Latest news with #OKB
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4 days ago
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Why the Cryptocurrency OKB Was Up More Than 192% Today
Key Points Roughly half of OKB will be burned, permanently removing it from circulation on Aug. 15. The broader cryptocurrency market is experiencing significant investor enthusiasm as coins trade near all-time highs and the crypto exchange Bullish has its IPO today. 10 stocks we like better than OKB › The crypto token OKB (CRYPTO: OKB) is exploding today, up 121.8% in the last 24 hours as of 3:45 p.m. ET, having gained as much as 192.3% earlier in that period. The jump comes as the S&P 500 and Nasdaq Composite were relatively flat. The native token of the cryptocurrency exchange OKX, OKB just saw its supply cut in half in what is one of the largest token burns in crypto history. Massive token burn drives OKB higher OKX will execute a one-time burn of roughly 65.26 million OKB tokens worth about 7.6 billion by sending them to an unreachable wallet. This will effectively cut the total supply of OKB in circulation by 52% and permanently cap it at 21 million. The token price immediately soared after OKX announced the move, from about $46 to a high of $142 before retreating to its current level of about $104. Trading volume spiked 13,000% as holders tried to capitalize on the upcoming supply shock. The burn is part of a larger move by OKX to move its operations from Ethereum's primary blockchain and onto its native L2 layer called X Layer. The move will help cut costs and speed up transactions. The token is also benefiting from broader bullish sentiment in crypto, driven by today's massive IPO of the Peter Thiel-backed exchange, Bullish. Don't count on this to continue A burn of this scale is not going to happen again, and investors shouldn't jump into OKB expecting another one to follow. I would avoid buying this crypto and many niche altcoins like it. For investors looking for exposure to crypto, stick to the "OGs" like Ethereum and Bitcoin. Should you invest $1,000 in OKB right now? Before you buy stock in OKB, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and OKB wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,119,863!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 13, 2025 Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy. Why the Cryptocurrency OKB Was Up More Than 192% Today was originally published by The Motley Fool
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4 days ago
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The Protocol: OKX Slashes Native Token Supply in Half
Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech development. I'm Margaux Nijkerk, CoinDesk's Tech & Protocols reporter. In this issue: OKX Slashes OKB Token Supply by 50% With $7.6B Burn, Price Surges ETH Transaction Volume Climbs on Price Rally, Cheaper DeFi Costs Weaponized Trading Bots Drain $1M From Crypto Users via AI-Generated YouTube Scam Babylon Introduces Trustless Bitcoin Vaults for BTC Staking Protocol Unknown block type "divider", specify a component for it in the ` option Network news OKX SLASHES TOKEN SUPPLY IN HALF: OKB, the token of cryptocurrency exchange OKX, more than tripled to a record high after the company executed a one-time burn of 65.26 million OKB, cutting the supply by more than 50%. Burning the roughly $7.6 billion worth of tokens permanently reduces the maximum supply to 21 million, in line with the hard cap coded into Bitcoin. The burn, or sending the tokens to a wallet address that can't be accessed, was carried out from OKX's reserves and represents one of the largest deflationary events in exchange token history. The effect of the burn was instant. OKB jumped to $142 from $46 before retrenching to about $102. Trading volume skyrocketed 13,000% to $723 million as traders attempted to capitalize on the supply shock. The strategy mirrors that of BNB, the token of BNB Chain, which is associated with rival exchange Binance. That undergoes quarterly burns that often precede short-term rallies. — Oliver Knight Read more. ETH TRANSACTION VOLUME CLIMBS : Ethereum's transaction volume has been overall on an upward trajectory, closing in its all-time high of 1.9 million transactions in a single day in January 2024. The latest surge is drawing attention from both retail traders and institutional observers, as it reflects a confluence of technical improvements, favorable market sentiment, and a renewed appetite for on-chain activity. According to data from Etherscan, daily transaction counts have been consistently trending higher over the past several weeks. Other data shows seven-day averages of daily transactions have already surpassed their previous records. Analysts suggest that this momentum is being fueled by a combination of factors: a recent increase in network capacity, rising ether prices, and a reduction in transaction costs, particularly for decentralized finance (DeFi) protocols and stablecoin transfers. One of the biggest enablers of the current spike has been a substantial capacity boost on Ethereum's mainnet. The Fidelity Digital Assets Research Team told CoinDesk that 'Ethereum's Layer 1 is seeing a surge in transactions largely due to a 