Crypto exchange OKX has completed a significant token burn, destroying approximately $26 billion worth of OKB tokens on Ethereum. This move reduces the token supply from 300 million to just 21 million, aligning it more closely with Bitcoin's total supply. In the wake of the burn, OKB saw a substantial price surge, reaching an all-time high of $135 before settling around $90.36. The burn is a central part of OKX's strategy to enhance the utility of its native token, which serves as gas for its X-Layer Ethereum-based network. This shift follows the integration of Polygon’s development kit, aimed at improving transaction efficiency and reducing costs. The firm is also transitioning away from the OKT Chain, which has similarly seen increased value recently. Overall, the restructuring signifies a strategic refocus on X-Layer as a key platform for decentralized finance and other services, potentially leading to greater adoption and utility for users.

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