GeckoPulse: OKB Supply Goes Down, OKB Price Goes...📈

OKBurn

Crypto exchange OKX has announced its plan to deprecate the OKTChain as well as upgrade the tokenomics of its native OKB token.

As per the platform’s recent announcement, the network’s native OKT tokens will be deprecated and automatically converted into OKB based on the average price in the past 2 months.

However, the chain will remain online until the end of the year, providing holders with ample time to deposit and convert their OKT holdings.

More interestingly, the exchange has updated the supply and mechanics of OKB, which will be the only native token of the OKX’s own ‘X Layer’ L2 network moving forward.

As part of the adjustment, the platform will perform a one-off token burn of over 65M tokens from past buybacks and company reserves.

Additionally, the total OKB supply will become fixed at 21M, reflecting a 91% reduction from its total token supply.

The OKB smart contract will also be upgraded to remove mint and burn functions.

Since the announcement, the price of OKB has shot up by 131.9% from $46.80 to $106.80.

Eden Exits

MEV protocol Eden Network has announced its closure, where its core products including Eden RPC and Eden Bundles, will be taken offline.

As per their latest announcement, the decision was made due to fierce competition in the block building scene

Despite winding down, the protocol still holds 2000 ETH, worth approximately $9.2M, which will be distributed to token holders.

Non-US holders will be able to swap their EDEN tokens at a fixed rate of around 66,401 EDEN to 1 ETH.

Given the favourable terms of the token distribution plan, users have taken advantage by acquiring EDEN, pushing the token price up by 65.4% from $0.043 to $0.069.

Uniswap’s DUNA DAO

The Uniswap Foundation has proposed the creation of a new legal entity in Wyoming, named DUNI.

The entity will operate under Wyoming legislation as a Decentralized Unincorporated Nonprofit Association (DUNA), acting as a legal ‘wrapper’ for the Uniswap DAO to retain service providers. and enter contracts,

Beyond that, the entity will not result in any significant changes to how Uniswap operates, nor affect its UNI token.

As per the proposal, DUNI will be provided with $16.5M worth of UNI to settle previous tax payment and for legal defense purposes.

Utilizing the DUNA framework, the Uniswap Foundation also noted that this move would pave the way for the long-awaited fee switch to come online.

While part of the LP fees can be redirected to the DAO treasury should the fee switch be activated, DUNI is still restricted from paying out dividends to members.

Shortly after the announcement, the price of UNI spiked by 8.3% from $10.87 to $11.77, but has nearly retraced the entire move.

Taking a SHOT at BONK

Safety Shot Inc. (SHOT), a Nasdaq-listed health beverage company is pivoting to become a BONK memecoin treasury firm.

BONK’s core contributor, Nom, announced that he will be seeding $25M worth of BONK to SHOT, to help them integrate with the BONK ecosystem.

Nom, and/or the BONK team has in turn received $35M worth of SHOT preferential shares.

Nom will also be joining the Safety Shot team as a strategic advisor to on-chain activities.

The company aims to acquire an additional $115M of BONK, with the target of owning 5% of BONK’s token supply.

In Other News…

Triple the Fun. ETHZilla, aka 180 Life Sciences, a publicly listed ETH treasury firm saw its stock (ATNF) tripling in price on Tuesday after tech billionaire Peter Thiel announced that he purchased a 7.5% stake. Peter Thiel has also invested significantly in another ETH treasury firm, Bitmine.

Monero Under Siege?! XMR is down 15% on fears that the Monero network is suffering a 51% attack by the Qubic mining pool. X users remain divided on whether or not the attack was actually successful. Some debate that Qubic is unable to maintain 51% of the network for any significant amount of time.

All In ETH. Ethereum treasury firm Bitmine announced a massive fund raise of up to $24B with the aim of purchasing an additional $20B worth of ETH. There appears to be a massive rush of ETH accumulation amongst ETH treasury firms including the likes of Bitmine, SBET, EtherMachine and more.

The Stablecoin Loophole. A US bank group is urging regulators to close a loophole in the GENIUS stablecoin Act. This loophole currently allows stablecoin issuers and affiliates such as Coinbase to continue to pay out interest on stablecoins.

The Road to Linea. X users have been heavily discussing the now public Linea roadmap which details the growth plans of the Consensys-backed ETH L2 up till 2026 Q1. Users are generally excited for the upcoming LINEA airdrop given ETH’s recent market rally.

Etherscan Turns 10! The primary blockchain explorer of the Ethereum network celebrates its 10th birthday. To celebrate the occasion, Etherscan is giving its OG supporters an anniversary badge in addition to some “OG Points Reward”.

Steady Lads, I’m Going to Prison. Alleged crypto crook Do Kwon, the founder behind the collapsed Terra crypto project is expected to plead guilty according to court documents. The 2022 collapse of UST and LUNA saw over $40B wiped out from the crypto markets.

Preparations Continue for Korean Stablecoin. South Korean internet conglomerate Kakao further registered four KRW-related trademarks as it prepares to launch the Korean Won backed stablecoin on the Kaia L1 blockchain.

Smashing the Buy Button. David Bailey, Trump’s advisor on crypto policies announced plans to buy $762M worth of Bitcoin. He added that this buy would achieve his dream of  “smash buying $1B of Bitcoin in a single bid”.

A Thank You to Bitcoiners. US fast-food chain Steak ‘n Shake recently reported a 10.7% quarterly gain in store revenues, outpacing other American fast food chains. The Steak ‘n Shake team thanked the Bitcoin community as they attributed their quarterly success to their adoption of Bitcoin payments in May.

The Intern is Free. An Ethereum developer by the name of “Fede’s intern”, has been released from Turkish authorities who was detained for allegedly helping others "misuse Ethereum”. His experience led to him pledging $500K in donations to the legal defense of Roman Storm, the co-founder of Tornado Cash.

Closing the Gap. UK web design and Bitcoin treasury firm The Smarter Web Company, has acquired an additional $35M in Bitcoin at an average price of $119K/Bitcoin. The Smarter Web is now fast closing on becoming a top 20 publicly listed Bitcoin treasury firm, now up to rank 23th from 36th a month ago.