OKEx has announced its compensation and reward plan for users who continued to trade on its exchange when withdrawals were suspended. The compensation and reward program, which they are calling the “Happy Friday Reward Program” will begin on December 4th and will recur every subsequent Friday.
How it works
OKEx will be putting 20% of its total income from futures and perpetual swap transaction fees from the last seven weeks into an incentive fund. Users who held over 10,000 USDT on OKEx during the period of time when withdrawals were halted will be rewarded in proportion to their total average assets held on the platform as well as their total average trading volume during the suspension period.
OKEx will calculate the rewards individuals can receive via their effective assets by using the following equation:
OKEx’s futures + perpetual swap transaction fee income for the week * 10% * user’s daily average of total asset value/sum of total daily average asset values of all users.
OKEx will calculate the rewards individuals can receive via their trading volume by using the following equation
OKEx’s futures + perpetual swap transaction fee income of the week * 10% * user’s daily average trading volume / daily average trading volume of all users.
In addition, OKEx users whose assets exceeded 10,000 USDT before 4:00 pm UTC on Nov. 23, will receive a commission rebate card valued between 100 USDT and 1,000 USDT according to the table below;
No. | Net assets (Unit: USDT) | Refunded service fees (Unit: USDT) |
1 | （10,000~100,000） | 100 |
2 | （100,000~200,000） | 200 |
3 | （200,000~300,000） | 400 |
4 | 300,000 or more | 1,000 |
and, OKB holders can take advantage of a 2x multiplier when converting their OKB into USDT when it comes to total effective asset calculation for the rewards.
OKEx resuming withdrawals
OKEx will be resuming unrestricted withdrawals on November 27th. OKEx halted trading on their platform for a whopping 42 days but considering their generous compensation and reward program, it is clear OKEx values its users, appreciates their patience, and is rewarding them accordingly.
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