OKX completed a significant burn of $26 billion worth of its OKB tokens on Ethereum, reducing the total supply from 300 million to just 21 million, similar to Bitcoin's scarcity. This drastic move aims to restructure the token's supply and enhance its value within the crypto market. Following news of the burn, OKB achieved a price peak of $135.12 before stabilizing around $90.36, marking it as one of the largest weekly gainers in the top 100 crypto tokens. The burn aligns with OKX's strategy to phase out connections with Ethereum’s mainnet and focus on its Ethereum layer-2 network, X-Layer. With future upgrades planned for its smart contract, which will limit minting and burning functionalities, OKX aims to evolve its tokenomics as part of broader plans to develop its X-Layer network into a leading platform for decentralized finance (DeFi), payments, and tokenization of real-world assets. The restructuring reflects OKX’s commitment to enhancing usability and efficiency within its ecosystem while fostering significant involvement from U.S. residents and aiming for a public listing in the future.

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