Despite the massive downturn in the cryptocurrency market, some of the native utility tokens from the top exchanges in the world were able to keep most of the gains they made over the past year.
Exchange tokens outperformed the rest of the market
During the first half of the year, most of the cryptocurrencies in the industry surged significantly. Among the top three by market cap, for instance, Bitcoin went up over 300 percent, Ethereum moved up 250 percent, and Litecoin rose a whopping 400 percent. Meanwhile, exchange tokens went through a more substantial bullish impulse.
BitMax Token (BTMX) skyrocketed 900 percent while Binance Coin (BNB) shot up nearly 640 percent, and OKEx’s OKB token rose just above 600 percent. But, in terms of year-to-date (YTD) returns, OKB ranks first among all exchange tokens since it was able to keep 322 percent of the gains made. This utility token is succeeded by BTMX, which holds a YTD return of 244.5 percent and BNB with 232 percent.
OKB success relies on its mission
According to Jay Hao, the CEO of OKEx, part of the success that OKB has seen over the year is correlated with the effort that his team is putting to launch OKChain into mainnet. At the moment, the self-built blockchain infrastructure is at the final stage of testing and will go live “very soon.”
Hao believes that there is a substantial “misplacement of resources” around the world where 69 percent of the global population, around 1.7 billion people, are unbanked. As a result, the OKChain is expected to help the unbanked by providing them with “basic financial services” to achieve “financial inclusion.”
The trust that investors have in OKB to reach this goal can be seen in its price. And, Hao maintains that the utility of this token will continue to expand as it represents an “integral part” of the OKEx ecosystem.
“We are developing a series of use cases with our partners in many fields, such as cybersecurity, finance, lifestyle services and more. Now you can top up your mobile, fuel card, book your hotel stay, or purchase gears for your online games with OKB on tens of platforms. You can even buy OKB with some of the fiat currencies on select platforms now. I can promise you there will be more use cases to come.”
Moreover, Hao argues that the “buy-back and burn” program that was implemented by the firm in May could also be pushing the price of OKB higher based on the supply and demand economic model.
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