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 every day low of $45, got here as OKX confirmed it is going to conduct a one-time burn of 65,256,712.097 OKB from historic repurchases and treasury reserves. After the burn, the whole OKB provide shall be fastened at 21 million.
OKX additionally revealed that it’ll 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 deal with DeFi, funds, and real-world asset (RWA) purposes.”
Based on OKX, its “PP improve,” accomplished on Aug. 5, built-in the most recent Polygon CDK know-how, boosted transaction throughput to five,000 transactions per second, minimize fuel charges to negligible ranges and improved Ethereum compatibility for builders.
Associated: Circle and OKX launch zero-fee USDC conversions to US dollar
OKX expands X Layer ecosystem
The trade plans to determine an ecosystem fund and provide liquidity incentives to draw builders. OKX Pockets, OKX Trade and OKX Pay shall be totally 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. Buying and selling 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 can even be phased out, with holders requested emigrate to X Layer. Following the burn, OKX will improve the OKB sensible contract to take away minting and burning capabilities totally.
Associated: OKX joins Paxos’ USDG network as stablecoin push intensifies
OKX explores US IPO
OKX is reportedly exploring a potential public listing in america following its April relaunch within the nation. Based on 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 going through regulatory headwinds in Asia. Thailand’s Securities and Trade Fee introduced in late Might that it might block the exchange’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 Trade Fee issued an advisory on 10 major crypto exchanges, together with OKX, Bybit, KuCoin, Kraken and others, for working with out the required authorization beneath the nation’s new crypto laws.
Journal: Scottie Pippen says Michael Saylor warned him about Satoshi chatter
