The OKB token jumped in price after OKX announced changes to its blockchain and supply system.
- OKX burned over 65 million OKB, fixing total supply at 21 million.
- New X Layer upgrade boosts speed and reduces fees.
- OKTChain and old OKB versions will be phased out.
Token Burn Shrinks Supply
OKX burned 65,256,712 OKB tokens from past buybacks and reserves. This large-scale action cuts the total OKB supply down to 21 million forever. The price of OKB rose by nearly 160% after the announcement, moving from $45 to a high of $135 in one day.
X Layer Gets Major Update
OKX upgraded its public chain, X Layer, using new Polygon technology. The goal is to improve support for DeFi, payments, and real-world applications. The update lets the chain handle up to 5,000 transactions per second and reduces gas fees. Developers will also benefit from better Ethereum compatibility.
A Shift in the OKX Ecosystem
To grow the new system, OKX will create a fund and offer rewards to attract builders. Its products—OKX Exchange, OKX Wallet, and OKX Pay—will now work directly with X Layer. OKX Pay will use X Layer as its main network.
With these changes, OKTChain will no longer be supported. OKT token trading ends on August 13. OKT holders will have their tokens converted into OKB at an average price until January 1, 2026.
Old OKB Being Phased Out
OKX will end the Ethereum version of OKB. Token holders must move their assets to the X Layer version. The new OKB smart contract will have no minting or burning options, making the token fully fixed in supply going forward.
OKX Eyes US Stock Market
OKX may go public in the United States. Reports say the company is looking into an initial public offering (IPO) after relaunching operations in the country. However, OKX hasn’t made any official statements yet.
Elsewhere, OKX is having regulatory problems. Thailand’s SEC plans to block the platform. And in the Philippines, the exchange was listed among firms that are not legally registered to operate in the country.
Source: cointelegraph.com
