OKB pumps 160% after 65M burn as OKX fixes supply at 21M, upgrades X Layer

OKB skyrocketed after OKX unveiled a 65 million token burn, a fixed 21 million supply and major upgrades to its Polygon-powered X Layer network.

OKB, the native token of crypto exchange OKX, gained almost 160% on Wednesday after the platform revealed an overhaul to its blockchain ecosystem and tokenomics, including a major burn.

The rally, which briefly pushed OKB (OKB) prices as high as $135 from a daily low of $45, came as OKX confirmed it will conduct a one-time burn of 65,256,712.097 OKB from historical repurchases and treasury reserves. After the burn, the total OKB supply will be fixed at 21 million.

OKX also revealed that it will upgrade its zero-knowledge Ethereum Virtual Machine (zkEVM)-based public chain, X Layer, “to build it into a leading public chain with a dedicated focus on DeFi, payments, and real-world asset (RWA) applications.”

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