• The 20 cycles of this system ran from 1 March 2023 to 31 Could 2023.
• OKB is buying and selling at $41.57 on the time of writing, down 7.82%.

Seychelles-based cryptocurrency change OKX has accomplished 20 cycles of its Buyback and Burn program, burning roughly 5.5 million OKB tokens. As famous within the weblog publish, a complete of 5,497,312.77 OKB tokens (value $258 million primarily based on a 90-day common) have been purchased again from the secondary market and burned.

The Purchase-Again and Burn program was launched by cryptocurrency exchanges in Could 2019. Began shopping for again OKB on a quarterly foundation from his preliminary provide of 300 million tokens. The quantity to be repurchased can be decided by market situations and firm efficiency primarily based on the time interval.

third largest burn

Twenty cycles of this system ran from 1 March 2023 to 31 Could 2023. OKX burned 64,042,314.70 OKB by sending knowledge to unreachable places. About 35,957,685 OKB in circulation as of in the present day.

The burn was the third largest in OKX’s historical past by way of the variety of tokens burned. Within the fifth spherical from June to August 2019, 6.1 million OKB have been burned. From September to November 2019, the sixth spherical worth was the second highest at over $5.9 million.

In response to CMC statistics, OKB was buying and selling at $41.57 on the time of this writing. It represents a 7.82% lower in comparison with the final 24 hours.

By rising the worth of the OKB token and making it extra enticing to holders, OKX has been a significant factor within the rise of the cryptocurrency market. The change has stepped ahead to turn out to be a brand new commonplace of openness and belief within the cryptocurrency business.

In its sixth Proof of Reserve (PoR) report launched final month, OKX revealed that Bitcoin (BTC), Ether (ETH) and Tether (USDT) are value $10 billion. The PoR additionally included different in style cryptocurrencies, however revealed that Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) all had reserve ratios of 103%.

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