OKX Completes 20th Quarterly Burn: How Much OKB Was Destroyed
The most recent round is OKB’s third-largest burn ever.
OKX, a cryptocurrency exchange based in the Seychelles, has burned nearly 5.5 million OKB coins as part of the 20th round of its Buy-Back and Burn programme.
The total number of OKB tokens that were bought back from the secondary market and burned was 5,497,312.77, which, on average over the past 90 days, was worth $258 million.
OKX Burns 5.5M OKB Tokens
In May 2019, the crypto market started the Buy-Back and Burn programme. It started buying OKB every three months from the original pool of 300 million tokens. Even though there are no set rules for the buyback, the amount of shares bought back relies on the seasonal market and how well the business is doing.
Between March 1 and May 31, 2023, the 20th round of the programme took place. As of today, OKX has burned a total of 64,042,314.70 OKB by sending them to an address that nobody can get to. This leaves about 35,957,685 OKB in circulation.
“The OKB team will continue to cultivate a strong connection with its global supporters while listening to their feedback for future improvements. It is committed to offering better services to users,” the crypto exchange said.
Notably, the latest burn of tokens is the third-largest burn in OKX’s history. Between June and August 2019, the 5th round burned the most, worth 6.1 million OKB. In the sixth round, which took place between September and November 2019, the second-highest worth was over $5.9 million.
At the time of writing, OKB was selling at $44.94, which shows a small rise in the last 24 hours, according to data from CoinMarketCap.
OKX Promotes Transparency
OKX has been a major force in getting people to use cryptocurrencies. One way it has done this is by burning OKB tokens to increase the value of the crypto asset and make it more appealing to its owners. The exchange has worked to make transparency and trust the new industry standard in the crypto environment.
OKX released its seventh proof-of-reserves (PoR) report last month. The report showed that the exchange had $10 billion in bitcoin (BTC), ether (ETH), and Tether (USDT) in reserves. Even though the PoR talked about other popular cryptocurrencies, it showed that BTC, ETH, and USDT all had reserve rates of 103%. With the zk-STARK technology, people could also check the exchange’s solvency on their own.
