OKX’s OKC Token (OKT) up 45% in December, while its rival, Binance’s BNB, loses 18%
The OKC token, or simply OKT, has seen a 45% increase in value since the beginning of December, outpacing not only rival BNB that has fallen from Binance, but also another OKEx token, OKB. There are several reasons for this explosive price action of OKT, which we will examine.
The first reason could be seen as the growing popularity of the OKX exchange, of which OKT is the network’s native token. After the FTX ponzi scheme collapsed, it was OKX that became one of the main beneficiaries. In the month since the sad events for the crypto industry, OKX’s total value locked (TVL) has doubled and now stands at $6.42 billion, according to DefiLlama.
The next reason can be called the launch of OKT’s own liquid staking protocol in the middle of the month. The long-awaited event aims to expand the decentralized aspects of the OKEx ecosystem.
There are also a number of indirect reasons for the rise in popularity of both OKX and its tokens. Among them are Elon Musk’s subscription to the exchange’s Twitter account, and FUD around Binance, arguably its main competitor, with OKX’s TVL growing by $420 million since the start of its black-and-yellow rival’s troubles, according to the same data.
okex chain blockchain insight
According to OKC Explorer, there are currently 131 million transactions on the OKEx Chain, 89.6 million addresses on the network and a total value of $130.6 million, where OKT has a market capitalization of $478 million.
