On August 13, the OKB token recorded a significant price surge and hit a new ATH after the OKX crypto exchange made an important announcement regarding an upcoming OKB tokenomics upgrade for a supply adjustment.
OKB is the native token of the OKX crypto exchange.
OKX Announced 65 Million OKB Burn and Smart Contract Upgrade
In an official announcement published on August 13, including the PP Upgrade of X Layer and optimization of the OKB gas token economic model, OKX crypto exchange revealed an upcoming burn of over 65 million OKB tokens.
The one-time burn will include the tokens that have been accumulated from historical repurchases and treasury reserves, and will switch to using a smart contract to automatically burn all OKB transferred to a black hole address.
Following this operation, the total OKB supply will be fixed at 21 million tokens.
The announcement also includes details about an upgrade of the OKB smart contract that will remove minting and burning functionalities.
The burn will take place on August 15 at 2:00 PM (UTC+8), and the smart contract upgrade will take place on August 18 at 2:00 PM (UTC+8).
The notes also included details about the completion of the PP upgrade on August 5, boosting performance and security.
The crypto exchange’s announcement led to a significant price spike for OKB on August 13, leading to a new ATH for the digital asset.
OKB Price Trajectory on August 13
OKB was trading at $47 with a market cap of over $2.8 billion ahead of the crypto exchange’s announcements.
Following the notes for the upcoming burn and contract upgrade, OKB price spiked by almost 146% in a short amount of time, reaching prices of over $137 and a market cap of more than $8.24 billion, hitting a new ATH before settling at current levels.
At the moment of writing this article, OKB is trading above $109 with a market cap of over $6.5 billion. OKB is up by more than 137% in the past 24 hours.
