OKX completed a significant burn of its OKB tokens, destroying around $26 billion worth as part of a major supply restructuring. This action reduces the total supply of OKB from 300 million to just 21 million, aligning it with Bitcoin's model. The burn was announced on August 15, coinciding with a notable surge in the token's value, which had seen a near 100% increase over the week. Following the burn, OKB's price peaked at $135.12 before temporarily retracing to $90.36. The restructuring is designed to eliminate OKB's connections to the Ethereum network and upgrade its smart contract to enhance efficiency. This strategic move is part of OKX's broader initiative to promote its Ethereum layer-2 network, X-Layer, as a prominent platform for decentralized finance (DeFi) and real-world asset (RWA) tokenization.

Source 🔗