OKX to Retire Over 65 Million Tokens, Sending Price to New Highs
Main Idea
OKX announced a token burn of 65.2 million OKB tokens, permanently capping the maximum supply at 21 million, which led to a significant price surge and increased trading volume.
Key Points
1. OKX will burn 65,256,712.097 OKB tokens, valued at approximately $7.6 billion, reducing the maximum supply to 21 million.
2. Following the announcement, OKB prices surged over 150%, with trading volume increasing by 13,000%.
3. The burn is part of OKX's X Layer upgrade, which includes integrating Polygon’s CDK stack, increasing throughput, and reducing gas fees.
4. The Ethereum L1 version of OKB will be phased out, with holders migrating to the X Layer version, and OKTChain will be decommissioned.
5. The token burn is scheduled for August 15, with the full upgrade implementation planned for August 18.
Description
OKX announced it will burn 65,256,712.097 OKB tokens, valued at approximately $7.6 billion Following the burn, OKB’s maximum supply will be permanently capped at 21 million OKB prices exploded, surging over 150%, while the trading volume soared by 13,000% OKX announced it will burn 65,256,712.097 OKB tokens, valued at approximately $7.6 billion. The huge deflationary action ranks among the largest in the history of cryptocurrency exchange tokens. Following the burn, OKB’s maximum supply will be ...
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