OKB joins the Fantom DeFi ecosystem
We’re thrilled to announce that OKB, the utility token of leading exchange OKEx, will join Fantom’s DeFi ecosystem in a move to unlock increased utility for OKB holders.
OKB holders will gain access to collateralized debt positions (CDPs) through Fantom Finance, with the ability to mint stablecoins in multiple fiat denominations (USD, EUR, etc.) against OKB collateral. Once minted, these stablecoins can be lent to borrowers using fLend, used to trade synthetic assets with fTrade, or simply as a means of stable currency exchange on a scalable network free of congestion and high transaction fees – all without losing price exposure to their underlying OKB collateral.
Specifically, fLend allows you to lend fUSD to an aggregated liquidity pool for a transparent, verifiable APR. Or, you can use fUSD to borrow synthetic assets, which can be sold using fTrade to create a short position.
fTrade will support 176 tradeable synthetic assets — all with fast transactions and zero slippage. You can trade these assets without ever owning them directly; an oracle will provide the traded asset’s price at the start and end of the trade. The difference between these two prices determines whether the trade makes a profit or a loss, and the magnitude. With no order book to contend with, liquidity issues are diminished – you can trade in much larger volumes at the current spot price.
These synthetics are secured on-chain by the Opera network’s Proof-of-Stake consensus and traded directly from your wallet — with no custodian, ensuring maximum protection of your assets on all fronts.
OKB is the utility token of the OKEx trading platform. All OKB holders enjoy exclusive functions on the OKEx platform with a wide range of ecosystem use cases available. OKB is a deflationary token with 30% of the OKEx spot market transaction fee income used to buy back tokens on the secondary market, which are then transferred to a black hole address for burning.
The Fantom Foundation is committed to building technology that is open-source, decentralized DAG-based distributed ledgers with aBFT consensus. We aim to create fast, secure, and scalable technologies across a wide range of industries, allowing organizations, businesses, and individuals to develop decentralized and secure applications, solving real-world problems.