OKX has successfully completed a significant burn of its OKB tokens, valued at approximately $26 billion, as part of a substantial reduction in supply. The overall supply of OKB has been slashed from 300 million to just 21 million, aligning with Bitcoin's total supply. This restructuring aims to enhance the value of the remaining tokens, and the news of the burn briefly spiked OKB's price to an all-time high of $135.12 before it retraced to $90.36. The changes are part of a broader strategy for OKX, which includes upgrading the token's smart contract for enhanced functionalities and removing minting capabilities. The firm's shift to focus on its Ethereum layer-2 network, dubbed X-Layer, is intended to establish it as a key player in decentralized finance (DeFi) and related applications. Additionally, OKX is phasing out its OKT Chain token in favor of OKB following increased demand for the latter.

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