OKEx announces the launch of OKChain and DEX testnet, OKB surges over 40% in a single day

Yesterday, as Bitcoin fell below $10,000, cryptocurrency exchange OKEx announced the official launch of its public chain OKChain and decentralized exchange OKEx's testnet. Following the announcement of the destruction of 700 million OKB tokens, its platform token OKB surged by 40%. (It reached a peak at noon on the 11th and has since dropped back to $5.4 as of the time of writing.)

• Issuing OKT as the native token of OKChain
• The team will no longer reserve OKB, claiming to enter the era of absolute deflation

OKEx Testnet Launch

At the end of last year, OKEx first announced its plans to launch its public blockchain OKChain and its decentralized exchange OKDEX in 2020.

The testnet will allow platform users to issue their own cryptocurrencies on OKChain, even enabling users to create their own decentralized exchanges, add trading pairs, and assets.

In addition, OKChain also comes with many new features, including multi-chain parallel development, sharding, data layering, and fostering benign competition within the ecosystem, which will help drive the development of the cryptocurrency industry.

It is reported that OKChain will adopt the DPoS consensus mechanism, will issue OKT as the native token of OKChain, and will provide 1%-5% annual OKT block rewards. When the mainnet is launched, it will be mapped to OKB holders at a 100% holding ratio.

OKB Token

In an official announcement, OKEx announced the burning of 700 million unissued OKB tokens, stating:

OKB will officially enter the era of absolute deflation, and the team will no longer reserve OKB. Buybacks and burns will come entirely from the secondary market.

It is understood that the initial issuance of OKB was 300 million tokens, with 13,978,364 tokens already burned, and the current circulation is 286,021,636 tokens. At the time of writing, the price of OKB is $5.6, with a 46.45% increase in the past 24 hours.

In fact, the OKB token has performed well since last year. ABM previously compared the investment returns of major platform tokens and Bitcoin. In the 2019 investment return, OKB token took the lead with a return rate of 317.9%, followed by Huobi's HT (170.8%) and Binance's BNB (121.4%).

Bitcoin's performance in each stage was not as strong as the three major platform tokens, ultimately ranking last with a return rate of 121.04%.

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