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The OKB price is exploding. Since yesterday, the cryptocurrency has recorded an increase in value of 140 percent, making it the most profitable major digital asset currently. Behind the price explosion is an upgrade. In the future, OKB is to increasingly act as the native token of the X Layer, instead of just as a utility token as before. The supply will be significantly reduced.
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OKB Price Rises by 140 Percent: this is behind the Explosion
The OKB price rises by 140 percent within one day. At the time of going to press, the cryptocurrency is trading at $113.50. In the course of today, the token temporarily set a new all-time high of around $140.
OKB has so far been particularly known as the utility token of the crypto exchange OKX. This is set to change in the future – this is what the operators of the crypto exchange stated this morning in a press release.
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In it, they announced strategic changes through which they want to increasingly establish OKB as a DeFi blockchain. First, OKX implemented technical changes for this purpose.
This ends support for a Cosmos-based network called OKTChain, which was released in 2021. The crypto exchange will exchange its native OKT token for OKB until January 1, 2026.
The blockchain of the cryptocurrency OKB is called X Layer. OKX recently rolled out an update to it that is intended to increase security, throughput and developer friendliness. Network fees are also falling.
OKX wants to make entry points into the X Layer ecosystem more accessible in order to encourage new investors to get started. These include token bridges, blockchain oracles and compliance services.
In addition, it was announced that X Layer will be equipped with exclusive benefits on the OKX crypto exchange. Accordingly, withdrawals are free of charge. Monetary incentives will be used to attract independent developers in the future. In this way, the ecosystem of the network is to grow.
Other services from OKX’s portfolio are also to promote the X Layer through deeper integration – such as the OKX Wallet and OKX Pay.
However, the most significant influence on the bullish price development of the OKB token is likely to have been caused by a change in the token economy.
OKB Limited to 21 Million: Price Breakout Follows
Because, as OKX announced, the supply of OKB will initially be greatly reduced and then limited to just 21 million. OKX will initially delete 65 million tokens. The concept worked immediately. Just minutes after the announcement, a parabolic price movement started.
“OKX will conduct a token burn of 65,256,712.097 OKB from historical buybacks and treasury reserves and will switch to using a smart contract to automatically destroy all OKB transferred to a blackhole address. After this process is complete, the total amount of OKB will be limited to 21 million”, the statement said.
Currently, CoinMarketCap gives the maximum supply as 300 million. Of these, 60 million OKB are said to be in public circulation.
After the completion of this process, the minting and burning processes are completely removed from the program code. A renewed change in supply should thus be prevented for all eternity. OKX would like to complete the entire upgrade by August 18.
