Crypto exchange OKX has executed a significant burn of its OKB tokens, destroying approximately $26 billion worth of tokens on Ethereum. This drastic measure reduces the total supply of OKB from 300 million to just 21 million, aligning it with Bitcoin's capped supply. The move has led to remarkable market activity, with OKB's price soaring nearly 100% in a week, reaching a peak of $135.12 before settling around $90.36. The supply cut is part of a broader strategy to revitalize OKB and its underlying infrastructure, especially as it transitions to become the native gas token for its X-Layer, a Layer-2 solution on Ethereum. The upgrade scheduled for August 18 will further modify the tokenomics by eliminating the minting and burning features, signaling a shift in OKX's strategic focus towards enhancing the usability and throughput of X-Layer. The restructuring comes amidst a burgeoning interest in decentralized finance and the ongoing developments in the crypto market, marking a pivotal moment for OKB.

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