OKX has burned $26 billion worth of its OKB tokens on Ethereum as part of a significant reduction in total supply from 300 million to just 21 million, aligning it with Bitcoin's supply structure. This strategic move aims to enhance the value of OKB and its role as the native gas token for the upcoming X-Layer Ethereum layer-2 network. Following this announcement, OKB experienced a surge, reaching a new all-time high before stabilizing. The upgrade of the token's contract will eliminate minting and burning functionalities. This change comes amid the company's efforts to shift focus towards its X-Layer network, which utilizes Polygon's chain development kit to improve transaction efficiency while discontinuing its OKT Chain. OKX's expansion also includes efforts to attract U.S. residents, reflecting its ongoing growth in the competitive crypto exchange landscape.

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