OKX has burned $26 billion worth of its native OKB tokens, effectively reducing its total supply from 300 million to just 21 million, aligning it with Bitcoin's supply. This significant burn occurred on Ethereum and is part of a supply restructuring aimed at enhancing the token's value. Following the announcement made earlier this week, OKB’s price experienced fluctuations, initially peaking at an all-time high of $135.12 before settling at around $90.36, making it the biggest gainer among the top 100 cryptocurrencies. This token also serves as the gas token for the new X-Layer network on Ethereum, which aims to optimize DeFi transactions and lower costs. To further facilitate these changes, OKX will upgrade OKB's smart contract, removing functionalities for minting and burning as of August 18. This realignment with Ethereum technology signifies a strategic pivot for OKX, allowing for enhanced focus on its X-Layer initiative and phasing out the OKT Chain.

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