OKX announced on March 24, 2023, that it had started the 19th round of its Buy-Back & Burn program, which was launched on May 4, 2019.
According to the company, it bought back and burned a total of 5,183,976.43 OKB tokens from the secondary market, equivalent to around $177 million at a 90-day average price. This amount was part of the total OKB supply of 300,000,000 OKB that was originally created.
The Buy-Back & Burn program is designed to reduce the total supply of OKB tokens and thus increase their value. Every three months, OKX buys back a portion of the OKB tokens from the market and burns them, sending them to a burning address that nobody can access. As of the 19th round, a total of 58,545,001.93 OKB has been burned, leaving 241,454,998.07 OKB in circulation.
The program’s success can be seen in the steady increase in the value of OKB tokens. Since the program’s launch, the value of OKB tokens has increased significantly, making them one of the most popular cryptocurrencies on the market. The OKB team has been committed to offering better services to users and listening to their feedback for future improvements.
The OKB team has continued to cultivate a strong connection with its global supporters, and the Buy-Back & Burn program is one of the ways the team has been able to do this. The company has made it clear that it is committed to offering better services to users and is always looking for ways to improve.
In conclusion, OKX’s Buy-Back & Burn program is a successful initiative aimed at reducing the total supply of OKB tokens, thus increasing their value. The 19th round of the program saw the company buy back and burn 5,183,976.43 OKB tokens, equivalent to around $177 million, from the secondary market. The OKB team remains committed to offering better services to users and listening to their feedback for future improvements.
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