OKX Burns Billions of OKB Tokens, Reducing Supply to 21 Million

Cryptocurrency exchange OKX has initiated a massive token burn, eliminating 93% of its OKB tokens and reducing supply to just 21 million. The move, valued at $26 billion, permanently removes the ability for new OKB to be minted. In addition, OKX is shutting down its original blockchain project, OKTChain, in favor of its X Layer network. This strategic shift aligns OKX’s ecosystem around a fixed-supply model, similar to Bitcoin.