OKX completed a significant burn of 279 million OKB tokens valued at approximately $26 billion on Ethereum as part of a supply reduction initiative, slashing its total supply from 300 million to 21 million to align with Bitcoin's finite supply model. This move marks an essential step in the token's economic upgrade, eliminating its connection to the Ethereum mainnet. Following the announcement, OKB's price surged by over 100%, reaching a new all-time high before retracting slightly. The token, serving as the native gas token for OKX's Ethereum layer-2 network, X-Layer, is set to undergo a smart contract upgrade to remove minting and burning functionalities. As part of a strategic refocus on X-Layer, OKX is also planning to discontinue its OKT Chain. The firm aims to enhance its offerings in decentralized finance, payments, and real-world asset tokenization while expanding its operations globally, including establishing a new HQ in the U.S.

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