OKEx Responds to Fake Trading Volume Claims with a Happy Friday Bonus Campaign
Debunking The Fake Trading Volumes Claims – The OKEX Happy Friday Bonus Campaign
Lately, there have been questions concerning the credibility of the trading volumes purported by OKEx, a leading digital currency trading platform. However, these allegations are most likely unfounded due to the difficulty in collecting data for trading volumes, especially given that the OKEx platform also provides futures trading and API transactions.
Additionally, it is worth noting that the OKEx platform recently inaugurated a program called Happy Friday, a bonus campaign that wards a half of the exchange’s trading fee to OKEx token holders on a weekly basis. Last week, the Happy Friday initiative disbursed an estimated $5 million. Therefore, it is obvious that the trading volume for the OKEx platform could not have been falsified, because the platform would need to use its own money to fund the Happy Friday campaign.
As mentioned above, the Happy Friday program distributes 50% of the weekly transaction fees to holders of the OKEx token. Notably, these bonuses are paid in BTC and are dependent on the number of OKB tokens a user holds. Since its inception, the Happy Friday initiative has gained popularity amongst OKEx users across the globe, with its value reaching the 2,000 BTC mark.
Similarly, the OKEx crypto exchange has been performing exceptionally well, upholding its status as one of the world’s leading trading platforms. To put this into perspective, CoinMarketCap reported that the exchange attained a 24-hour trading volume of $872 million on September 14th, whereas AlCoin, the largest crypto info website in China, reported that OKEx has a trading volume of $5.07 billion over the same period. The disparity in the stats is a result of the inclusion of both token trading and futures trading volumes by AlCoin.
Considering the data posted on CoinMarketCap as basic volume and a standard rate of 0.02%, this returns a daily trading fee of $174,000. In such a case, the Happy Friday campaign would receive $611,000 form token trading, all of which would be disbursed to OKB token holders. According to AlCoin, the trading volume over the past 24 hours is $5.07 billion, meaning that futures trading returned a volume worth $4.2 billion. Still, going by the 0.02% standard trading fee, this would return a daily fee of $840,000 and the weekly total bonus would be $2.93 billion. As per this data, the Happy Friday campaign would distribute at least 1,200 BTC weekly. Also, it is easy to get into this program, since the minimum threshold for eligibility is the ownership of 100 OKB tokens.
The OKB is a global utility token that is issued by the OKEx blockchain to establish a connection between startups and OKEx users, thereby creating an ecosystem whose primary objective is to advance the development of the cryptocurrency and blockchain industry. The OKB roadmap is graced by several unique features including OK Partner Exchange, Happy Friday, Global Partner, and many more. Out of the total supply of 1 billion OK tokens, some have been reserved for the aforementioned programs.