OKX’s Bold Move: Record Supply Cut as $244 Million of OKB Exchange Token Goes Up in Flames
Immy Dorse 
OKX's Bold Move: Record Supply Cut as $244 Million of OKB Exchange Token Goes Up in Flames
Key Points
- OKX has recently burned a staggering $244 million worth of OKB tokens.
- This recent burn marks the highest value of tokens burned since the inception of the monthly program.
- The buy-back and burn program is a strategic move aimed at curbing the total supply of OKB and boosting its value in the market.
- This move is expected to have a positive impact on the value of OKB.
OKX, one of the biggest crypto exchanges, recently burned a significant amount of its exchange token, OKB, marking its largest monthly burn since the program’s inception. As per the on-chain data from Dune, an estimated 5.5 million tokens were removed from the token’s supply, approximating to a whopping $244 million. OKX implemented this strategy as part of its buy-back and burn program, which aims to diminish the total supply of OKB and elevate its worth.
The OKB Buy-Back and Burn Strategy
OKB, a utility token issued by OKX, has been making waves in the cryptocurrency market. It is widely known that OKB can be used to pay for transaction fees, obtain discounts on trading fees, and participate in token sales on the exchange.
However, the buy-back and burn program has caught the attention of many investors.The program involves the exchange repurchasing OKB tokens from the market and then destroying them, thus reducing the total supply of OKB in circulation. This approach is designed to increase the value of OKB by reducing its supply and increasing demand.
This recent $244 million worth of OKB supply cut is quite remarkable and is expected to have a positive impact on the value of OKB. It reduces the total supply of the token in circulation, thus increasing its scarcity and value.
The program has been successful in the past, and previous burns have led to an increase in the value of OKB. The buy-back and burn program is a strategic move by OKX, and its impressive track record is something to watch out for by investors. Other reputable platforms have already successfully implemented this strategy, such as Binance, whose native token BNB has seen tremendous gains following a similar program.
The OKX exchange carried out the 20th OKB repurchase and burning on June 8, with a total of about 5.5 million OKB, or about 244 million US dollars, which once again set a new record for the value of OKB burning. OKX previously stated that it will burn OKX according to the…
— Wu Blockchain (@WuBlockchain) June 9, 2023
Significance of This OKX Burn
This recent burn sends a strong signal to investors that OKX is fully committed to increasing the value of its token and is willing to take bold steps to achieve this goal. It’s likely that this move will be widely applauded by investors and traders who see it as a positive development for the exchange and its token. OKX’s token burn program has been underway since 2019 and has been highly effective in reducing the total supply of OKB and increasing its value.
As such, the exchange plans to continue repurchasing and burning OKB tokens from the market on a monthly basis. To accomplish this, OKX has set aside 30% of its total revenue to buy back and burn OKB tokens. This bold initiative will not only help to reduce the total supply of the token in circulation, but it will also work to drive up the value of the OKB.
End Notes:
The burn of $244 million worth of OKB is a significant move for OKX, as it demonstrates the exchange’s commitment to increasing the value of its token. It also shows that the exchange is willing to take bold steps to achieve this goal. The move is likely to be well-received by investors and traders, who will see it as a positive development for the exchange and its token.
