OKX, a leading cryptocurrency exchange, has executed a substantial burn of OKB tokens, amounting to $26 billion. This move is part of a strategic effort to reduce the total supply of OKB from 300 million to just 21 million, aligning it with Bitcoin's supply cap. The token burn process, which took place on Ethereum, comes as OKB experiences a surge in value, recently seeing a price peak of $135.12 before settling at around $90.36. The increase in price reflects heightened investor interest following the announcement of the supply cut. OKB also serves as the native gas token for OKX's Ethereum layer-2 network, X-Layer, which has undergone significant upgrades to enhance its throughput and reduce transaction costs, aiming to foster growth in decentralized finance and payment solutions. As part of these changes, OKX plans to phase out the OKT chain. The restructuring signifies OKX's commitment to solidify its position in the competitive crypto landscape, particularly in the context of expanding its operations and enhancing user engagement.

Source 🔗