OKB, the native token of the crypto exchange OKX, has pumped by 180% within an hour of the platform announcing a major token burn and other radical developments on August 13. At the time of writing, OKB was trading near $120 which rose as high as $137.34 from the daily low of $46.76–as per CoinMarketCap data.
In a latest X post, OKX revealed that it is making a strategic upgrade onto the X Layer, a ZK-powered layer 2 network connecting OKX and Ethereum. This move aims to build a leading public blockchain focused on DeFi, payments, and asset tokenization (RWA).
Within this upgrade, X Layer will undergo various changes such as core-tech updates, launch of an ecosystem development strategy, and on a major note, sunsetting of OKTChain, and swapping of all OKT tokens to OKB tokens. This new shift will put OKB at the center of the OKX ecosystem, which will be used for transaction gas and other economic activities.
OKB Token Burn
The official announcement shared that over 65.25 million OKB tokens will be burned permanently on August 15, as a part of its long-standing burning program. The exchange aims to burn nearly 96% of the total OKB supply and shrink it from 300 million to 21 million, mirroring Bitcoin’s total supply.
Since May 2019, a total of 213.74 million OKB tokens have been burned and another 65 million tokens will be erased from total supply on Friday, marking completion of its target of 279 million of total token burns.
In the blockchain landscape, burning is a method used to remove excessive token supply from the market. This technique generally involves sending a certain amount of tokens to a dead-blockchain address from which tokens can never be recovered.
OKX’s Major Step Towards Border Ecosystem
With these latest developments, OKX exchange is taking major steps towards building a prominent ecosystem, consisting of a crypto exchange, a layer 2 blockchain, crypto wallet as well as retail crypto payment app, and various other platforms.
Also Read: PUMP Price Jumps 15% as Pump.fun Buys Back $33 Million Token
