OKB launches ERC20 network, “Repurchase and Destruction Plan” opens global consultation

According to the official announcement of OKEx, 300 million OKBs currently on the market have been launched on the ERC20 network, and will be opened at OKB on April 29th, Hong Kong time. Users can withdraw OKB to the wallet supporting ERC20. After the withdrawal, users will not be able to enjoy the super bonus that is issued every Friday. It is reported that OKB will be transferred from the ERC20 network to the OKChain main network after the OKChain test network is stable, and become the only underlying base token. In addition, the OKB operations team is evaluating the OKB repo destruction program, and OKB supporters can make recommendations on repurchase destruction programs on OKEx global social media.

The following is the original text of the announcement:

Announcement on the consultation of OKB on the ERC20 network and the “Repurchase Destruction Plan”

Dear OKEX users:

As of April 28, 2019, OKB General Points (hereinafter referred to as OKB) has been on the OKEX currency trading platform for more than one year. In this year, OKB has received support from more than 1 million users worldwide, with a cumulative trading volume of over 15.6 billion. OKB, OKB supporters received a total of $212 million in super incentives at the Happy Friday event.

OKB has not been on the chain before, because the OKB operation team has been secretly developing its own public chain – OKChain. In view of the many community users calling for OKB to go online, the OKB team has decided through research that 300 million OKBs currently in circulation will be online. The ERC20 network will be opened at OKB on April 29th at 16:00 (HKT). (With OKB smart contract address: https://etherscan.io/token/0x75231f58b43240c9718dd58b4967c5114342a86c)

After the link, users can withdraw their OKB to the wallet that supports the ERC20 network. At present, the OKEX cold wallet with multi-layer composite security mechanism has been launched. It can be experienced in the latest version of OKEX APP. The wallet already supports multiple main chains and most ERC20 tokens. Welcome to experience OKEX wallet. Tips: thousand Don’t forget to back up your mnemonic. Lost wallet passwords and mnemonics will permanently lose your digital assets in your wallet. However, whether it is cash withdrawal to okex or other wallets, users will not be able to enjoy the super incentives issued every Friday.

The unlocked 700 million OKB unlocking time will be postponed from the original 2020 to 2022, and a new extended lock or batch unlocking plan will be announced half a year in advance.

In addition, the OKChain public chain has entered the end of development, and is expected to go online in June 2019. After the OKChain test network is stable, OKB will be transferred from the ERC20 network to the OKChain main network. At that time, OKB will serve as the only underlying token for OKChain, which can be used to pay transaction fees and use multiple DAPPs developed based on OKChain.

Finally, we noticed that some OKB community members called for the conversion of the incentive allocation every Friday to OKB’s repurchase destruction program, considering that after the withdrawal of OKB, the user could not enjoy the weekly super incentive, but also for all OKB support. The OKB operations team is currently evaluating the OKB repurchase destruction program. All OKB supporters are also welcome to suggest solutions to us on OKEX’s social media.

OKB Operations Team

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