In a move that reflects its commitment to market dynamics, OKX, a leading cryptocurrency exchange, today conducted its 22nd buyback and burn of OKB tokens.
OKX Sets a New Record with the 22nd OKB Buyback and Burn: 10.53 Million Tokens Worth $630 Million were Burned
The number of OKB tokens bought back during this round reached an impressive 10.53 million, which is equivalent to approximately $630 million. The exchange’s latest token burning attempt led to a new record being broken.
OKB, the native utility token of the OKX platform, has a variety of use cases within the ecosystem, including trading fee discounts, participation in token sales, and governance rights.
The 22nd OKB burning event underscores OKX’s proactive approach to token economics and supply management.
The exchange aims to reduce the circulating supply of OKB tokens, inflicting a deflationary effect and potentially generating more demand and value for the remaining tokens.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/bitcoin-exchange-okx-completed-the-22nd-burn-of-its-native-token-okb-here-is-the-amount-of-ocd-burned/