB from the secondary market and has been permanently removed from circulation. This means token burning equivalent to approximately $177 million at an average price of 90 days. This amount was part of the total OCD supply of 300,000,000 OKB originally created.
The Buy-Back & Burn program is designed to reduce the total supply of OKB tokens, thereby increasing their value. Every quarter, OKX buys back some of the OKB tokens from the market and burns them by sending them to a burning address where no one can access them. As of the 19th round, a total of 58,545,001,93 OCDs were burned and 241,454,998.07 OCDs remained in circulation.
Token burning round supports cryptocurrency prices
The success of the exchange can be observed by the multi-month uptrend in the price of its native token OKB. Since the launch of the program, the price of OKB has increased significantly, making them one of the most popular cryptocurrencies on the market. The OCD team is dedicated to providing users with better services and listening to their feedback for future improvements.
The OCD team has continued to develop a strong bond with their global supporters, and the Buy-Back & Burn program is one of the ways the team can do that. The company has made it clear that it is committed to providing better services to users and is always looking for ways to improve.
All in all, OKX’s Buy-Back & Burn program was a successful attempt aimed at reducing the overall supply of OKB tokens, thereby increasing their value. Round 19 of the program saw the company repurchase and burn 5,183,976.43 OKB tokens from the secondary market, equivalent to approximately $177 million.
OKB Chain will develop Zk technology as the core strategy
Star Xu, the founder of OKX exchange, announced on Twitter on March 20 his future plans for OKB Chain, a blockchain project under development by the company.
According to Xu, OKT Chain and OKB Chain are two completely separate networks. OKT will continue to operate as layer 1 and will improve the performance of decentralized applications (DApps) with new updates, while OKB will be a side-chain built on the Ethereum platform.
After the collapse of FTX, OKX became the second largest exchange in the world in terms of trading volume, after Binance. In February, the exchange released a reserve report that includes $8.6 billion in net reserves made up of Bitcoin, Ethereum, and USDT. While OKX is back in the day with OKB token burns, cryptocoin.com As we reported, there was a hot development in Binance that lowered the BTC price.
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