OKT is the native token of OKChain. It is utilized to reward network participants because the OKChain utilizes a delegated proof-of-stake consensus algorithm.
The OKT token is required to perform all actions within the decentralized ecosystem and on the OKChain.
The OKT token is the 136th largest token in the world by market capitalization.
How OKChain (OKT) Works
Understanding the OKT token and its utility is relatively simple when you compare it to similar tokens that aid in the functionality of a decentralized chain. For example, holders of the ADA token understand that to participate in the Cardano ecosystem and perform various actions, they are required to use ADA as gas to fuel these actions.
Similarly, the OKT token is used to pay transaction fees for all actions taking place on the OKChain.
The OKT tokens have been created and distributed by the OKChain team and are now available to purchase on various exchanges. Users can also stake their OKT tokens and receive rewards for their network contributions.
Additionally, as the OKC ecosystem continues to grow, adding more DeFi projects and lucrative products, the value and utility of the OKT token are likely to rise. The OKT price (OEC token price) is also determined by the success of the OKChain and the growth of the products in the OKChain ecosystem.
The current price of OKT can be considered to be an ill-representation of the actual value because the OKChain is only starting now and is likely to grow exponentially.
The OKB exchange, which is the centralized trading exchange, frequently experiences a 24-hour trading volume that surpasses $500M – when the OKChain launches a decentralized exchange, it will likely aim to also generate equally high trading volumes.
The OK blockchain foundation is the company behind the blockchain projects and has also onboarded the majority of its clients from Hong Kong (making the Hong Kong Dollar a favorite trading currency).
The advancement of the OKChain blockchain technology and the growth of its decentralized products will encourage people to buy OEC tokens and will likely result in a tremendous price change if OKChain manages to dominate the crypto market worldwide.
Individuals should carefully analyze OKB tokens’ price history to get an idea of what the future OKT price statistics might look like. This is dependent on the growth of the OEC ecosystem, crypto regulation, and a host of other factors.
Additionally, persons seeking more information about the OKT token and the OKChain should refer to the documentation on the OKchain website.
What Is OEC Token (OKT) Used For?
The OKChain requires the use of the OKT token to function. Similarly, the Ethereum network requires users to utilize ETH. Gas is the name given to tokens that are used to pay for transaction fees.
As the OKChain becomes a fully-fletched decentralized ecosystem, it will attract more and more users to its decentralized products, leading to the OKT token being traded more frequently – it is also likely to receive enhanced utility in the future.
Additionally, OKT tokens are swing or arbitrage traded by multiple traders. The goal of these traders is to capitalize on price fluctuations in cryptocurrencies when trading volumes are high. These trades can be lucrative but also carry a significant amount of risk.
Where To Buy OEC Token (OKT) Token
OKT is a relatively new cryptocurrency that has gained popularity in recent months. The OKT ecosystem is growing exponentially, and OKChain is getting significant global exposure.
OKT tokens are widely traded on the majority of centralized cryptocurrency exchanges. You must use a fiat currency to buy crypto from an exchange before you can acquire OKT; OKT tokens are then transferred to your digital wallet on the exchange.
The crypto exchanges below are amongst the safest place where you can buy sell and store tokens.
OKT token holders typically store their tokens in a digital wallet. This makes it simple when connecting their wallets to the OKChain decentralized platforms and making use of various yield-generating DeFi products.
Moving tokens away from centralized exchanges gives consumers complete ownership over their crypto assets and private keys.
None of the abovementioned information is investment advice.
About OEC Token (OKT)
How long has OEC Token (OKT) existed?
OKB tokens were introduced in March 2018, following closely on the heels of the OKX exchange, which went live in 2017. But the OKChain didn’t come into existence until much later; shortly after that, OKT tokens were made available.
Ever since the OKX exchange was released publicly, it has attracted a sizeable number of new users, and its platform now facilitates some of the biggest trading volumes. OKB, the native utility token, has had a comparable level of success ever since it was first introduced. Many individuals expect similar results from the OKT token and the OKChain respectively.
