OKB User Activity increased 21-points (3.55%) in the past month. The score is now live on the FCAS Tracker. OKEx is also the first exchange to list FCAS directly on its trading platform [link to blog].
Fundamental Data: OKB FCAS went up 4-points (0.59%) in the past month, led by a 21-point climb (3.55%) in User Activity. Developer Behavior and Market Maturity remained stable.
Recent Events:
- On June 5th, the crypto derivatives exchange launched options contracts on Ethereum’s ETH token. Before this, Deribit monopolized Ethereum options as the only exchange to offer them.
- On June 18th OKEx also launched options on EOS, the ninth largest cryptocurrency by trading volume.
- A week ago, the team made margin trading and savings for Compound (COMP) available.
An options contract gives the buyer the option to buy or sell an underlying asset at a predetermined price, on or before a set date. While a call option represents a right to buy, a put option gives the holder the right to sell.
Analysis: These key events are likely attracting more users to OKEx, particularly from day traders. Holding a call option long (buying) gives users the option to buy the underlying at a lower price, if the price goes up. Meanwhile, selling an option is an excellent way to hedge against the price going down.
“For example, when the price of ETH goes down, spot traders can only choose to hold or close their positions to cut losses. With ETH options, traders can choose to buy put options and profit from falling prices to offset losses in the spot market while holding ETH for possible future gains.” explains the post.
Perspective: OKEx is the largest Ether futures exchange by open interest, accounting for 26% ($179 million) of the global tally of $672 million. Further, the exchange recently surpassed BitMEX to become the largest bitcoin (BTC) futures exchange by open interest ($1.5B daily volume).
About OKB (OKB)
OKEx is a Malta-based cryptocurrency exchange. It has become one of the dominant exchanges outside of the United States, serving millions of users and consistently listing among the top crypto exchanges by trading volume.
OKB is the native token of the exchange and is issued by the OK Blockchain Foundation, adopted by OKEx as its global utility token. OKB holders can enjoy several benefits from discounted fees and voting rights to rewards and giveaways.