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- OKEx Exchange launched the OKChain and OKDEx platforms on Monday.
- The launch of the blockchain and decentralized exchange set the OKB token to a 40% boost in a day.
- The new features places the exchange in a prime position to lead the market, can OKEx overpower Binance?
In an official announcement from the Malta based exchange, OKEx, confirmed the launch of the OKEx blockchain (OKChain) and a decentralized platform (OKDEx) on February 10th 2019. The launch of the new products set the native exchange’s coin on a bullish run to skyrocket past $5.00 USD, representing over 50% in gains in less than 24 hours.
NEW LAUNCH: #OKChain Testnet now LIVE
— OKEx (@OKEx) February 10, 2020
The OKChain is an open sourced decentralized blockchain that allows users to publish, run and develop decentralized applications on the platform. The cryptocurrency exchange launch of the OKDEx is to give users, developers and traders a peer to peer platform trading service to buy and sell cryptocurrencies at low fees. The official report reads,
“[OKDEx] enables different industry players to participate in crypto trading with full on-chain transparency. It also allows users to have control over their assets and manage them freely.”
The launch of OKChain and OKDEx boosts OKB by 50% in a day
Since the announcement of OKChain and OKDEx o the official Twitter page the price of OKEx’s native token, $OKB, has shot up over 45% in a day. With the current $OKB holders expected to be rewarded with the new native OKChain tokens, $OKT, an influx in demand ensued pushing the price to spike from sub-$3.00 level to over $5.80 USD in the past day.
However, it is more likely the spike was caused by the 70% token supply burn by OKEx, having burnt over 286 million OKB tokens from the total circulation of over 300 million OKB tokens. The exchange plans to continue with the burn process. The announcement read,
“Following the launch of the OKChain testnet, we will burn a total of 700 million non-issued OKB coins.”
In all these developments, one clear picture that is forming is OKEx’s ambition to top the cryptocurrency exchange space. Can the new developments push the exchange past Binance and Coinbase influence and top the exchange world?
Share with us your thoughts with us below.