Seychelles-based cryptocurrency exchange OKX has carried out the 20th round of its Buy-Back and Burn program, burning nearly 5.5 million OKB tokens this time around.
according to blog postThe total number of OKB tokens purchased from the secondary market and burned was 5,497,312.77, with a value of $258 million over a 90-day average.
OKX burns 5.5M OKB tokens
The cryptocurrency exchange launched the Buy-Back and Burn program in May 2019. It began buying back OKB from the original supply of 300 million tokens every quarter. While buybacks have no set rules, the buyback amount depends on seasonal market and operating performance.
The twentieth round of the program was between March 1 and May 31, 2023. As of today, OKX has burned a total of 64,042,314.70 OKB by sending it to an address that no one can access, leaving approximately 35,957,685 OKB currently in circulation.
The OKB team will continue to cultivate a strong relationship with its global supporters while listening to their feedback for future improvements. The cryptocurrency exchange said it is committed to providing better services to users.
Notably, the number of tokens burned recently is the third largest in OKX burn history. The largest value was 6.1 million OKB burned in the fifth round between June and August 2019. The second largest value was over OKB 5.9 million in the sixth round between September and November 2019.
OKB is trading at $44.94 at the time of writing, indicating a slight increase in the past 24 hours, according to data from CoinMarketCap.
OKX pushes for transparency
Besides burning OKB tokens to add value to crypto assets and make them more attractive to holders, OKX has been a major force driving cryptocurrency adoption. The exchange has made efforts to drive the new industry standard of transparency and trust within the crypto ecosystem.
Last month, OKX published its seventh Proof of Reserves (PoR) report, which showed $10 billion in reserves of bitcoin (BTC), ether (ETH), and tether (USDT). While PoR covered other widely used crypto assets, it showed that BTC, ETH, and USDT each have a reserve percentage of 103%. The exchange also enabled users to independently verify their solvency through zk-STARK technology.
OKX Shared in 20th Quarterly Burn: That’s How Much OKB Destroyed Debuted on CryptoPotato.