Crypto exchange OKX completed a significant burn of its OKB tokens, destroying nearly $26 billion worth on Ethereum. This action is part of a strategic move to reduce the total supply of OKB from 300 million to just 21 million, akin to Bitcoin's capped supply. Following the burn, the price of OKB surged nearly 100%, marking it as one of the biggest gainers among the top 100 cryptocurrencies. The token's functionality will shift as the smart contract is upgraded, removing minting and burning capabilities. This change aligns with OKX's broader focus on its Ethereum layer-2 network, X-Layer, aiming for improved transaction throughput and reduced costs. As part of this transition, the company will phase out its OKT Chain and its associated token. This restructuring comes after OKX expanded its services, allowing U.S. residents access to its platform, and is also rumored to be preparing for a public listing.

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