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OKX, a popular cryptocurrency exchange, has announced a major upgrade to its X Layer blockchain, which aims to boost performance and focus on DeFi (Decentralized Finance) and payments. This significant update comes with the burning of approximately 65 million OKB tokens from reserves and buybacks.
As part of this development, the OKB smart contract was updated to remove minting and manual burns, thereby fixing the total supply at 21 million. It is essential to note that OKTChain will be phased out, and OKT token holders will have their assets swapped for OKB tokens at an average price from July 13th to August 12th, 2025.
Following this news, the value of OKB briefly reached a new all-time high of $134 before settling near $129.
Source: coinpedia.org
