Amid significant changes to the token system and a blockchain upgrade, the OKB token saw a 178% rise in value. The reason for this surge lies in the announced token burn and network improvements.
OKB Rally Following Token Burn Announcement
The price of OKB surged notably on Wednesday after the crypto exchange OKX announced the burn of 65 million tokens. The increase began shortly after the plan for a one-time burn was revealed, which analysts believe heightened interest in the asset.
X Layer Upgrades and Market Impact
OKX also announced a significant upgrade to X Layer, its public blockchain system based on Polygon’s zkEVM technology. The update is expected to increase transaction speeds up to 5,000 per second and sharply reduce transaction fees. This improvement is expected to attract developers and enhance the network's competitiveness.
Long-term Plans for OKB in the New Network
According to OKX representatives, OKB will become the exclusive gas and native token for X Layer. Specifically, the Ethereum version of OKB will be phased out, encouraging users to migrate their tokens to the new network. The exchange also plans to establish a fund to support network growth and provide rewards for traders.
In summary, the significant price increase of OKB is attributed to the token burn and enhancements within the X Layer, reflecting OKX's intention to strengthen its market position.
