Crypto exchange OKX has completed a significant burn of 279 million Ethereum-based OKB tokens, valued at nearly $26 billion. This token burn is part of a major supply restructuring, aimed at reducing the total supply of OKB from 300 million to just 21 million, aligning it with Bitcoin's finite supply. Following the announcement, OKB's price surged over 100%, marking a new all-time high of $135.12 before retracing to around $90.36. This substantial increase reflects the market's positive reaction to the supply cut. Additionally, OKB will also see an upgrade of its smart contract on August 18, eliminating minting functionalities. This adjustment is a strategic move by OKX to focus on its X-Layer Ethereum layer-2 network, intended to enhance performance in decentralized finance (DeFi) and tokenization of real-world assets. Earlier, OKX expanded its operations in the U.S. and is reportedly planning to go public, joining other major crypto exchanges in the market.

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