Cryptocurrency alternate OKX unveiled a sweeping overhaul of its native token on 13 August, saying it should completely destroy 65,256,712 OKB
Cryptocurrency alternate OKX unveiled a sweeping overhaul of its native token on 13 August, saying it should completely destroy 65,256,712.097 OKB—about three-quarters of the present circulating provide—on 15 August. The transfer will cap the token’s complete provide at 21 million and disable any future minting or discretionary burns through a smart-contract improve. OKB will even migrate to X Layer, a brand new OKX-developed blockchain that can change the present OKTChain.
The announcement triggered an instantaneous worth spike. OKB climbed roughly 70% inside an hour of the information and briefly doubled to commerce close to US$100, lifting its market worth to about US$8 billion, in keeping with CoinGecko information. The rally spilled over into different exchange-issued tokens amid renewed hypothesis about tighter tokenomics throughout the sector.
OKX has performed 28 buy-back-and-burn occasions since 2019, eliminating 213.7 million tokens. Together with the upcoming one-off burn, the alternate could have eliminated round 279 million of the 300 million tokens initially issued. By fixing provide at 21 million—the identical cap as Bitcoin—OKX goals to place OKB primarily as fuel for X Layer moderately than a revenue-sharing alternate coin, marking a strategic shift as the corporate continues to increase its blockchain infrastructure.
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