OKB, the native token of the OKX exchange, skyrocketed nearly 160% on Wednesday following the announcement of significant changes to its blockchain ecosystem and tokenomics, including a substantial token burn. The price surged from a low of $45 to a peak of $135 as OKX disclosed a one-time burn of over 65 million OKB from its reserves, capping the total supply at 21 million. Additionally, OKX plans to enhance its zkEVM-based public chain, X Layer, focusing on DeFi, payments, and real-world asset applications. The recent upgrade, completed on August 5, improved transaction speeds to 5,000 per second and reduced gas fees. OKX aims to attract developers through an ecosystem fund and liquidity incentives, fully integrating its services with X Layer. The transition will phase out OKTChain and its native OKT token, with trading set to cease on August 13. OKX is also considering a public listing in the U.S. amid regulatory challenges in Asia. Read more AI-generated news on: https://app.chaingpt.org/news