[Crypto IPO] OKX Burns Over 65 Million Tokens — OKB Skyrockets 200%
OKX Burns Over 65 Million Tokens — OKB Skyrockets 200%
TradingKey – On Wednesday, August 13, global crypto exchange OKX, ranked among the top 10 by trading volume, announced a sweeping tokenomics overhaul that includes the one-time burn of 65 million OKB tokens.
The move triggered a dramatic rally in its native token OKB, which surged more than 200%, jumping from around $45 to $140, setting a new all-time high.
OKB Price Chart – Source: TradingView
Token Burn and Supply Cap
OKX confirmed it will permanently destroy over 65 million OKB tokens from historical buybacks and treasury reserves. This burn will be executed via smart contract automation, replacing manual destruction mechanisms.
Following the burn, OKB’s total supply will be capped at 21 million tokens, aligning it with Bitcoin’s fixed issuance model.
Strategic Implications
The token burn is part of a broader upgrade to X Layer, OKX’s zkEVM-based public blockchain built with Polygon CDK. The upgrade boosts throughput to 5,000 TPS, slashes gas fees to near-zero, and enhances Ethereum compatibility for developers.
OKX is also:
- Decommissioning OKTChain, with automatic conversion of OKT to OKB based on average closing prices between July 13 and August 12
- Phasing out OKB’s Ethereum Layer 1 version, directing users to migrate to X Layer
- Launching an ecosystem fund, liquidity incentives, and infrastructure upgrades to support DeFi, payments, and RWA applications
Crypto Giant OKX Eyes U.S. IPO — OKB Soars 14% on the News
On Monday, June 23, OKB jumped from $49 to above $56 following the IPO news, before pulling back to around $53.
OKB Price Chart – Source: TradingView.
OKX ranks as the world’s third-largest crypto exchange by futures volume, trailing only Binance and Bybit, and fifth in spot trading volume, behind Binance (BNB), Bybit, Coinbase (COIN), and Upbit.
According to Yueqi Yang, a crypto journalist at The Information, OKX began exploring a U.S. IPO after re-entering the American market in April. The successful listing of Circle, the issuer of USDC, has signaled growing regulatory acceptance and investor appetite — fueling a wave of IPO interest among crypto firms and boosting OKX’s chances of going public.
