While the fall of FTX turned the cryptocurrency universe upside down by reducing trust in centralized exchanges, OKX (formerly OKEX) appears to present an attractive alternative that brings trust, growth and transparency. The exchange platform has also just released its proof of reserve or (PoR) to reassure its users.
- Find out more about this cryptocurrency exchange
- OKX, more than just a centralized exchange
- A token that resists the bear market
- OKX, a radiant gift?
- OKX shares its backup test
Find out more about this cryptocurrency exchange
OKX is a centralized exchange originating from Seychelles which was launched in the year 2017. The crypto platform also offers your own wallet to its customers, offering a connection to decentralized applications and decentralized exchanges (DEX). Available in over 100 countriesthe crypto account platform several million users and seems to have reached a certain maturity in the industry; making it one of the leading exchanges in the industry.
We find on the platform the main features that crypto CEX can offer, with purchases of cryptocurrencies, trading on the Spot market but also on options, futures (futures contracts) or derivatives. Regarding cryptocurrency trading, OKX lists more than 500 trading pairs with the ability to trade more than 400 cryptocurrencies already listed on the platform.
Also, the trading fees are among the lowest from those generally offered by the competition, since they are of the order of 0.10% for business and potentially can be lowered as our trading volume increases.
The possibilities aren’t just limited to trading cryptocurrencies, however, as the platform offers various earning characteristics through our cryptocurrencies or our stablecoins. However, the exchange relies on its own crypto springboard with JumpStart, the OKX launchpad.
OKX, more than just a centralized exchange
Although OKX shines particularly thanks to its centralized exchange, has considerable Web 3 immersion. Indeed, more than a platform, it is a name that is associated with a complete Web 3 portal with even a decentralized crypto wallet available to investors, dAppsbut still an NFT market currently booming. Thus, investors of all types can find what they are looking for with a variety of products available.
Furthermore, although OKX and its wallet support a large multitude of blockchains (especially the main existing blockchains such as Bitcoin, Ethereum, BNB Chain, Solana, Polygon or even Avalanche…), there is also the OKX Chain, with its native token, OKB.
A token that resists the bear market
While the bear market has hit the cryptocurrency industry hard, provoking the vertiginous fall of certain tokens (Luna, Solana, FTT, Axie Infinity or Avax), the native token of the platform OKX holds up particularly well at the bear market. Its utility within the ecosystem is proving to be growing, giving it some legitimacy within the cryptocurrency industry.
OKB currently has a market capitalization of more than one billion dollarswhich allows him to integrate the file the top 5 native tokens from centralized exchanges in terms of market capitalization.
If we compare the evolution of the token price with other native tokens of the main centralized exchanges, we note that the performance of the OKB token is not negligible. Indeed, the token is currently trading at $21 and earning better performance in the short term as well as in the “long term”. In fact, over 30 days, the the token is up 32%, well ahead of its main tracker on the matter, Binance’s BNB (7.80%). Conversely, CRO (Crypto.com), HT (Huobi), KCS (KuCoin) or even FTT (FTX) all performed negatively over the same period.
Since the beginning of the year the difference has been even more marked, with an OKB better resisting the bear market. The the drop in the token is “only” 27.65% while the BNB has lost 37% of its valueand that the CRO or FTT of the bankrupt FTX exchange has sunk.
OKX, a radiant gift?
An important exchange for the Spot market, OKX especially demonstrates its strength in the derivatives market by integrating the top 5 by transaction volume.
However, as mentioned above, while some cryptocurrency exchanges like FTX may have recently gone bust and others, like Crypto.com, are in an uproar over concerns about their platform’s creditworthiness, OKX is having a completely different story. .
In these times of doubt, it is important to refocus on more reassuring trading platforms. It is with a view to being one of the biggest alternatives to Binance that OKX is being considered, an exchange that is reporting its current state of strength in several ways.
Indeed, beyond its renowned collaborations, Manchester City in the world of football and Mclaren in Formula 1, the exchange platform has other arrows in its bow. While many companies related to the world of technology and cryptocurrencies have strongly resigned in the face of the difficulties of the sector, OKX is still recruiting. If you focus on the amount of vacancies, you can also make a good development of the exchange, which has several hundred vacancies.
Also, a aid fund up to 100 million dollars was quickly decided to come to the aid of entities affected by the fall of FTX and Sam Bankman-Fried’s freezing of funds from the exchange.
OKX shares its backup test
Finally, and most importantly, the exchange just shared the now wildly popular proof of reservesin order to maintain the highest level of investor confidence and bring greater transparency to a sector that has been regularly lacking in recent months.
With this proof of reserves, OKX tries to demonstrate that the resources of its users are real and maintained in maximum security. Through merkle tree technology (merkle tree), OKX just released proof of reserves to prove that all Artifacts are supported on a 1:1 ratio. Each user can also personally check if their funds are included in the audit that the exchange will carry out on a regular basis.
According to the details of his reserve test, OKX also holds more BTC, ETH or USDT than its users own.. In this way, for each of the assets, the safety ratio is respectively 102%, 102% and 101% for the stablecoin Tether. This is equivalent to a security detention nearly 3,000 additional BTC, 25,000 Ether and $55 million in USDT tokens. According to CoinMarketCap, nearly 50% of OKX’s assets are USDT while BTC and ETH account for 25% and 20% of the assets held, respectively.
According to DefiLlama, OKX is even the exchange that holds the most funds after Binance between exchanges shared their proof of reserves. The cryptocurrency platform then brings together more assets under management than Huobi, Crypto.com, Bitfinex or Kucoin.
In search of transparency, the actions taken by OKX are reassuring, especially after the massacre of FTX. completely opposite, OKX therefore tries to prove that all assets are held in reserve and that investors can trust the platform. In this sense, initiatives by the stock exchange have multiplied to intensify transparency and share more and more information on assets held in reserve, as highlighted in the Blockworks article.
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