OKB Jumps 160% on 65M Token Burn and X Layer Improve

OKB, the native token of crypto change OKX, gained practically 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 each day low of $45, got here as OKX confirmed it’ll 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 mounted at 21 million.

OKX additionally revealed that it will 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 give attention to DeFi, funds, and real-world asset (RWA) functions.”

In response to OKX, the “PP improve,” accomplished on Aug. 5, integrates the most recent Polygon CDK know-how, boosting transaction throughput to five,000 transactions per second, reducing gasoline charges to negligible ranges and enhancing Ethereum compatibility for builders.

Associated: Circle and OKX launch zero-fee USDC conversions to US greenback

OKX expands X Layer ecosystem

The change plans to determine an ecosystem fund and provide liquidity incentives to draw builders. OKX Pockets, OKX Change 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. 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 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.

Associated: OKX joins Paxos’ USDG community as stablecoin push intensifies

OKX explores US IPO

OKX is reportedly exploring a possible public itemizing in the USA following its April relaunch within the nation. In response to a June report by The Info, the change is contemplating an IPO on a US change, although OKX declined to touch upon the matter.

Notably, OKX has been going through regulatory headwinds in Asia. Thailand’s Securities and Change Fee introduced in late Could that it will block the change’s operations within the nation, alongside 4 different platforms, together with Bybit and CoinEx. The regulator urged Thai customers to safe their belongings earlier than the shutdown date.