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Against Fake Volume Allegation: OKEx Distributes $5M Trading Commissions to Users Weekly

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Against Fake Volume Allegation: OKEx Distributes $5M Trading Commissions to Users Weekly
Source: OKEx

Recently, there appeared an allegation regarding the trading volume of OKEx, a world-leading digital asset exchange. However, the allegation itself is invalid due to the difficulty in collecting accurate trading volume data, as a person or even as media outlets let alone exchanges like OKEx with futures trading and API transaction.

What’s more is an important fact that needs to be mentioned. It has been reported that OKEx has launched a program named Happy Friday, a bonus distribution campaign that will give away 50% of its trading fee to OKB [the OKEx platform token] holders weekly. The program has distributed approximately $5 million last week.

If OKEx has wash traded grossly to reach the volume that is currently displayed on CoinMarketCap, while the weekly bonus has remained at $5 million, the exchange will need to pay most of the bonus to users with its own money. Why then would OKEx create fake volume? That does not make sense to us at all.

The Happy Friday campaign mentioned above is a program launched by OKEx to distribute 50% of the weekly transaction fee as BTC bonus every Friday to users holding OKB. The amount is based on the percentage of OKB the user holds. Since its launch, the Happy Friday campaign became popular among OKEx users worldwide and the mega bonus pool had at one time reached up to 2,000 BTC.

OKEx, as one of the top crypto exchanges by volume, in its 24H trading volume reached $872 million on CoinMarketCap [14th, September] and $5.07 billion on AICoin [14th September], two of the most popular websites about crypto information in China. The former lists only token-trading while AICoin records the total volume including futures trading.

Source: CoinMarketCap

Source: CoinMarketCap

Taking the data on CoinMarketCap as the basic volume, and 0.02% [the lowest rate] as standard [which is hardly possible], the daily trading fee is $174,550, while the weekly bonus pool amount would be $610,925 [of only token-trading], which will all be distributed to OKB holders.

Source: AICoin

Source: AICoin

The data shown is based on the lowest rate of trading fee enjoyed by the highest-level member, and the trading volume excludes futures trading, which is the majority revenue source of OKEx. According to AICoin, the total trading volume in the past 24H is $5.07 billion, so the 24H futures trading volume would be $4,197,248,301.

Assuming the trading fee rate is still 0.02%, then the daily trading fee is $839,450, and the amount of weekly bonus pool would be $2,938,075, which would all distributed to OKB holders as well.

According to the data calculated above, users can get over 1,200 BTC each week from the OKEx Happy Friday campaign. At the same time, eligibility is easy to maintain as you just need to hold no less than 100 OKB to enjoy a mega bonus.

As to OKB, it is a global utility token issued by OK Blockchain Foundation to connect prospective digital asset projects to OKEx users as well as professional investors, creating an OKEx ecosystem that helps to advance the development of blockchain technology and the digital asset industry.

Different from tokens of other platforms, OKB has a great roadmap including but not limited to the application of programs such as Happy Friday, Global Partner, Prime Investor, OK Partner Exchange etc., as well as the world’s first index product OK06ETT.

The total available supply of OKB is 1 billion, some of which will be locked up with those programs, meanwhile, the value of OKB will be added as well. 60% of the circulation amount will be given to OKEx users for community building through marketing campaigns, which enables OKB holders to enjoy various privileges and increasing the profit for the long term.

*The current price of OKB is $1.23, which is near its historic low point and therefore worth the investment.

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Baer Chain Global Developer Conference “CURVATURE NAVIGATION” was held Successfully in Korea.

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Baer Chain Global Developer Conference “CURVATURE NAVIGATION” was held Successfully in Korea.
Source: BaerChain

During the conference, Vincent talked about the current status of the development and the future plans of Baer Chain:

  • The globalization of Million Ecology Project is going smoothly. The “Curvature Navigation” conferences will be held in Asia first, and then in Europe and finally in North America. The official launch of the mainnet will come with a grand event in North America.
  • The Baer Chain block explorer developed by supernode team Baer LA is officially launched, marking Baer Chain’s decentralized development stage;
  • All game developers teams from all over the world will continue to develop blockchain games based on Baer Chain technology. At present, dozens of games are under development and will be launched in the Baer Chain ecosystem.

On 24th May, Baer Chain “Curvature Navigation” global developers conference was successfully held in Gangnam, South Korea.

Daniel Kim, CEO of Block Patch, a well-known blockchain company in Korea, attended the conference with a special guest, Zhenying Lee, who is focusing on the legal research of the blockchain industry.

Source: Baer Chain

Vincent introduced the development of Baer Chain at the conference. When talking about the progress of the Million Ecology Project, he said:

“We have entered the stage of curvature navigation and Korea is our first stop. Next, we will continue the journey of curvature in Amsterdam, then in London. We will eventually go to North America. What I can tell you is that it will be a grand event in North America to welcome the official launch of the Baer Chain mainnet.”

Source: Baer Chain

At the conference, Vincent announced that the first version of the Baer Chain block explorer developed by the supernode team Baer LA has been launched. It is the most direct visualization approach for users to engage with the mainnet.

With the release of the block explorer, all the third-party node teams are now able to smoothly carry out the development work based on the Baer Chain technology architecture, which means that the technology development of Baer Chain has entered the decentralization and the rapid growth stage of cooperation.

At the conference, Shawn from the supernode team Baer Cali also talked about the advantages of the Baer Chain technology architecture and how they began to develop games on Baer Chain.

Vincent stated that there were more than 10 super node teams have already started their development of new games. They are working very hard to develop their games and strive to release their products on the Baer Chain as soon as possible.

In the following Q&A session, Vincent was asked by one of the participants that if BRC was affected by Million Ecology Project, and Vincent responded:

“BRC is an indicator of Baer Chain’s values. The positive trend of BRC reflects the market’s view on the development and future value of Baer Chain.”

For more information, please visit the website, or follow on Twitter.

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