Crypto trade OKX burned—or successfully destroyed—279 million Ethereum-based OKB tokens valued at almost $26 billion on Friday as a part of a significant slash to its native token provide.
The burn marks one of many ultimate steps in OKB’s “financial improve,” decreasing the entire provide of OKB from 300 million to 21 million, matching the finite provide commonplace of Bitcoin, and phasing out its connections to Ethereum mainnet.
Information of the token burn and provide minimize first circulated on Wednesday, sending OKB’s worth up greater than 100% on the day, briefly creating a brand new all-time excessive mark of $135.12.
The token has since retraced to $90.36, however stays the biggest weekly gainer amongst prime 100 crypto tokens by market cap, in response to knowledge from CoinGecko.
OKB—which additionally acts because the native fuel token for the trade’s Ethereum layer-2 community, X-Layer—may have its good contract upgraded, eradicating minting and burning functionalities for the token on August 18.
The tokenomics modification is a part of a broader strategic refocus for OKX, which goals to raise X-Layer. Earlier this month, the community built-in the most recent model of Polygon’s chain improvement package, or CDK, enabling improved throughput and decreased transaction prices.
The agency goals to make it a number one community for DeFi, funds, and actual world asset (RWA) tokenization. With its concentrate on X-Layer, the agency is discontinuing its OKT Chain and the OKT Chain token (OKT), which additionally jumped round 100% earlier this week amid information it might be robotically transformed into OKB.
Earlier this 12 months, OKX created a brand new regional headquarters within the U.S. because it started its operations growth, permitting U.S. residents to make use of its trade and OKX Pockets. In June, a report from The Info indicated that the agency deliberate to go public within the U.S., becoming a member of the likes of eToro, Coinbase, and Bullish amongst publicly traded crypto exchanges.
