OKB, the native token of crypto trade OKX, gained nearly 160% on Wednesday after the platform revealed an overhaul to its blockchain ecosystem and tokenomics, together with a serious burn.
The rally, which briefly pushed OKB (OKB) costs as excessive as $135 from a day by day low of $45, got here as OKX confirmed it should conduct a one-time burn of 65,256,712.097 OKB from historic repurchases and treasury reserves. After the burn, the overall OKB provide shall be fastened at 21 million.
OKX additionally revealed that it’ll improve its zero-knowledge Ethereum Virtual 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) purposes.”
According to OKX, its “PP improve,” accomplished on Aug. 5, built-in the newest Polygon CDK expertise, boosted transaction throughput to five,000 transactions per second, reduce gasoline 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 supply liquidity incentives to draw builders. OKX Wallet, OKX Exchange and OKX Pay shall be absolutely built-in with X Layer, with OKX Pay adopting it as its default chain.
As a part of the transition, OKTChain shall be phased out. Trading of its native OKT token will halt on Aug. 13, with periodic conversions of OKT into OKB at a mean closing value till Jan. 1, 2026. OKTChain is an EVM and IBC-compatible layer 1 constructed on Cosmos.
The Ethereum L1 model of OKB will 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.
Related: OKX joins Paxos’ USDG community as stablecoin push intensifies
OKX explores US IPO
OKX is reportedly exploring a possible public itemizing within the United States following its April relaunch within the nation. According to a June report by The Information, the trade is contemplating an IPO on a US trade, although OKX declined to touch upon the matter.
Notably, OKX has been going through regulatory headwinds in Asia. Thailand’s Securities and Exchange Commission introduced in late May 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 property earlier than the shutdown date.
Earlier this month, the Philippines Securities and Exchange Commission 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 laws.
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