Crypto exchange OKX has completed a significant burn of OKB tokens valued at approximately $26 billion, slashing the total supply from 300 million to just 21 million, akin to Bitcoin's model. This burn, effective on August 15, aligns with OKX’s strategic shift to discontinue its connection to the Ethereum mainnet and enhance its own layer-2 network, X-Layer. Following the announcement, OKB experienced a surge of nearly 100% on the week, though it has since moderated to $90.36 from an all-time high of $135.12. The restructuring of OKB’s tokenomics includes upgrading its smart contract to eliminate minting and burning features, which will take place on August 18. This change emphasizes the company’s focus on developing X-Layer into a premier platform for decentralized finance, payments, and real-world asset tokenization. Earlier, OKX expanded its operations to U.S. residents and sought to broaden its market presence as a publicly traded entity in the crypto landscape.

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