OKB Price Stable at $120.25 Amid X Layer Deposit Drop

OKB, the gas and native token of X Layer, has seen its price stabilize at $120.25 over the past week, with a narrow range of only $2.60 between its high and low.

The token's price has been relatively flat, losing only 0.62 percent over the week, but its underlying dynamics are more interesting. X Layer, the Ethereum scaling chain, has seen a drop in deposits from $186.9 million on September 28 to $168.3 million on October 3, with $114.8 million of that sitting in a single lending market, Aave V3.

This concentration is significant, as it means that a large portion of the chain's deposits are tied up in a single market, making it vulnerable to changes in that market's terms or capital flows.

The fixed supply of 21 million OKB tokens means that demand will continue to drive the token's price, rather than supply-side factors. The number of active trading venues on X Layer is a key metric to watch, as it can indicate changes in demand for the token.