Is OKX's OKB token still linked to the exchange?

Looks like OKX is now marketing its OKB token just as a gas fee token for their L2 blockchain called "X Layer". Are they trying to separate themselves from it? Could this be tied to their move into the US market and that recent investment from NYSE? So I checked out the link: "OKB is X Layer’s native gas token, the key to the blockchain’s operations and governance". There’s also this unofficial article that doesn’t reference any official sources: "OKB is the token most closely tied to the OKX ecosystem, but its economic center of gravity has changed. For years, exchange-token demand was often framed around fee discounts, buybacks, and platform perks. With OKB, the clearer current lens is that OKX has been repositioning it as the native gas token of X Layer, while also shrinking supply dramatically and fixing that supply at 21 million." I’m really curious about how the OKB/USDT chart has done over the years, but this whole situation is just so confusing.

As far as I know, user tier fees are still determined by how much OKB they hold. Maybe yes, it is a strategic effort for them to release OKB as a utility token to reduce exposure to regulatory risks but want to keep OKB as part of the exchange's core ecosystem.

They are trying to follow Binance's BNB it seems, giving additional utility to their own token but maybe at smaller scale. Basically what happen is Binance launchpool - OKX jumpstart Binance Hodler airdrops - X Drops club Binance Launchpad - OKX jumpstart subscription Binance Smart Chain - OKX's X layer All of them involves OKB. Fairly speaking, many centralized exchange have adopted binance's approach for their exchange coin and it's not only OKX.

They might be trying to move in the same direction as BNB, which first started as a token on Ethereum that was only used on Binance. Eventually, they launched Binance Chain where BNB was the native gas token and expanded its uses outside of Binance. Trying to present it as an actual cryptocurrency instead of an exchange token might be because of regulatory reasons, but I think it has more to do with trying to appear more legitimate. Uniswap and Aave recently launched on X Layer. I’m sure most of the TVL belongs to OKX, but we will see if this blockchain manages to gain traction like BNB Chain and Base.

All of OKX services are involving their OKB tokens. So it seems you have not yet explored enough what's utilities owned by OKB. Even mine often used OKB to farm the launcpool, and get the yield. So i think your judgement is being provided with no strong proof. OKB is still strongly tied to the OKX exchange site. OKB is basically all in one token. It's serving as a key to get various advantages from the platform. So there's no distance between OKB and OKX. These things are still linked each other.

The tricky thing is, BNB kept all its utilities on Binance (fee discounts, launchpad, etc) whilst OKB seems to have been spared of all of it.

Ah, and of course now it is pumping. I knew I should have purchased it that day. Bamboozled myself into skipping it The reason for the pump: OKX's X Layer launches Exchange OS, allowing users to create custom crypto markets (https://www.theblock.co/post/402505/okx-x-layer-exchange-os)

Exchange OS looks like it’s going to be something similar to Hyperliquid. I don’t know if the market really needs another Hyperliquid competitor. Liquidity might get too fragmented that it ends up making the dominant DEX stronger. It is similar to when we saw a proliferation of new altcoins. They all tried to market themselves as superior to Bitcoin. In the end, there are only a handful of altcoins that really have adoption and even those have performed badly as a long term investment. If Exchange OS is reasonably successful, there might still be some upside for OKB, but I would temper my expectations and wouldn’t FOMO in hoping to see 100x returns.

Yeah definitely have seen this strategy somewhere, maybe soon they will create user deployed prediction market as well. But whatever it is as long as their holder getting the most benefit, I guess good for them. Maybe this coin is worth holding after all.

For those interested: OKB tested its 7 years long trendline twice in the last 48 hours. It is one of the very few coins that kept making a new high every single cycle since its inception. But now the fear and uncertainity are way too deafening. Will OKX save it once again or will we witness the beginning of the end for it?

Isn't this token going high this cycle because supply slashed by 50%? If that is the case, it's expected that they will pump but not really a true indicator of bullishness because the new all time high could be coming from them playing with supply? Even though I admit that OKB has been having a good run. In this case, the chart is good but should take into account the supply slashing to make it more accurate.

I believe it was much more than 50%. The total supply used to be somewhere in hundreds of millions tokens. Now, just like BTC, it's 21 million. Here's some info but it's not very clear: https://www.tradingview.com/news/cointelegraph:f7e382b8a094b:0-okb-pumps-160-after-65m-burn-as-okx-fixes-supply-at-21m-upgrades-x-layer/

One rare case where burning tokens actually pump it to arguably a significant degree I guess (if the chart holds). I've seen to many token burned their supply with a 10% pump then nosedive sooner or later. I guess you could argue they don't have the same strength as one of the biggest international exchange "native" token. I can't remember the last time I used OKX (back then it was OKEX). Is picking 21 million simply for marketing or is there any technical reason why going lower won't be good for them?

There's really no need to use OKX if Binance operates in your region. If it doesn't it's a different story, but even then there's Bybit, which is at least not worse. I don't know anything about this symbolism of 21 million supply and why the burn was even needed. The price almost retraced that pump anyway. It's technically just a gas fee token for X Layer now and has nothing to do with OKX but OKX backs it so the exchange token narrative is still alive.

Binance and Bybit operate similar schemes where their exchange tokens are also used as native token for their respective networks so why do you think it would be any different with OKB? As long as they haven't explicitly come out to say that they are no longer affiliated with the token then I think it's the usual case. The only thing that changed fundamentally wad that they did a token split or reduced the supply. I've forgotten which happened exactly but i think that's the only thing that changed. Binance uses BNB as network token for bnbchain and for fee discount on binance itself. Same with MNT on bybit.

That's so much supply slash, no wonder the price surges so high. I'm still curious how their chart will look like after being calculated with the supply slash to reflect the real price growth, I wonder if such chart even exist. With how they're doing so far, they might be another good candidate for the next BNB on the making alongside $HYPE but I will not be so sure until we see the real price. The only way to find out is doing calculation manually maybe.

Maybe that is their way of countering the negative news. 50 percent was a lot though and so lucrative for the investors. So I think yeah, there is truly a possibility for them to retain their positive streak. Pump and bullishness are both the same though even though their terms are different, and a new ATH can truly or also come from them. I include the word 'also' because we can't just ignore the opposite market direction but they have their own contributions too on creating the other side of building/market. If you mean by 'them' is the team, I think that is also possible because they own the project and they can dictate what can happen to it next.

I have accounts on both Binance and OKX, but I use OKX. This is because I sell (write) options on the exchange, and OKX is the only exchange I know of that allows any trader to write BTC/USD options with collateral and settlement in Bitcoin, and a minimum contract size of just 0.01 BTC. Binance, as far as I remember, does not allow users to write options at all. It only allows buying options or selling previously bought ones, which is nowhere near as interesting. Granted, I have never dealt with OKB tokens. I just don't see any use cases for them for myself.

I think it's more about OKX trying to create a headline in the bullish market, the slash occurred around the time when BNB is skyrocketing and reach another all time high. OKX want same exposure to OKB and decide to slash supply, it worked. What I mean by indicator of bullishness is the chart should be adjusted for the slash, the sudden pump might look a pump but if the pump was caused by slash the market is just adjusting rate not valuation increase.