According to the announcement from OKX Exchange, its platform token OKB's economic model will be upgraded, and OKB will continue to serve as the exclusive Gas and Native Token for X Layer.

OKB (Ethereum L1 version) will gradually cease to be used. In the future, OKX Exchange will no longer support OKB withdrawals to Ethereum L1.

OKX will conduct a one-time destruction of the historical buybacks and the reserved 65,256,712.097 OKB, and will automatically destroy all OKB transferred to the black hole address through a smart contract. The total issuance of OKB will be fixed at 21 million.

Motivated by this incentive, OKB surged from the $50 level to $134 within 10 minutes, setting a new historical high with an increase of over 160%.