TLDR
- OKX burned 65.26 million OKB tokens worth $7.6 billion, cutting supply by 52% and capping total at 21 million
- OKB price spiked over 200% to $142 before settling around $102, with trading volume jumping 13,000%
- OKTChain will be retired with automatic OKT to OKB conversion happening August 15, 2025
- X Layer blockchain upgrade boosts transaction speed to 5,000 TPS with near-zero gas fees
- Ethereum-based OKB tokens will be phased out in favor of X Layer versions
OKX executed one of the largest token burns in cryptocurrency exchange history on Wednesday. The platform permanently removed 65.26 million OKB tokens from circulation.
The burn was worth approximately $7.6 billion at current prices. This action cut the circulating supply by more than half.
OKX announced a strategic upgrade to X Layer and will permanently burn 65,256,712.097 OKB from historical buybacks and reserves. The OKB smart contract will be upgraded to remove minting and manual burns, fixing total supply at 21 million. OKTChain will be phased out, with OKTā¦ pic.twitter.com/HM4dcXLcdU
— Wu Blockchain (@WuBlockchain) August 13, 2025
The total OKB supply is now capped at 21 million tokens. This matches the hard cap structure used by Bitcoin.
OKB’s price response was immediate and dramatic. The token jumped from $46 to a record high of $142 within hours.
The OKB price has since pulled back to around $102. Trading volume exploded by 13,000% to reach $723 million.
The turnover ratio spiked from 0.03 to 0.093. This indicates heavy speculative and strategic trading activity.
Token Migration and Chain Retirement
OKX announced it will retire OKTChain due to overlapping functionality. OKT trading will stop on August 13, 2025.
Automatic conversion from OKT to OKB will occur on August 15. The conversion rate will be based on a predetermined average price.
OKTChain will remain operational until January 1, 2026. This gives users time to deposit remaining tokens for conversion.
The company is also phasing out Ethereum-based OKB tokens. Users must bridge their tokens to X Layer through OKX.
X Layer Blockchain Upgrades
OKX revealed major upgrades to its X Layer blockchain. The PP upgrade integrates the latest Polygon CDK technology.
Transaction throughput will increase to 5,000 TPS. Gas fees will be reduced to near-zero levels.
The upgrade improves Ethereum compatibility for developers. X Layer will integrate across OKX Wallet, OKX Exchange, and OKX Pay platforms.
New features include gasless withdrawals for users. The upgrade also includes plans for an ecosystem fund and liquidity incentives.
Enhanced infrastructure will feature upgraded bridges and oracles. Compliance tools will also be improved.
OKB will serve as X Layer’s exclusive gas and native token. The strategy mirrors BNB Chain’s approach with quarterly token burns.
The burn represents tokens taken from OKX’s own reserves. The tokens were sent to an inaccessible wallet address, permanently removing them from circulation.
