TLDR
- OKX Burns 279M OKB, Fixes Supply at 21M, Price Soars Over 190% Briefly
- OKB Supply Slashed 93% in Record Burn, Echoes Bitcoin’s Scarcity Model
- OKX Sets 21M OKB Cap, Price Spikes as X Layer Integration Expands
- Massive OKB Burn Sparks Price Rally, Token Now Powers Entire X Layer
- OKX Reshapes OKB with Historic Burn, Ends Minting & Boosts Ecosystem
OKX has permanently removed 278,999,999 OKB tokens worth over $26 billion from circulation, fixing the total supply at 21 million. The unprecedented burn slashed OKB’s circulating supply by 93% and positioned the token alongside Bitcoin in terms of fixed scarcity. The move triggered a rapid price rally, with OKB briefly hitting an all-time high before a slight pullback.
Massive Token Burn Reshapes OKB Supply
The exchange executed the one-time burn on August 15, transferring tokens from its buyback and treasury reserves to a null address. This transaction eliminated the possibility of those OKB tokens re-entering circulation, ensuring a hard cap on supply. The operation followed a pre-announced plan to align OKB’s supply model with Bitcoin’s 21 million cap.
JUST IN: @okx has permanently burned 278,999,999 $OKB tokens, worth over $26B at current prices. 😳 pic.twitter.com/ynB9hmM3hq
— Satoshi Club (@esatoshiclub) August 15, 2025
OKX funded the burn using tokens repurchased over time and its remaining reserves, consolidating the event as one of the largest in crypto history. The supply reduction aimed to strengthen OKB enhance its value proposition within the exchange’s ecosystem.
The exchange will now upgrade OKB’s smart contract to disable minting and manual burns permanently. This change will hard-code the new supply limit and prevent any future alterations. The update will also phase out the Ethereum Layer 1 version of OKB in favor of its native X Layer deployment.
Ecosystem Overhaul and Strategic Shifts
The burn formed part of a broader ecosystem upgrade that includes enhancements to the X Layer blockchain. OKX has increased the network’s throughput to 5,000 transactions per second while cutting gas fees to negligible levels. Compatibility with Ethereum has been improved to attract more developers and projects.
OKX integrated its Wallet, Exchange, and Pay services directly into X Layer to expand token utility. OKB will now serve as the only gas and native token across the upgraded network. This deep integration aims to drive adoption across DeFi, payments, and real-world asset applications.
The exchange also announced the decommissioning of OKTChain, with OKT holders receiving OKB in a phased conversion process. The swap rate is based on the average closing prices of both tokens over a set period. OKTChain will remain functional until January 1, 2026, before being fully retired.
Market Impact and Price Action
OKB’s market capitalization was approximately $1.96 billion. The price surged from $46 to $142.88 within an hour before settling near $92.78. The sharp rally reflected both the reduced supply and the expectation of expanded token utility.
Market analysts attributed the price momentum to the magnitude of the supply cut and its long-term implications. The event also reinforced OKB’s positioning as a deflationary asset within the crypto market. While the price cooled after the initial spike, trading volumes remained elevated as market participants adjusted to the new supply dynamics.
