Protocol Update: OKX Halves Its Native Token Supply
An overview of the latest developments in cryptocurrency technology, including significant changes at OKX and increased Ethereum transaction volumes.
Highlights
This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.
Main Stories:
-
OKX Slashes OKB Token Supply by 50% With $7.6B Burn
OKX’s token OKB experienced a significant surge after the exchange executed a one-time burn of 65.26 million tokens, cutting the total supply by over half. The burn, representing approximately $7.6 billion, is notable in the history of exchange tokens and has driven OKB’s price from $46 to $142. As trading volume skyrocketed by 13,000%, the move reflects strategies similar to those used by Binance’s BNB. Read more. -
ETH Transaction Volume Climbs
Ethereum’s transaction volume is nearing its all-time high of 1.9 million transactions recorded in January 2024, spurred by improved capacity, rising ether prices, and reduced costs, especially within DeFi protocols. This resurgence has attracted interest from traders and analysts alike. Read more. -
Weaponized Trading Bots Steal $1M From Crypto Users
A report reveals over $1 million lost to fraudulent smart contracts masquerading as trading bots, leveraging AI-generated videos to facilitate scams. Read more. -
Babylon Introduces Trustless Bitcoin Vaults
The Bitcoin project Babylon launched trustless vaults enabling Bitcoin holders to participate in decentralized finance without relying on centralized entities, enhancing user security. This initiative aims to leverage Bitcoin for DeFi applications. Read more.
In Other News
- A new open-source network called The GRID from New York-based Sentient aims to build and monetize AGI systems, pushing against closed AI marketplaces.
- Stripe has appointed Matt Huang of Paradigm as the CEO for its upcoming blockchain project, Tempo.
Regulatory Developments
- Terraform Labs’ founder Do Kwon pleaded guilty to conspiracy to commit fraud.
- President Trump’s crypto advisor Bo Hines has departed, with Patrick Witt taking over the role of chief industry liaison.
