OKX Exchange's OKB token - no longer affiliated with it?

[sergiorus]

From what I see, OKX now presents its OKB token as just a gas fee token of their L2 blockchain "X Layer".

Does the exchange itself distance itself from it?

Is it somehow connected to its expansion to the USA and recent investment from NYSE?


Source: https://web3.okx.com/xlayer

As per the link: "OKB is X Layer’s native gas token, the key to the blockchain’s operations and governance".


Here's an interesting but unofficial article that doesn't cite any official source though: https://www.cube.exchange/what-is/okb

As per the link: "OKB is the token most closely tied to the OKX ecosystem, but its economic center of gravity has changed. For years, exchange-token demand was often framed around fee discounts, buybacks, and platform perks. With OKB, the clearer current lens is that OKX has been repositioning it as the native gas token of X Layer, while also shrinking supply dramatically and fixing that supply at 21 million."


I'm very interested in the multi-year strength of the OKB/USDT chart but frustrated by the fundamental uncertainty.

[rat03gopoh]

As far as I know, user tier fees are still determined by how much OKB they hold. Maybe yes, it is a strategic effort for them to release OKB as a utility token to reduce exposure to regulatory risks but want to keep OKB as part of the exchange's core ecosystem.

[TastyChillySauce00]

They are trying to follow Binance's BNB it seems, giving additional utility to their own token but maybe at smaller scale. Basically what happen is

Binance launchpool - OKX jumpstart

Binance Hodler airdrops - X Drops club

Binance Launchpad - OKX jumpstart subscription

Binance Smart Chain - OKX's X layer

All of them involves OKB. Fairly speaking, many centralized exchange have adopted binance's approach for their exchange coin and it's not only OKX.

[FinneysTrueVision]

They might be trying to move in the same direction as BNB, which first started as a token on Ethereum that was only used on Binance. Eventually, they launched Binance Chain where BNB was the native gas token and expanded its uses outside of Binance.

Trying to present it as an actual cryptocurrency instead of an exchange token might be because of regulatory reasons, but I think it has more to do with trying to appear more legitimate. Uniswap and Aave recently launched on X Layer. I’m sure most of the TVL belongs to OKX, but we will see if this blockchain manages to gain traction like BNB Chain and Base.

[asriloni]

All of OKX services are involving their OKB tokens. So it seems you have not yet explored enough what's utilities owned by OKB. Even mine often used OKB to farm the launcpool, and get the yield. So i think your judgement is being provided with no strong proof.

OKB is still strongly tied to the OKX exchange site. OKB is basically all in one token. It's serving as a key to get various advantages from the platform.

So there's no distance between OKB and OKX. These things are still linked each other.

[sergiorus]

They might be trying to move in the same direction as BNB, which first started as a token on Ethereum that was only used on Binance. Eventually, they launched Binance Chain where BNB was the native gas token and expanded its uses outside of Binance.

The tricky thing is, BNB kept all its utilities on Binance (fee discounts, launchpad, etc) whilst OKB seems to have been spared of all of it.

[sergiorus]

Ah, and of course now it is pumping.
I knew I should have purchased it that day.
Bamboozled myself into skipping it




The reason for the pump: OKX's X Layer launches Exchange OS, allowing users to create custom crypto markets (https://www.theblock.co/post/402505/okx-x-layer-exchange-os)