OKX Sets $100 Million Fund, Burns OKB After 320% Rally

Cryptocurrency exchange OKX has created a $100 million X Layer Ecosystem Fund aimed at financing developers that build long-term on-chain applications on its newly introduced X Layer network. Chief Executive Officer Star Xu said the initiative is intended to attract “partners with real technology” and underscored that OKB will serve as the sole gas token on the platform, reinforcing the token’s deflationary design.

Separately, OKX carried out what research firm Minara described as the largest token burn in crypto history, removing an undisclosed quantity of OKB from circulation. The burn follows a sharp rally in the token, which has climbed about 320 % over the past month. Analysts are debating whether the price is now overextended, but OKX argues the fund and supply reduction underscore its commitment to long-range growth rather than short-term speculation.

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