OKX, the Seychelles-based cryptocurrency exchange, has completed its 20th round of its Buy-Back and Burn program, sending nearly 5.5 million OKB tokens into the void.
In a Buy-Back and Burn program, a company buys back its own tokens from the market and then destroys them, reducing the total supply.
According to the exchange’s blog post, the total number of OKB tokens bought back from the secondary market and burned was 5,497,312.77, worth an estimated $258 million at a 90-day average.
OKX’s Token Burning History
OKX launched its Buy-Back and Burn program in May 2019, setting aside 300 million OKB tokens from its initial supply to be repurchased every three months.
The 20th round of the program ran from March 1 to May 31, 2023. To date, OKX has burned a total of 64,042,314.70 OKB tokens, leaving roughly 35,957,685 OKB currently in circulation.
Round | OKB Burned | Date Range |
---|---|---|
5th | 6.1 million | June – August 2019 |
6th | 5.9 million | September – November 2019 |
20th | 5.5 million | March 1 – May 31, 2023 |
OKX: Driving Crypto Transparency
Beyond its token burning initiatives, OKX has been a driving force for transparency and trust in the crypto ecosystem.
The exchange has published seven proof-of-reserves (PoR) reports, providing insights into its holdings of major cryptocurrencies like Bitcoin and Ether.
PoR is a mechanism that allows exchanges to prove they hold sufficient assets to cover customer deposits.
OKX’s latest PoR report revealed reserves of $10 billion in BTC, ETH, and USDT, with reserve ratios of 103% for each asset.
Through zk-STARK technology, OKX also allows users to independently verify the exchange’s solvency.
OKB Token Performance
As of the time of writing, OKB is trading at $44.94, showing a slight increase in the past 24 hours. [CoinMarketCap]
Credit and Rights:
© BITboosters. All rights reserved.