OKB, the native token of OKX, jumped almost 160 % in a single day after the announcement by the platform of radical changes in its blockchain ecosystem and its Tokenomics, including a massive punctual abolition of tokens and the fixing of a maximum offer. OKB's price has increased from around $ 45 to a summit of $ 135 on Wednesday, following the news that Whit would definitively remove 65,256,712 OKB from traffic. This abolition, resulting from historical redemptions and reserves of the treasury, leaves the total offer capped at 21 million tokens.
In short
- OKX burned more than 65 million tokens OKB, setting the total offer at 21 million and triggering a price increase of 160 % in a single day.
- The ZKEVM (Polygon) channel goes to 5,000 TPS, almost zero fresh and better Ethereum compatibility.
- Okx will delete Oktchain and the OKB on Ethereum L1, migrate to X Layer and consider an IPO in the USA.
Layer X benefits from a major upgrade
In parallel with this tokenomics overhaul, OKX announced an important update of its Zero-Knowledge Ethereum Virtual Machine (ZKEVM) public blockchain propelled by Polygon, X layer. Completed on August 5, this “PP upgrade” incorporates the latest Polygon CDK technology, bringing transaction flow to 5,000 TPS, reducing gas costs to an almost zero level and improving compatibility with Ethereum for developers.
This new version of X Layer aims to become a leading public channel focused on DEFI, payments and applications linked to active world (RWA). OKX also plans to launch an ecosystem fund And liquidity incentives to attract developers, with full integration at Okx Wallet, OKX Exchange and Okx Pay, the latter adopted X Layer as default.
Transition out of Oktchain and Ethereum L1
As part of the restructuring, OKX will gradually end Oktchain, his Layer-1 blockchain compatible with EVM and IBC built on Cosmos. The trading of the token Okt will stop on August 13, with a periodic OKT conversion to OKB at the average fence price, until January 1, 2026.
Likewise, the OKB Ethereum L1 version will be abandoned. The holders are invited to migrate to X Layer. Once the deletion has been carried out, OKX will update OKB's smart contract to definitively deactivate the emission and destruction functions.
IPO rumors and regulatory pressures
These changes are taking place as OKX is considering an IPO in the United States, after its return to this market earlier this year. Sources evoke a rating on an American stock market place, although While has not confirmed these projects.
At the same time, regulatory challenges persist. In May, the Thai sec announced that it would block the activity of OKX and four other platforms in the country. Earlier this month, the Filippines SEC issued warnings against ten major scholarships, including OKX, for activity without adequate authorization.
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