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OKB, the autochthonal token of crypto speech OKX, gained astir 160% connected Wednesday aft the level revealed an overhaul to its blockchain ecosystem and tokenomics, including a large burn.
The rally, which concisely pushed OKB (OKB) prices arsenic precocious arsenic $135 from a regular debased of $45, came arsenic OKX confirmed it volition behaviour a one-time pain of 65,256,712.097 OKB from humanities repurchases and treasury reserves. After the burn, the full OKB proviso volition beryllium fixed astatine 21 million.
OKX besides revealed that it would upgrade its zero-knowledge Ethereum Virtual Machine (zkEVM)-based nationalist chain, X Layer, “to physique it into a starring nationalist concatenation with a dedicated absorption connected DeFi, payments, and real-world plus (RWA) applications.”
According to OKX, the “PP upgrade,” completed connected Aug. 5, integrates the latest Polygon CDK technology, boosting transaction throughput to 5,000 transactions per second, cutting state fees to negligible levels and improving Ethereum compatibility for developers.
OKX terms gains astir 160%. Source: CoinGeckoRelated: Circle and OKX motorboat zero-fee USDC conversions to US dollar
OKX expands X Layer ecosystem
The speech plans to found an ecosystem money and connection liquidity incentives to pull developers. OKX Wallet, OKX Exchange and OKX Pay volition beryllium afloat integrated with X Layer, with OKX Pay adopting it arsenic its default chain.
As portion of the transition, OKTChain volition beryllium phased out. Trading of its autochthonal OKT token volition halt connected Aug. 13, with periodic conversions of OKT into OKB astatine an mean closing terms until Jan. 1, 2026. OKTChain is an EVM and IBC-compatible furniture 1 built connected Cosmos.
The Ethereum L1 mentation of OKB volition besides beryllium phased out, with holders asked to migrate to X Layer. Following the burn, OKX volition upgrade the OKB astute declaration to region minting and burning capabilities entirely.
Related: OKX joins Paxos’ USDG web arsenic stablecoin propulsion intensifies
OKX explores US IPO
OKX is reportedly exploring a imaginable nationalist listing successful the United States pursuing its April relaunch successful the country. According to a June study by The Information, the speech is considering an IPO connected a US exchange, though OKX declined to remark connected the matter.
Notably, OKX has been facing regulatory headwinds successful Asia. Thailand’s Securities and Exchange Commission announced successful precocious May that it would block the exchange’s operations successful the country, alongside 4 different platforms, including Bybit and CoinEx. The regulator urged Thai users to unafraid their assets earlier the shutdown date.
Earlier this month, the Philippines Securities and Exchange Commission besides issued an advisory naming 10 large crypto exchanges, including OKX, Bybit, KuCoin, Kraken and others, for operating without the required authorization nether the country’s caller crypto regulations.
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