OKX burned 65.26M OKB, capping supply at 21M, sparking a 170% surge as X Layer blockchain gets faster, cheaper upgrade.

 

OKX has shaken up the crypto market with a major tokenomics update for its native token, OKB. The exchange announced the permanent burn of 65.26 million OKB and a cap on total supply at 21 million tokens. 

The news triggered an immediate price surge of more than 170% in just 24 hours.

Token Burn Sparks Market Frenzy

OKX confirmed that the burned tokens were removed from its historical buybacks and reserves. For some context, by permanently reducing the total supply, the exchange hopes to create a scarcity-driven value model.

This is similar to fixed-supply cryptocurrencies like Bitcoin (which has been one of the biggest factors in its success so far)

The decision came after an internal review of market conditions and the role of OKB in OKX’s long-term plans. Over the next 24 hours after the announcement, OKB’s price shot to a new all-time high above $139 before stabilising near $129. 

OKX has transferred 65.26M $OKB($7.29B) to the buy-back and burn wallet in the past hour.

The total supply of $OKB is now fixed at 21M $OKB($2.25B).

Following the $OKB burn announcement, $OKB surged ~190% today, breaking through $135.https://t.co/j4DKSma6yC… pic.twitter.com/RVDA8IhboG

— Lookonchain (@lookonchain) August 13, 2025

Data from CoinMarketCap showed a 159% gain in 24 hours and a weekly increase of more than 165%.

OKTChain Phase-Out and Token Conversion

As part of the overhaul, OKX will phase out OKTChain, its existing blockchain. All OKT tokens will be automatically converted to OKB based on the average closing price between July 13 and August 12.

The conversion process is expected to start this week, with the trading of OKT halted as of 13 August, and the automatic swap of OKT to OKB in user accounts expected to happen on 15 August.

Finally, 18 August will see the upgrade of the OKB smart contract to remove minting and burning functions.

The complete phase-out of OKTChain is expected by January 1. After that, OKB will serve as the sole token across the OKX ecosystem.

X Layer Blockchain Upgrade

The X Layer public chain, which was first launched two years ago with Polygon technology, is getting a major performance boost. OKX has integrated Polygon’s latest Chain Development Kit (CDK), which increases throughput to 5,000 transactions per second. 

This upgrade also cuts gas fees to near zero while keeping Ethereum compatibility.

X Layer’s upgrades will support DeFi protocols, cross-border payments and the tokenisation of real-world assets. It will also feature better tools for cross-chain bridging, data oracles, and compliance.

The OKX Wallet, Exchange and Pay services will run natively on X Layer and make sure of tighter integration between the blockchain and OKX’s core products.

Market Response to OKB’s Rally

The OKB rally has drawn attention to other major centralised exchange (CEX) tokens. Binance’s BNB climbed 6% to $853, while Uniswap’s UNI and Hyperliquid’s HYPE saw double-digit gains over the past week. However, OKB’s surge has outpaced all its competitors.

The price of OKB has shot up after the news | CoinMarketCap

At the time of writing, OKB holds a market cap of over $6.5 billion with a daily trading volume of more than $842 million, or a 15,000% increase in 24 hours.

Outlook for OKB

If adoption of the X Layer speeds up, OKB could see stronger demand as it becomes more and more integrated for paying fees within the ecosystem. The token’s fixed supply may also come into play and support its long-term price stability.

However, as with any cryptocurrency, volatility is still a risk. Market conditions, regulatory developments, and competition from other exchange tokens could be influencing factors for OKB’s future performance.

For now, the combination of its massive price jump, its historic token burn and major blockchain upgrades has placed OKX and OKB in the spotlight.

The post Here’s Why OKX’s OKB Token Price Is Pumping Today appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ August 13, 2025 6:20 pm