OKX has completed a significant burn of 279 million Ethereum-based OKB tokens, valued at approximately $26 billion, as part of a supply restructuring effort. This action reduces the overall token supply from 300 million to just 21 million, aligning it with Bitcoin's finite supply model. The announcement, which came earlier in the week, propelled OKB’s price to an all-time high of $135.12 before stabilizing at around $90.36. This token also serves as the gas token for OKX's Ethereum layer-2 network, X-Layer, which is undergoing upgrades to enhance its functionality. Moreover, the firm is shifting focus away from its OKT Chain to elevate X-Layer, which aims to become a crucial player in DeFi and real-world asset tokenization. Overall, the initiative marks a strategic pivot for OKX as it seeks to bolster its standing in the cryptocurrency market.

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