OKB, the native token of crypto exchange OKX, surged by nearly 160% following the announcement of a significant overhaul to its blockchain ecosystem. This included a one-time burn of 65,256,712 OKB tokens, which will fix the total supply at 21 million. The increase in value was marked by a rise from $45 to highs of $135 during the day. Alongside the token burn, OKX introduced major upgrades to its X Layer network, powered by Polygon technology. This upgrade aims to enhance transaction speeds to 5,000 transactions per second while reducing gas fees and improving compatibility with Ethereum for developers. OKX plans to integrate its Wallet, Exchange, and Pay services into the X Layer ecosystem, while phasing out its OKTChain and the Ethereum version of OKB. Regulatory challenges have emerged in Asia, with OKX facing scrutiny in markets like Thailand and the Philippines for operating without proper authorizations. The exchange is exploring a potential IPO in the U.S. following its recent relaunch in the country.

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