OKB, the native token of crypto change 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 would conduct a one-time burn of 65,256,712.097 OKB from historic repurchases and treasury reserves. After the burn, the full OKB provide might 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 give attention to DeFi, funds, and real-world asset (RWA) functions.”
In keeping with OKX, its “PP improve,” accomplished on Aug. 5, built-in the newest Polygon CDK know-how, boosted transaction throughput to five,000 transactions per second, lower gasoline charges to negligible ranges and improved Ethereum compatibility for builders.
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OKX expands X Layer ecosystem
The change plans to ascertain an ecosystem fund and provide liquidity incentives to draw builders. OKX Pockets, OKX Trade and OKX Pay might be absolutely built-in with X Layer, with OKX Pay adopting it as its default chain.
As a part of the transition, OKTChain might 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 also 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 totally.
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OKX explores US IPO
OKX is reportedly exploring a possible public itemizing in the US following its April relaunch within the nation. In keeping with 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 Trade Fee introduced in late Could that it might block the change’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 main crypto exchanges, together with OKX, Bybit, KuCoin, Kraken and others, for working with out the required authorization beneath the nation’s new crypto laws.
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