OKX burns $244 million of its exchange token, OKB, in record supply cut

Quick Take

  • OKX bought back and burnt a record value of its exchange token, OKB, on-chain data shows.
  • 5.5 million OKB was removed from the token’s supply — worth roughly $244 million.

Crypto exchange OKX has repurchased and burned the largest value of its exchange token, OKB, since it started the monthly program.

According to on-chain data from Dune collected by user @sankin, roughly 5.5 million tokens — worth roughly $244 million — were removed from the token's supply.

OKX claims the value of the burn was around $258 billion when calculated at a 90-day average price.

dune analytics dashboard showing okb burn statistics

The value of OKB burned by OKX has set a new record. Source: Dune/@sankin

Chinese reporter Colin Wu noted that this set another new record for OKB value burned.

Burning OKB

OKX describes OKB as a "global utility token issued by the OKX Blockchain Foundation" that lets holders "enjoy benefits including discounts, exclusive access, and more." 

To date, 64,042,314.70 tokens have been burned by the crypto exchange since it started the process in May 2019.

The token's price is flat on the day, trading up a slight 0.29% on OKX.

tradingview chart showing the price of okb over the past week on okx

The price of OKB is down more than 2% on OKX over the past week. Source: TradingView

BNB in collapse

Exchange tokens are in the spotlight following the United States Securities and Exchange Commission's suing Binance on various charges relating to the sale of unregistered securities.

Driven by the news, Binance's BNB has declined nearly 15% over the past week.

This article has been updated with additional context.

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