OKX has burned 279 million OKB tokens valued at nearly $26 billion as part of a supply restructuring aimed at significantly reducing the total supply from 300 million to 21 million, aligning it with Bitcoin's finite supply. This major token burn led to a price surge for OKB, which peaked at $135.12 following the announcement but has since retraced to around $90.36. The reduced supply aims to enhance the token's value and market appeal, with OKB serving as the native gas token for OKX's Ethereum layer-2 network, X-Layer. Through this strategic move, OKX plans to phase out connections with the Ethereum mainnet and upgrade the token's smart contract, removing minting and burning functionalities. This reflects OKX's broader strategy to enhance its X-Layer network, focusing on DeFi, payments, and real-world asset tokenization.

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