OKB surges after OKX cuts supply with massive token burn
- OKB surges over 150% amid massive network changes, including a major token burn.
- The burning of around 65 million OKB tokens caps the total supply at 21 billion.
- OKX exchange announces the discontinuation of OKTChain, fueling the migration to the X layer.
OKB, the native token of OKX’s X layer, surges over 150% at press time on Wednesday, fueled by the announcement of a 65 million token burn that led to a sharp decline in the total supply cap to 21 billion tokens.
OKX ecosystem boost plans a total shift to the X layer
The OKX exchange announced a complete migration to the X layer, a zkEVM-based public chain launched in 2023 in collaboration with Polygon, on Wednesday. The strategic decision aims to capitalize on the resurgence of Decentralized Finance (DeFi) and Real-World Asset (RWA) use cases.
Following the PP upgrade on August 5, the X layer provides 5,000 transactions per second (TPS) at negligible gas cost.
To boost its ecosystem, OKX plans to establish an ecosystem fund and incentivize developers as it develops cross-chain functionalities. Furthermore, the ecosystem will integrate OKX Wallet, OKX Exchange, and OKX Pay based on the X layer, loaded with features such as 0 Gas fast withdrawal.
The launch of new products and services built on its X layer is expected to boost demand for its OKX native token, provided the ecosystem adoption increases.
OKTChain discontinuation and the burning of 65 million OKB
The exchange also announced the decommissioning of its OKTChain due to the increasing overlap with the X layer. This starts on Wednesday, and the exchange will automatically convert the OKT tokens to OKB from Friday.
Along with the chain migration, the OKB tokenomics will undergo a massive change. The exchange will conduct a one-time burning event of 65.25 million OKB tokens from previous buybacks and reserves to adjust the total OKB supply to 21 million on Friday. This massive deduction in available supply skyrockets demand, underpinned by the major ecosystem revamps.
Ethereum Layer-1 OKB token holders are urged to swap their tokens on the OKX exchange using the "Withdrawal to X Layer" feature, as future OKB withdrawals on the Ethereum chain will be unsupported.
To maintain a fixed supply, the OKB smart contract upgrades will be completed on Monday to remove the mint and burn functionalities.
Related Articles
U.S. July CPI Commentary: Obstacles Cleared, Where Will U.S. Stocks Go Next?
TradingKey - On 12 August 2025, the United States released its Consumer Price Index (CPI) data for July. In terms of headline inflation, the CPI rose by 2.7% year-on-year in the month, slightly lower than the expected 2.8%. However, core CPI climbed 3.1% year-on-year, edging past the projected 3.0%.
Applied Materials Q3 FY2025 Earnings Preview: Can AI Surge Outrun Export Trade Challenges?
TradingKey - Applied Materials, Inc. (NASDAQ: AMAT) will release its Q3 FY2025 earnings on Thursday, August 14, 2025, after market close, with an earnings call at 4:30 p.m. Pacific Time..jpg)
What to Expect From Meta Q2 Earnings: AI Push, Ad Strength — But Can Profitability Hold?
TradingKey - Meta Platforms (META), the parent company of Facebook, Instagram, and WhatsApp, will release its Q2 2025 earnings after the U.S. market close on Wednesday, July 30. After nine consecutive quarters of beating expectations, analysts expect another strong performance — driven by AI-powered
Ethereum Price Prediction: Will ETH Extend the Rally? What’s the Future Trend?
Ethereum's impressive 2025 rally has been largely fueled by inflows from spot ETFs and a surge in institutional holdings, signaling growing confidence in its role as a core asset in the crypto market. However, to officially confirm the start of a new bull cycle, ETH must break above the critical $4,
