According to the OKX exchange announcement, its platform Token OKB economic model will be upgraded, and OKB will continue to serve as the sole Gas and Native Token for X Layer.
OKB (Ethereum L1 version) will be gradually discontinued. In the future, OKX exchange will no longer support OKB withdrawals to Ethereum L1.
OKX will conduct a one-time burn of historical buybacks and the reserved 65,256,712.097 OKB, and will switch to using a smart contract to automatically burn all OKB transferred to the black hole address. The total issuance of OKB will be fixed at 21 million.
Driven by this incentive, OKB surged from $50 to $134 within 10 minutes, hitting a historical high and rising by over 160%.
