OKX, a prominent cryptocurrency exchange, completed a substantial burn of its OKB tokens, valued at $26 billion, as part of a significant supply reduction strategy. The supply was slashed from 300 million to just 21 million tokens, bringing it in line with the total supply cap of Bitcoin. This reduction marks a pivotal moment for OKB, which also serves as the native gas token for OKX's Ethereum layer-2 network, X-Layer. The announcement sparked a surge in the token's price, achieving an all-time high of $135.12 before settling around $90.36. This restructuring aims to enhance OKX's market position, especially after integrating the latest version of Polygon's development kit to improve network efficiency and reduce transaction costs. The changes reflect OKX's strategic pivot towards expanding its services and increasing its relevance in the competitive cryptocurrency landscape.

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