One of the world’s leading cryptocurrency exchanges is rewarding holders of its native OKB token with trading fee discounts.
The discount has been arranged by exchange OKEx to show the exchange’s support for its customers.
Effective from Wednesday, August 7, the discount will apply to OKB holders across three of the exchanges products: spot trading, futures trading and perpetual swap trading.
In a post on its website, OKEx, said: “After the update, there will be two different trading fee schedules for normal users and VIP users respectively. Normal users’ fees will be determined based on trading volume and OKB holding amount, while VIP users’ fees will be determined by trading volume only.”
OKB is an ERC-20 token and gives its users a number of benefits, for example holders of OKB can settle trading fees with the token or join new token sales that are launched through OKEx’s OK Jumpstart program – a launchpad that aims to give promising blockchain and crypto projects a boost to help their businesses to grow.
Giving something back
A spokesperson for OKEx outlined the thinking behind the discount and why the exchange had decided to help give back to the community.
“We wanted to provide the people who have shown their faith in us and have invested in our native token, OKB, with a reward,” they said.
“This trading discount means our level 1 users will get a discount on the fees they pay for any trades they make across our three key products, spot trading, futures trading and perpetual swap trading.”
What is OKB?
OKB is the ‘platform’ token of OKEx. First issued last year, it has grown steadily in price and at time of press was valued at close to three dollars per token, and was reporting a 24-hour trading volume of close to $150 million, according to CoinMarketCap.
The total supply of OKB is one billion tokens, of which around 300 million are already available and circulating on the markets. The remainder of the volume has been locked up until 2022.
People who hold the coin already benefit form OKEx’s ‘Buy-back and Burn’ scheme, which OKEx established to help stabilize the token and to help gradually increase its value.
OKB is currently an ERC-20 token but it will migrate to OKEx’s own blockchain, dubbed ‘OKChain’, when it is launched – expected later this year.