OKX Burns $244 Million of OKB Tokens In Record Supply Cut
- Crypto exchange OKX burns $244 million worth of OKB tokens, the largest value since the monthly program started. Roughly 5.5 million tokens removed from the supply.
- OKX claims the value of the burn was around $258 billion.
- OKB is a global utility token that lets holders enjoy benefits including discounts and exclusive access.
OKX has recently completed its monthly program of repurchasing and burning its exchange token, OKB.
This time, the exchange has repurchased and burned the largest value of tokens in a single month since it started the program.
On-chain data from Dune collected by user @sankin indicates that approximately 5.5 million tokens, equivalent to around $244 million, were removed from the token’s supply. These tokens have been burned, which means they are permanently removed from circulation.
According to the exchange, the value of the burn was around $258 billion when calculated at a 90-day average price. The exchange has described OKB as a “global utility token issued by the OKX Blockchain Foundation” that offers various benefits to its holders, including discounts and exclusive access.
Since its launch in May 2019, OKX has burned a total of 64,042,314.70 tokens through this monthly program. This is a significant amount of tokens, and it reflects the exchange’s commitment to managing its token supply and maintaining its value.
Despite this latest token burn, the price of OKB has remained relatively stable, with a slight 0.29% increase in trading on OKX. The exchange will likely continue to monitor its token supply and make adjustments as necessary to ensure the continued success of its platform.
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