OKB is the native token of the OKX exchange, which surged nearly 160% following a major token burn of over 65 million tokens and upgrades to its blockchain ecosystem.
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OKB’s price jumped from $45 to $135 in one day.
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OKX will fix the total supply of OKB at 21 million tokens after the burn.
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The X Layer network upgrade aims to enhance DeFi and real-world asset applications.
Discover how OKB’s recent upgrades and token burn have impacted its price and the future of the OKX exchange. Stay informed!
What is OKB and Why Did Its Price Surge?
OKB is the native cryptocurrency of the OKX exchange. Recently, it experienced a significant price surge of nearly 160% after the platform announced a major token burn and upgrades to its blockchain ecosystem.
How Does the OKB Token Burn Work?
The token burn involved the removal of 65,256,712.097 OKB from circulation, which will fix the total supply at 21 million tokens. This strategic move is designed to enhance scarcity and potentially increase the token’s value.
Frequently Asked Questions
What caused the recent increase in OKB’s price?
The price of OKB surged due to the announcement of a 65 million token burn and significant upgrades to the OKX blockchain, enhancing its ecosystem.
How will the token burn affect OKB’s future?
The token burn is expected to increase scarcity, potentially leading to a rise in OKB’s value as demand grows.
Key Takeaways
- Token Burn Impact: The burn of over 65 million OKB tokens is aimed at increasing scarcity.
- Supply Fixation: OKB’s total supply will be fixed at 21 million tokens, enhancing its value proposition.
- Future Upgrades: The X Layer network upgrade aims to improve DeFi applications and transaction efficiency.
Conclusion
In summary, the recent developments surrounding OKB, including the significant token burn and upgrades to the OKX ecosystem, have positioned it for potential growth. As the crypto landscape evolves, staying informed about such changes is crucial for investors and enthusiasts alike.
OKB skyrocketed after OKX unveiled a 65 million token burn, a fixed 21 million supply and major upgrades to its Polygon-powered X Layer network.
OKB, the native token of crypto exchange OKX, gained almost 160% on Wednesday after the platform revealed an overhaul to its blockchain ecosystem and tokenomics, including a major burn.
The rally, which briefly pushed OKB (OKB) prices as high as $135 from a daily low of $45, came as OKX confirmed it will conduct a one-time burn of 65,256,712.097 OKB from historical repurchases and treasury reserves. After the burn, the total OKB supply will be fixed at 21 million.
OKX also revealed that it will upgrade its zero-knowledge Ethereum Virtual Machine (zkEVM)-based public chain, X Layer, “to build it into a leading public chain with a dedicated focus on DeFi, payments, and real-world asset (RWA) applications.”
According to OKX, its “PP upgrade,” completed on Aug. 5, integrated the latest Polygon CDK technology, boosted transaction throughput to 5,000 transactions per second, cut gas fees to negligible levels and improved Ethereum compatibility for developers.
Related: Circle and OKX launch zero-fee USDC conversions to US dollar
OKX expands X Layer ecosystem
The exchange plans to establish an ecosystem fund and offer liquidity incentives to attract developers. OKX Wallet, OKX Exchange and OKX Pay will be fully integrated with X Layer, with OKX Pay adopting it as its default chain.
As part of the transition, OKTChain will be phased out. Trading of its native OKT token will halt on Aug. 13, with periodic conversions of OKT into OKB at an average closing price until Jan. 1, 2026. OKTChain is an EVM and IBC-compatible layer 1 built on Cosmos.
The Ethereum L1 version of OKB will also be phased out, with holders asked to migrate to X Layer. Following the burn, OKX will upgrade the OKB smart contract to remove minting and burning capabilities entirely.
Related: OKX joins Paxos’ USDG network as stablecoin push intensifies
OKX explores US IPO
OKX is reportedly exploring a potential public listing in the United States following its April relaunch in the country. According to a June report by The Information, the exchange is considering an IPO on a US exchange, though OKX declined to comment on the matter.
Notably, OKX has been facing regulatory headwinds in Asia. Thailand’s Securities and Exchange Commission announced in late May that it would block the exchange’s operations in the country, along with four other platforms, including Bybit and CoinEx. The regulator urged Thai users to secure their assets before the shutdown date.
Earlier this month, the Philippines Securities and Exchange Commission issued an advisory on 10 major crypto exchanges, including OKX, Bybit, KuCoin, Kraken and others, for operating without the required authorization under the country’s new crypto regulations.
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