OKX burned $26 billion worth of its OKB tokens on Ethereum as part of a major supply restructuring. The burn reduced the total supply from 300 million to just 21 million, aligning with Bitcoin's finite supply standard, and marks a significant step in the cryptocurrency's economic upgrade. Following the announcement, OKB's price surged over 100%, reaching an all-time high of $135.12 before settling around $90.36. The token also functions as the gas token for OKX's Ethereum layer-2 network, X-Layer, and will undergo a smart contract upgrade on August 18 to remove minting and burning capabilities. This restructuring is part of a strategic shift for OKX, which aims to focus on the X-Layer network, enhancing its DeFi and real-world asset tokenization capabilities. The firm has also been expanding its operations, including a new regional headquarters in the U.S. and plans for a public listing there.

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