OKX has completed a significant burn of $26 billion worth of OKB tokens on Ethereum, reducing the total supply from 300 million to just 21 million, similar to Bitcoin's supply cap. This move is part of a broader strategy to reconfigure its tokenomics, transitioning OKB into the native gas token for its Ethereum layer-2 network, X-Layer. The adjustment not only aims to stabilize the token's value but also marks a substantial shift in its ecosystem, as minting and burning functionalities will be removed from OKB's smart contract on August 18. The announcement led to a temporary surge in the token's price, reaching an all-time high of $135.12 before settling around $90.36, making it the largest weekly gainer among the top 100 cryptocurrencies. OKX is also phasing out its OKT Chain and its token in favor of focusing resources on X-Layer, which has integrated the latest version of Polygon's development kit to enhance transaction efficiency and reduce costs.

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