OKX announced a major upgrade to its X Layer blockchain, boosting performance and focusing on DeFi and payments. As part of this, OKX permanently burned 65,256,712 OKB tokens from reserves and buybacks. The OKB smart contract was upgraded to remove minting and manual burns, fixing the total supply at 21 million. OKTChain will be phased out, with OKT tokens swapped for OKB at an average price from July 13 to August 12, 2025. Following the news, OKB briefly hit a $134 all-time high before settling near $129.