OKB, the native token of crypto trade OKX, gained virtually 160% on Wednesday after the platform revealed an overhaul to its blockchain ecosystem and tokenomics, together with a significant burn.
The rally, which briefly pushed OKB (OKB) costs as excessive as $135 from a every day low of $45, got here as OKX confirmed it’s going to conduct a one-time burn of 65,256,712.097 OKB from historic repurchases and treasury reserves. After the burn, the full OKB provide will probably be fastened at 21 million.
OKX additionally revealed that it’s going to improve its zero-knowledge Ethereum Digital Machine (zkEVM)-based public chain, X Layer, “to construct it into a number one public chain with a devoted concentrate on DeFi, funds, and real-world asset (RWA) functions.”
In line with OKX, its “PP improve,” accomplished on Aug. 5, built-in the most recent Polygon CDK expertise, boosted transaction throughput to five,000 transactions per second, minimize fuel charges to negligible ranges and improved Ethereum compatibility for builders.
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OKX expands X Layer ecosystem
The trade plans to ascertain an ecosystem fund and provide liquidity incentives to draw builders. OKX Pockets, OKX Change and OKX Pay will probably be totally built-in with X Layer, with OKX Pay adopting it as its default chain.
As a part of the transition, OKTChain will probably be phased out. Buying and selling of its native OKT token will halt on Aug. 13, with periodic conversions of OKT into OKB at a median closing worth till Jan. 1, 2026. OKTChain is an EVM and IBC-compatible layer 1 constructed on Cosmos.
The Ethereum L1 model of OKB may even be phased out, with holders requested emigrate to X Layer. Following the burn, OKX will improve the OKB good contract to take away minting and burning capabilities fully.
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OKX explores US IPO
OKX is reportedly exploring a possible public itemizing in the USA following its April relaunch within the nation. In line with a June report by The Data, the trade is contemplating an IPO on a US trade, although OKX declined to touch upon the matter.
Notably, OKX has been dealing with regulatory headwinds in Asia. Thailand’s Securities and Change Fee introduced in late Might that it might block the trade’s operations within the nation, together with 4 different platforms, together with Bybit and CoinEx. The regulator urged Thai customers to safe their belongings earlier than the shutdown date.
Earlier this month, the Philippines Securities and Change Fee issued an advisory on 10 main crypto exchanges, together with OKX, Bybit, KuCoin, Kraken and others, for working with out the required authorization underneath the nation’s new crypto rules.
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