What’s controversial about OEC Token (OKT)?
The blockchain and crypto industry is notoriously under-regulated and this has led to a significant amount of exploits and hacks occurring in the crypto space. Users should always be extremely cautious before investing in any project.
There are a significant amount of top-tier projects that are credible and trustworthy and have been around for years, and then there are also an enormous amount of new projects emerging daily, which are nowhere near as credible as traditional blockchain projects.
Let’s take a look at the top controversy surrounding OEC Token (OKT):
- OKX Founder Was Arrested – The founder of OKX, which was originally known as OKEx, was taken into custody by the authorities in 2020. Although the information surrounding his arrest was subjective, many people assume that it was related to crimes including money laundering and other financial offenses.
The arrest of the exchange’s founder caused a stir in the community, and as a result, many users pulled their money out of the exchange out of concern that they would lose it.
How many OEC Token (OKT) Tokens are there?
At the time of writing, OEC Token (OKT) has a circulating supply of 16,680,089
The total supply of OEC Token (OKT) is 16,680,033
The max supply of OEC Token (OKT) is 41,690,000
Can OEC Token (OKT) be mined?
OKT tokens can’t be mined. The blockchain uses a delegated proof-of-stake consensus mechanism to secure its network, meaning that OKT tokens aren’t mineable, unlike other cryptocurrencies such as Bitcoin. The proof of stakes (PoB) mechanism is commonly regarded are more energy-efficient and friendlier to the environment.
Additionally, users can earn yields by staking their OKT tokens in the OKChain ecosystem. There are also several other DeFi products that users can utilize to earn additional yields.
Some centralized exchanges allow users to earn yields from staking their OKT tokens.
What is the market cap of OEC Token (OKT)?
The market cap of OEC Token (OKT) is: the total amount of coins in circulation x the current market price of OKT.
OEC Token (OKT) Market Cap = 16,680,089 x $14.32 = $238 million (136th largest market cap)
OKT is currently one of the top 150 cryptocurrencies by market capitalization.
Biggest Competitors Of OEC Token (OKT)
The OKChain is specifically catered to the decentralized section of the OK Foundation. The project has built a blockchain to facilitate various DeFi products and systems, allowing the project to attain a level of sovereignty in the decentralized space. However, OKChain is up against a large amount of competition.
OKChain’s biggest competitors are:
What Are The Future Plans of OKChain and OKT Token?
OKChain is actively working on increasing its functionality and growing its user adoption worldwide. The project is the decentralized wing of the OK Foundation and is seeking to provide users with an array of innovative and valuable DeFi products.
OKChain is specifically geared towards the Metaverse and Web3 sectors, which have gained a large amount of popularity over recent months. The decentralized branch of the company is seeking to pioneer these sectors and attract a large number of users globally.
Additionally, the OKT token will be used as the native token used to pay for transactions on the blockchain and interactions in the ecosystem.
Pros And Cons Of OKChain and OKT Token
Pros:
- Catered To Metaverse and Web3 – OKChain is positioned towards the metaverse and Web3 sectors and seeks to dominate in these sectors by providing users with valuable decentralized products. The Chinese-based company is primed to see an enormous amount of traction from users in China because Shanghai has announced its intention to invest $52 billion into the metaverse sector by 2025.
- Support From One a Major CEX – OKChain is destined to succeed because it has the support and funding from OKX, which is already one of the largest exchanges in the world.
- Energy-efficient – The OKChain runs on a delegated proof of stake consensus mechanism which is far less energy-intensive than traditional proof of work consensus algorithms.
Cons:
- Competition – The crypto space is incredibly competitive, and there are a substantial amount of competitors that are trying to gain a top spot. The metaverse and Web3 sectors are especially competitive, and OKChain will need to remain incredibly innovative if it wishes to dominate these sectors.
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