Crypto exchange OKX has completed a massive burn of its OKB tokens, worth approximately $26 billion on Ethereum. This action is part of a strategic plan to significantly reduce the total supply of OKB from 300 million to just 21 million, aligning it with Bitcoin's supply model. Following the announcement, the price of OKB surged nearly 100% over the week, reaching a peak of $135.12 before stabilizing around $90.36. The token also serves as the native gas token for OKX’s Ethereum layer-2 network, known as X-Layer. The entire process aims to enhance the platform's focus on DeFi, payments, and tokenization of real-world assets, while discontinuing its earlier OKT Chain. The event marks a significant step in reshaping OKX’s market strategy, with high expectations for the future of the token.

Source 🔗