50% increase in the gas limit since March, which allows more transactions to fit into each block.' This upgrade has significantly increased throughput, enabling more efficient settlement and reducing congestion. As a result, stablecoin transfer costs have fallen consistently below a dollar, making DeFi activity and peer-to-peer payments far more affordable. Fidelity Digital Assets notes that DeFi currently tops the charts for ETH burns, underlining its central role in driving network activity. — Margaux Nijkerk Read more. WEAPONIZED TRADING BOTS STEAL $1M FROM CRYPTO USERS : Over $1 million has been siphoned from unsuspecting crypto users through malicious smart contracts posing as MEV trading bots, according to a new report by SentinelLABS. The campaign leveraged AI-generated YouTube videos, aged accounts, and obfuscated Solidity code to bypass basic user scrutiny and gain access to crypto wallets. Scammers appeared to be using AI-generated avatars and voices to reduce production costs and scale up video content. These tutorials are published on aged YouTube accounts populated with unrelated content and manipulated comment sections to give the illusion of credibility. In some cases, the videos are unlisted and likely distributed via Telegram or DMs. At the center of the scam was a smart contract promoted as a profitable arbitrage bot. Victims were instructed via YouTube tutorials to deploy the contract using Remix, fund it with ETH, and call a 'Start()' function. In reality, however, the contract routed funds to a concealed, attacker-controlled wallet, using techniques such as XOR obfuscation (which hides data by scrambling it with another value) and large decimal-to-hex conversions (which convert large numbers into wallet-readable address formats) to mask the destination address (which makes fund recovery trickier). — Shaurya Malwa Read more. BABYLON INTRODUCES TRUSTLESS BITCOIN VAULTS: Bitcoin project Babylon took another step toward offering a decentralized finance (DeFi) experience on its $5 billion staking protocol akin to that seen elsewhere in the crypto world. The latest development is the introduction of trustless vaults, designed to allow BTC holders to deposit their tokens without relying on a centralized entity, as outlined in a new white paper shared with CoinDesk. In DeFi ecosystems, trustless vaults are a form of digital asset storage or management that removes the need for users to trust a central authority or intermediary. Instead, the systems use smart contracts to ensure security and enforce the rules of the vault. Babylon says its vaults will allow bitcoin to be used as collateral in DeFi applications such as lending and stablecoin issuance, as well as the staking that its protocol provides. Users can also earn yield on their BTC holdings by staking it to support the operation of proof-of-stake networks. They then receive rewards paid in BABY, Babylon's native token. The development forms part of the broader movement to utilize the enormous value held in bitcoin to power DeFi activity across other blockchains. — Jamie Crawley Read more. Unknown block type "divider", specify a component for it in the ` option In Other News Sentient, a New York-based artificial intelligence company, has introduced The GRID, an open-source network designed for building and monetizing artificial general intelligence (AGI) systems. The company says the platform is aimed at providing a decentralized alternative to closed AI marketplaces from firms such as OpenAI. Developers can plug in their AI agents, models, or tools and earn token-based rewards, with usage fees and subscriptions available as optional monetization routes. At the time of its debut, The GRID hosts over 40 AI agents, 50 data sources, and more than 10 models, spanning both Web2 and Web3. These include tools like Napkin, a generative graphics engine, and Exa, a search startup, as well as blockchain-connected agents deployed across Base, Polygon, Arbitrum, and others. Users can access these through Sentient Chat, an interface for discovering and combining agents into workflows capable of handling tasks such as calendar coordination, code generation, and data visualization. — Oliver Knight Read more. Stripe has appointed Matt Huang, co-founder and managing partner of crypto venture capital firm Paradigm, as the chief executive officer of its upcoming blockchain Tempo. Huang, who already sits on Stripe's board, will retain his position at Paradigm. That's according to Fortune, citing sources familiar with the project. The move aligns with a growing trend of developing stablecoin-focused blockchains. These include Plasma, which recently attracted over $373 million in an oversubscribed token sale, and Tether-focused blockchain Stable.