Crypto Exchange OKX burned or effectively destroyed –279 million Ethereum-based OKB tokens It was valued nearly $26 billion on Friday as part of a massive slash of traditional token supply.
Burn marks one of the final steps of OKB “Economic Upgrade” The total supply of OKB has been reduced from 300 million to 21 million, and matching Bitcoin finite supply standardand step-by-step connections to the Ethereum mainnet.
Token Burn and Supply Cut news first circulated on Wednesday, Send OKB prices at least 100%easily create a new all-time best mark of $135.12.
Token has since been pulled back to $90.36, but according to Coingecko data, it is the biggest winner of the top 100 crypto tokens by market capitalization twice a week.
OKB also functions as a native gas token for Exchange’s Ethereum Layer-2 network. This will upgrade your smart contract and remove the token mint and burning capabilities on August 18th.
Toconomics modifications are part of OKX’s broader strategic refocus, which aims to enhance the X layer. Earlier this month, the network integrated the latest version of Polygon’s chain development kit or CDK, allowing for improved throughput and reduced transaction costs.
The company aims to make it a major network of Defi, Payments and Real World Asset (RWA) tokenization. Focusing on the X-layer, the company has cancelled its OKT Chain and OKT Chain Tokens (OKT). This jumped about 100% earlier this week, amid news that will automatically convert to OKB earlier this week.
Early this year, OKX Created a new regional headquarters in the US As it began expanding operations, our residents made it possible to use their exchanges and OKX wallets. Report from June information The company showed it Planned to be released in the USjoins the likes between Etro, Coinbase, and sensually traded crypto exchanges.
