Overview of the 19th OKB Buyback and Burn
Between December 1, 2022, and February 28, 2023, OKX executed its 19th quarterly buyback and burn of its native utility token, OKB. During this period, 5,183,976.43 OKB (valued at approximately $177 million based on the 90-day average price) were repurchased from secondary markets and permanently destroyed by transferring them to a verified burn address.
๐ Discover how OKB’s deflationary model enhances long-term value
Cumulative OKB Burn Statistics
Since the inception of the buyback program on May 4, 2019, OKX has systematically reduced the total supply of OKB (originally 300 million tokens) through quarterly burns. Key metrics:
- Total OKB burned to date: 58,545,001.93
- Remaining circulating supply: 241,454,998.07
The burn address is publicly verifiable at:
0xff1ee8604f9ec9c3bb292633bb939321ae861b30 (viewable on OKLink)
Historical OKB Burn Data
| Burn Round | OKB Destroyed | Time Period |
|---|---|---|
| 19th | 5,183,976.43 | 2022.12.01โ2023.02.28 |
| 18th | 4,988,637.56 | 2022.09.01โ2022.11.30 |
| 17th | 4,760,479.82 | 2022.06.01โ2022.08.31 |
| 16th | 3,755,642.45 | 2022.03.01โ2022.05.31 |
| 15th | 2,536,277.49 | 2021.12.01โ2022.02.28 |
| … | … | … |
| 1st | 506,183.39 | 2019.05.04โ2019.05.10 |
Table: Full history of OKB buyback and burn initiatives (2019โ2023)
The Economic Impact of OKB Burns
OKX’s tokenomics strategy prioritizes scarcity-driven value appreciation through:
- Supply Reduction: Each burn decreases circulating OKB, increasing scarcity.
- Price Stability: Regular burns counterbalance market volatility.
- Holder Incentives: Reduced supply benefits long-term token holders.
๐ Learn about OKB’s utility within the OKX ecosystem
Frequently Asked Questions (FAQs)
Q1: Why does OKX burn OKB tokens?
A: Burns demonstrate OKX’s commitment to sustainable token economics by systematically reducing supply, which historically correlates with increased token value.
Q2: How is the burn amount calculated?
A: OKX allocates 30% of spot market trading fees to repurchase OKB quarterly, with the exact amount depending on platform revenue and market conditions.
Q3: Where can I verify burn transactions?
A: All burns are permanently recorded on-chain via Ethereum’s blockchain at the disclosed burn address.
Q4: What happens to burned OKB?
A: Tokens sent to the burn address are irrecoverably removed from circulation, effectively “destroying” them.
Q5: How does this benefit OKB holders?
A: By reducing supply while demand grows, burns create upward pressure on OKB’s market price, benefiting investors.
Conclusion
OKX reinforces its position as a user-centric crypto platform through transparent buyback initiatives. The 19th OKB burn underscores OKX’s dedication to fostering a robust ecosystem where stakeholders share in the growth of blockchain technology.