— Francisco Rodrigues Read more. Unknown block type "divider", specify a component for it in the ` option Regulatory and Policy Terraform Labs founder Do Kwon pleaded guilty to conspiracy to commit fraud and wire fraud in Manhattan on Tuesday morning, three years after the dramatic $60 billion collapse of the Terra/Luna stablecoin ecosystem. The 33-year old South Korean national arrived in court in handcuffs and a canary yellow prison jumpsuit, a metal chain around his waist. He admitted that he "knowingly engaged in a scheme to defraud and did in fact defraud" purchasers of the TerraUSD stablecoin. Under the charges in the original indictment, which included seven other charges such as securities and commodities fraud, Kwon faced a maximum sentence of 135 years in prison if convicted on all counts. Kwon's plea agreement with the government slashes his maximum sentence to 25 years — 20 for the wire fraud charge, and five for the fraud conspiracy charge, which the judge can either order to be served consecutively or concurrently — but prosecutors will ask for a maximum of 12 years. After serving half his sentence in the U.S., Kwon will be eligible to apply to serve the rest of his sentence in his native South Korea. — Nikhilesh De & Cheyenne Ligon Read more. President Donald Trump's crypto adviser, Bo Hines, has departed after only months on the job, and the next in line — his deputy, Patrick Witt — will apparently be shepherding the industry's political priorities in Washington as it still seeks industry-wide regulations and the institution of a federal crypto stockpile. Witt shares a remarkably similar history with Hines – both ex-football stars who played at Yale before seeking law degrees and falling short in bids for Congressional seats. Witt had a brief stint as a free-agent quarterback for the New Orleans Saints after leading the Yale Bulldogs team that Hines later played on as wide receiver. Both ex-athletes tied their political careers closely to Trump in recent years, and Witt will now be the chief industry liaison for Trump's White House, according to his social-media profile on X that references the title Hines left behind.— Jesse Hamilton Read more. Unknown block type "divider", specify a component for it in the ` option Calendar Sept. 22-28: Korea Blockchain Week, Seoul Oct. 1-2: Token2049, Singapore Oct. 13-15: Digital Asset Summit, London Oct. 16-17: European Blockchain Convention, Barcelona Nov. 17-22: Devconnect, Buenos Aires Dec. 11-13: Solana Breakpoint, Abu Dhabi Feb. 10-12, 2026: Consensus, Hong Kong May 5-7, 2026: Consensus, Miami
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5 days ago
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Markets Today: OKB, FART Surge as Ether Races Toward Record Highs
The crypto market was a sea of green early Wednesday, with altcoins including OKB, PUMP, BNSOL, JITOSOL and SOL chalking out double-digit gains alongside ether's rapid surge toward record highs. "Bitcoin rose by a modest 0.4% during the day and remains 2% below the levels of 30 days ago — clear evidence of the market's switch to altcoin-mode," Alex Kuptsikevich, the chief market analyst at the FxPro said. "We suspect that investors are selling the first cryptocurrency to finance purchases of altcoins. And it is hardly reasonable to talk about a reversal in sentiment, given the rally in altcoins and the historic highs of the S&P 500 and Nikkei 225," he said. Derivatives Positioning Ether's (ETH) price rise is accompanied by fresh capital inflows into CME-listed futures, where open interest in standard contracts sized at 50 ETH has increased to 1.85 million ETH, up from 1.5 million ETH just over a week ago. Traders appear to be positioning for an upside as the annualized three-month basis has topped 10%. In bitcoin's (BTC) case, CME basis remains near 7.5%. The altcoin market shows no signs of overheating despite ether surging toward record highs. That's evident from perpetual funding rates on offshore exchanges, which remain pinned near annualized 10% for most major tokens. Open interest in privacy-focused Monero (XMR) rose to the highest level since December, as the token's price dropped to $245, the lowest since April. The data indicate that traders sold the rally to profit from the price drop. On Deribit, ether traders chased calls at strike $5,000 and higher in a sign of bullish market sentiment. ETH calls traded at a premium relative to puts across all tenors. Still, ether's 30-day implied volatility index, ETH DVOL, remained pinned in recent ranges around 70%. BTC's implied volatility also remained relatively steady. Flows on the OTC network Paradigm featured demand for higher-strike OTM calls, particularly the $ 160,000 strike. Token Talk OKB surged to a record $142 (+200%) after OKX announced a permanent supply cut to 21M tokens — one of the largest in its history — alongside a 'PP upgrade' to its Polygon-powered X Layer chain. The upgrade boosts throughput to 5,000 TPS, cuts gas fees to near zero and adds gasless USDT withdrawals. OKX will also decommission OKTChain, halting OKT trading on Aug. 13 and converting balances to OKB from Aug. 15. Eden Network is shutting down all services, including Eden RPC and Bundles, citing unprofitable competition in the MEV relay and block-building space. Starting in 2021 to optimize MEV revenue for miners and validators, Eden saw early success but lost ground post-Merge as the market consolidated around a few operators. FARTCOIN rose 17% as whale wallets with $1M+ in holdings increased supply by 2% over 24 hours, while 'smart money' addresses boosted holdings by 3%. MACD momentum on the daily chart is bullish, with the token eyeing a breakout above $1.74 if buying persists. Key support sits at $0.74 if momentum fades.
