OKX has completed a significant burn of $26 billion worth of its OKB tokens on the Ethereum blockchain. This action reduces the total supply of OKB from 300 million to just 21 million, aligning it with Bitcoin's supply limit. The decision was made to transform the tokenomics of OKB, following a boom in its market performance, with the price nearly doubling in a week. The adjustment reflects a strategic move to enhance the token's value and utility within the exchange's operations, particularly regarding its Ethereum layer-2 network, X-Layer. As part of this restructuring, the burn will remove minting and burning functionalities, taking effect on August 18. Additionally, OKX aims to further develop X-Layer to support decentralized finance, payments, and real-world asset tokenization, signaling a broader strategic pivot for the exchange. This restructuring also involves phasing out its previous OKT Chain and its associated token, transitioning all operations under the revamped OKB framework. The market responded positively, marking OKB as the largest gainer among top cryptocurrencies during this period.

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