December Crypto Winners: OKX Exchange Tokens OKT and OKB Travel More Than Well; The Chiliz and Flow flop

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December of Crypto. Done and dusted. Like us, have you tried to drown it all out with as much festive cheer as you could store in the fridge or esky? Either way, here’s a refresh that the parts pumped over and absolutely didn’t.

Before we get into the details, let’s take a look at how the month played out overall, using top crypto asset Bitcoin (BTC) as a barometer of market health. (A grateful nod to Coinglass, for the data.)

Source: coinglass.com

Here, then. It wasn’t huge, but it was far from the worst month for Bitcoin and crypto in 2022. The less said about some of these hot months the better, really. But just in case you have a lingering, morbid sense of fascination with the whole thing, you can recall what happened in one particularly long word here.

Top December Gainers and Losers in the Top 100 Top December Gainers and Losers in the Top 100 by market capitalization. Source: CoinGecko

OKX, OKC, OKT, OKB they’re boring but that’s okay

OK. Let’s talk about the Seychelles-based OKX stock exchange (founded by China). Because, really, what did the FTX do with its confusingly named double tokens to deserve such a good month in the green?

We briefly touched on this in today’s Mooners and Shakers update, but let’s dig a little deeper.

First of all, what happens with double chips? And what is the difference between OKT and OKB (the two best winners of the month)?

According to Crypto.com, OKB is the utility token of the OKX exchange. It “allows OKX users to access several features of the crypto exchange. Specifically, OKB calculates and pays trading fees, provides users with access to voting and administration on the site, and rewards users for staking.

OKT, on the other hand, is known as the “ecosystem” token of OKX, which is tied to developing apps on the OKChain (hence OKC). Is it confusing as hell? Probably, but think of it as the token of the Ethereum-enabled layer-1 blockchain, built by OKX’s Cosmos.

$OKB grew by 27.9% in the last 7 days of 2022 and started as the top 10 coins by market capitalization in 2023.

— OKX (@okx) January 2, 2023

Annnyway In a bid to find out why these frankly irritatingly-named coins are at the top of this month’s list, we’ve scoured the internet quickly. Here is what we were able to glean:

OKX Chain (OKC, which owns the OKT token) launched its “liquid staking” protocol on December 20. And that was seen as a big deal for the network because it (and don’t ask us how) is apparently able to reward users with an annual percentage of up to 40%. Yes, it seems durable.

Nevertheless, the price of OKT has exploded since the launch of the services.

The other major reason for the surge in exchange tokens could be a market share gain since exchange titan FTX imploded in the biggest mess since the Major League Restoration World Championship crashed. is held at Taco Bell. And this market share would have been greatly increased in Asian markets.

Interestingly, OKX registered as a digital asset trading firm in the Bahamas in November, which was home to the bankrupt polycule-sex-orgy-loving FTX crowd. OKX also won UAE approval last year to diversify into Dubai.

Finally, like many other crypto exchanges, OKX made noise about its “proof of reserves,” releasing its latest report in late December. The exchange says its Bitcoin and USDT reserve ratio was 101% while its Ethereum reserve is 103%. This could have helped boost consumer confidence at the end of last month.

Chiliz is cooling, while Flow is flowing

Many people seemed to have predicted it. In mid-November, Chiliz (CHZ) surged ahead of the World Cup in Qatar, but then gave up in a rumor buying and news selling event. I suppose if you paid attention at that time, you might have been able to trade this story.

As a reminder, Chiliz is the internal digital currency of the Socios sports fan engagement platform, which creates football-specific social/fan tokens, such as the Argentine Football Association (ARG) Fan Token. And, incidentally, this token has surged based on the fortunes of Messi and co. during the tournament, coming down again once the hype died down following the team’s victory over France in the final.

You could then say that CHZ tends to operate with its own volatility bubble slightly separate from the rest of the crypto market.

The Flow blockchain, meanwhile, continued a dismal end to the year, a trend that began by losing 60% of its previous transaction volume between September and October, then losing another 50% in November after the project announced that he had laid off around 22% of his team due to bearish market conditions.

Flow is the blockchain that houses the once hugely popular Topshot NFT NBA brand, which has struggled to maintain healthy sales volume amid the downturn in the general NFT space over the past few months.

Top 10 winners and losers in the top 300

Zooming out a bit, here then were the top 10 gainers and losers of the top 300 cryptos by market cap, with thanks again to CoinGecko

Top December winners and losers in the top 300 by market capitalization. Source: CoinGecko

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