Cryptocurrency exchange OKEx Launches a New Feature “Convert Small Balances to OKB”
April 7, 2020 4:58 pm
OKEx, Cryptocurrency exchange launched a new feature “Convert Small Balances to OKB” that enables its users to convert small balances to the firm’s proprietary token OKB.
On April 7, OKEx announced that the new product “Convert Small Balances to OKB” allows its user to convert all the tradable digital asset with less than 0.001 Bitcoin (BTC) balance ($7.38 at press time) into OKB. The higher limit for conversion value is 0.01 BTC ($73.84 at press time), there is no limit on conversion time but the conversion is only accessible when the price fluctuates within 5%.
The small balance handling is a crucial feature for long-term traders because it restricts users from losing resources when trading several different assets and small balances are a great problem on crypto exchanges “because they are funds that cannot be accepted” to trade.
OKB- A Broom For cryptocurrency “dust”
Binance has a similar feature allowing users to convert small balances — usually called dust into its proprietary token Binance Coin (BNB). When the feature first launched in late April 2018, Binance co-founder and CEO Changpeng Zhao Tweeted:
Like BNB, OKB supports users to pay less for fees on the trading platform. On Feb. 16, 2020, two years after the launch of the exchange token OKB, Jay Hao, CEO of OKEx announced, OKEx explains some of the advantages that OKB holders have on its exchange.
“There is only one trading fee discount program for OKB holders on OKEx, in which users only need to hold 500 OKBs to enjoy fee discounts. To receive the maximum discount, users only need to hold a maximum of 2000 OKBs.”
Origin Of OKEx
OKEx faced so many ups and downs over the past two years, like temporary system shutdown and even false accusations of fraud. However, OKEx significantly grew in importance within the cryptocurrency ecosystem and OKEx recently became the world’s top Bitcoin Futures exchange by daily trading volume, overtaking industry veteran BitMEX, by the end of the March.
Jay Hao, CEO of OKEx believes that OKEx’s competitors do not appreciate the growth of his program, he blamed them for denial of service attacks against the exchange, in February via tweet. The attack routed as much as 200 gigabytes per second of traffic, which affected OKEx systems.