OKX to Burn 65M OKB Tokens and Fix Total Supply at 21 Million

OKX has executed a massive burn of Ethereum-based OKB tokens worth nearly $26 billion, finalizing its supply cut to 21 million and advancing its strategic shift toward the X-Layer network.

211d ago

Fact Check

The statement is directly confirmed by the primary source, OKX (Sources 1 and 10), and corroborated by a vast majority of the provided evidence from reputable crypto news outlets like The Block, Yahoo Finance, and Messari. Multiple sources verify the burn of approximately 65 million OKB tokens and the new capped total supply of 21 million. A single source citing '21 billion' (Source 2 and 12) is an outlier and appears to be a typographical error, contradicted by all other evidence.

Summary

OKX has burned 279 million Ethereum-based OKB tokens valued at almost $26 billion, reducing its total supply from 300 million to 21 million as part of its 'economic upgrade.' The move removes Ethereum mainnet ties, caps the supply to match Bitcoin's limit, and will upgrade OKB's smart contract on August 18 to eliminate minting and burning capabilities. OKB acts as the gas token for OKX's X-Layer, an Ethereum layer-2 network recently enhanced with Polygon’s latest chain development kit to boost throughput and lower costs. The firm is discontinuing OKT Chain, converting OKT tokens into OKB, and aims to make X-Layer a premier platform for DeFi, payments, and RWA tokenization. News of the burn sent OKB’s price up over 100% to a record $135.12 on Wednesday before settling near $90.36, making it the top gainer among the top 100 crypto tokens this week.

Terms & Concepts

Token Burn: A process where cryptocurrency tokens are permanently removed from circulation, reducing the overall supply.
Polygon CDK: A toolkit provided by Polygon for building and scaling blockchain networks, enhancing performance and integration.
Ethereum Layer-2: A secondary framework built on top of Ethereum to increase transaction throughput and efficiency while reducing costs.