OKX has burned 279 million Ethereum-based OKB tokens, valued at nearly $26 billion, as part of a significant reduction in its token supply. This action lowers the total supply from 300 million to just 21 million, aligning it with Bitcoin's finite supply standard and phasing out its connection to the Ethereum mainnet. Following the announcement, OKB's price surged over 100%, briefly reaching an all-time high of $135.12 before settling around $90.36. The token, which serves as the native gas token for OKX's Ethereum layer-2 network X-Layer, will undergo a smart contract upgrade on August 18, eliminating minting and burning functionalities. This change is part of a strategic initiative to enhance the X-Layer network, positioned for growth in decentralized finance and real-world asset tokenization. Additionally, OKX aims to strengthen its market presence, having launched new U.S. operations and planning an IPO in the region.

Source 🔗