DYOR Crypto Wiki
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After great community collaboration DYOR has rebranded into CryptoWiki.me 🥳 a moment to celebrate!

From now on all new information will be added within the CryptoWiki.mecommunity website! No longer over here. So be sure to move over to stay on top of new research developments!

Same content - better & cleaner experience 🤝

DYOR started out in 2015 on Fandom and has now grown to ~3500 pages on CryptoWiki.me 🤩

All the information that you can find in these pages is public knowledge with sources provided. The community is encouraged to add truthful and unbiased entries to further this body of work.

Follow @cryptowiki_me on Twitter to be up to date on pages being created or edited.


Basics

  • Exchange in South Korea.
  • OKEx is a Malta-based crypto exchange that launched in 2017 and released their native OKB token in March 2018. Their OKExChain has the OKT token.

History

"OKEx has become a world-leading trading floor since its launch in 2017. The platform launched in the spring of 2017 and emerged as an offshoot from the original OKCoin platform (operating since 2013 in China). OKCoin now focuses on exchanging fiat for crypto, while OKEx focuses on crypto trading with a built-in API for algorithmic trading."

Audits & Exploits

  • CertiK claims to have done an audit for them, according to their website (12-6-2020). 

Token


Launch

Token Allocation

There are 1 billion OKB on the market with the following allocations:

  1. 40% - Founders & Project;
  2. 10% - Investors;
  3. 50% - AirDrops & Rewards;

700 million OKB are locked until 2022. This means that the total supply in 2021 is 300 million tokens. The 700 million additional OKB that will be released in 2022 will be distributed as follows:

  1. 100 million awarded to early investors;
  2. 200 million stays with the founding team;
  3. 100 million allocated to the OK Blockchain Foundation;
  4. 300 million left for public awards."

"The OKT genesis block will contain an initial minting of 10 million OKT, which will be distributed to OKB holders who stake their OKB on OKEx Jumpstart. OKT has the same halving model as Bitcoin, where its block reward is cut in half roughly every three years. The block reward is 0.5 OKT and the theoretical upper limit of OKT's total supply is about 41.69 million."

Utility

  • OKT is for voting rights, staking privileges and transaction fee payment
  • OKB. From CMC (29-7-2021):

"50% of service fee incomes are distributed among token holders in proportion to their OKB balance. It allows users to receive up to a 40% discount on transactions (depending on the number of tokens a user has). The exchange divides users into two status groups: regular and VIP. Regular users are assigned a level according to their OKB stock, and VIP users get a level according to their trading volume. The commissions are updated daily, and users get a discount depending on their respective level.

Platform members can receive passive income if they have OKB tokens, and the token is involved in OKEx Earn (this project helps users earn on their assets). Another purpose of the OKB token is to allocate funds on the OKEx Jumpstart platform. Participation on Jumpstart is available only after registration on the site — then sales are made through MixTrust.

To add value to OKB and make the digital coin more attractive to holders, OKEx regularly burns tokens every three months and records the coin burn on the official website. For this procedure, OKEX uses 30% of the income from commissions fees."

  • To see all burns, go here (2-6-2021):

"We have burned a total of 32,563,881.78 OKB. The current OKB in circulation is 267,436,118.22 OKB."

Other Details

  • Released their native OKB token in March 2018. Their OKExChain has the OKT token.
  • From Messari (10-4-2020):

"OKB is the native exchange token of OKEx that provides discounts on trading fees, access to the OK Jumpstart initial exchange offering (IEO) platform, and voting rights for tokens to be listed on the exchange. In the future, it will be used to pay transaction fees on the OKChain blockchain as well as decentralized exchange OKDEX.

Token Burn: OKEx uses 30% of transaction fees from the spot market to buy-back and burn OKB.

Discounted fees: OKEx offers spot and futures trading fee discounts based on the user’s holdings of OKB as well as 30-day trading volume.

OK Jumpstart: IEOs on OK Jumpstart are available to OKB holders based on user’s 7-day holdings.

Token listing votes: OKB gives holders voting rights on subsequent token listings where 1 OKB = 1 vote. The winning candidate will be required to pay a security deposit between 200k – 300k which will be returned monthly over 12 months.

“Happy Friday” distribution: OKEx runs a weekly bonus campaign where half of the trading fees are distributed to token holders. The rewards are denominated in bitcoin and the amount distributed is dependent on the number of OKB a user holds."

Coin Distribution

Technology

Implementations

Transaction Details

How it works

Fees

Upgrades

Staking

  • From the docs (29-7-2021):

"Out of all validator candidates that signaled themselves, the 21 with the highest stake are the ones who are designated as validators. If a validator’s total stake falls below the top 21 then that validator loses the validator privileges: therefore they can’t participate in consensus and generate rewards any more."

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

Privacy Method

Compliance

  • The founder of OKEx was arrested which lead to a stop on withdrawals of the exchange, since he was the private key holder (16-10-2020).
  • Got in the news for removing support for five major privacy coins due to new international regulations. 

"OKEx Korea confirmed it would halt trading of Monero (XMR), Dash (DASH), Zcash (ZEC), Horizen (ZEN) and Super Bitcoin (SBTC) on Oct. 10.

The reason, said the exchange, is that as since they are focused on privacy, the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force, or FATF.

More than 200 countries should theoretically implement the rules by June 2020, despite concerns that doing so is physically impossible for many decentralized blockchains.

The five cryptocurrencies outlined by OKEx make it all but impossible to identify the sender and recipient of a transaction by design. 

An OKEx representative told Cointelegraph that the coins will be delisted only on OKEx.co.kr, but they will remain listed on the global OKEx platform."

Their Other Projects

Roadmap

  • Can be found [Insert link here].

Usage

Projects that use or built on it

Competition

"OKEx is similar in many aspects to the cryptocurrency exchange giant Binance, but there are a few key differences. The OKEx platform has its own cloud mining service, and the company has a more focused reach in providing options trading for users. Meanwhile, Binance strives to offer a broad range of crypto services globally."

Pros and Cons

Pros

Cons

Team, funding, partners

Funding

Partners

(:

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