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5 days ago
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Why Cryptocurrency OKB Has More Than Doubled This Week
Key Points OKB's price rocketed higher this week after OKX announced plans to do a one-time burn of over 65 million tokens. After this, OKB's fixed supply will be down to 21 million tokens. 10 stocks we like better than OKB › Since last Friday, OKB (CRYPTO: OKB), the native cryptocurrency of the crypto exchange OKX, has risen close to 108% as of 1:22 p.m. ET Thursday. The main reason for the move is because OKX plans to eliminate tens of millions of OKB tokens. A key part of one of the largest crypto exchanges The San Jose-based OKX crypto exchange is the second-largest cryptocurrency exchange in the world based on daily trading volume. In 2018, the exchange launched a native token called OKB with a fixed supply of 300 million that is regularly reduced through burning and repurchases. OKB started as an ERC-20 token, meaning it was built on Ethereum's blockchain. However, the token eventually left Ethereum and started trading on OKX's own blockchain. OKB is used by OKX for different programs on the exchange, and has been integrated by financial service providers, payment processors, and even some merchants, among other businesses. However, the big reason for OKB's move this week is linked to OKX's decision to eliminate over 65 million OKB tokens through a one-time burn from previous repurchases and Treasury reserves. Following this, OKB will have a total supply of 21 million. This likely created a strong move based on completely new supply-and-demand dynamics. Scarcity is a powerful tool I find it interesting that the new fixed supply of OKB is similar to that of Bitcoin, the world's largest cryptocurrency. As of this writing, OKB trades for $93, which is much cheaper than Bitcoin. Could investors who believe in Bitcoin as a form of digital gold latch on to OKB as a cheaper crypto hedge against inflation? It's possible, but I still can't say with any certainty that any cryptocurrency including Bitcoin can actually hedge inflation. While I do see some attractive characteristics associated with OKB, I am still advising caution after such a big move. It's still too early to invest anything more than a smaller, more speculative position that you are prepared to lose. Should you buy stock in OKB right now? Before you buy stock in OKB, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and OKB wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $649,544!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,113,059!* Now, it's worth noting Stock Advisor's total average return is 1,062% — a market-crushing outperformance compared to 185% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 13, 2025 Bram Berkowitz has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy. Why Cryptocurrency OKB Has More Than Doubled This Week was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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5 days ago
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OKX Slashes OKB Token Supply by 50% With $7.6B Burn, Price Surges
OKB, the token of cryptocurrency exchange OKX, more than tripled to a record high after the company executed a one-time burn of 65.26 million OKB, cutting the supply by more than 50%. Burning the roughly $7.6 billion worth of tokens permanently reduces the maximum supply to 21 million, in line with the hard cap coded into bitcoin (BTC). The burn, or sending the tokens to a wallet address that can't be accessed, was carried out from OKX's reserves and represents one of the largest deflationary events in exchange token history. The effect of the burn was instant. OKB jumped to $142 from $46 before retrenching to about $102. Trading volume skyrocketed 13,000% to $723 million as traders attempted to capitalize on the supply shock. The strategy mirrors that of BNB, the token of BNB Chain, which is associated with rival exchange Binance. That undergoes quarterly burns that often precede short-term rallies. Supporting that narrative, OKB's turnover ratio, a measure of trading activity relative to supply, spiked from 0.03 pre-announcement to 0.093, signaling heightened speculative and strategic positioning. Sustained price momentum will depend on whether OKX can continue to drive adoption of its X Layer blockchain, of which OKB is the native token. To that end, the exchange plans to increase transaction speed and reduce gas prices, according to a blog post. It will also be phasing out Ethereum-based OKB tokens, which can now be redeemed for X Layer versions. Sign in to access your portfolio
