OKC Token, or simply OKT, has seen a 45% increase in value since the start of December, outpacing not only falling rival BNB from Binance, but also another OKX token, OKB. There are several reasons for this explosive price action of OKT, which we will examine.
The first reason could be seen as the growing popularity of the OKX exchange, of which OKT is the network's native token. After the FTX ponzi scheme collapsed, it was OKX that became one of the main beneficiaries. In the month since the sad events for the crypto industry, OKX's total value locked (TVL) has doubled and now stands at $6.42 billion, according to DefiLlama.
The next reason could be named the launch of OKT's own liquid staking protocol in the middle of the month. The long-awaited event is intended to expand the decentralized aspects of the OKX ecosystem.
There are also a number of indirect reasons for the rise in popularity of both OKX and its tokens. Among them are Elon Musk's subscription to the exchange's Twitter account, and FUD around Binance, arguably its main competitor, with OKX's TVL growing by $420 million since the start of its black-and-yellow rival's troubles, according to the same data.
OKX Chain blockchain insights
According to the OKC Explorer, there are currently 131 million transactions on the OKX Chain, 89.6 million addresses on the network and a total value of $130.6 million, where OKT has a market capitalization of $478 million.