OKB, the native token of OKX, soared nearly 160% after the exchange announced a one-time burn of over 65 million tokens, fixed its total supply at 21 million, and rolled out major upgrades to its Polygon-powered X Layer network.
On Wednesday, OKB rallied from a daily low of $45 to highs of $135, following OKX’s confirmation that it had permanently removed 65,256,712 OKB from circulation. The tokens, sourced from historical repurchases and treasury reserves, bring the total supply down to a fixed cap of 21 million.
Expanding the X Layer Ecosystem
The exchange will launch an ecosystem fund and provide liquidity incentives to attract developers. OKX Wallet, OKX Exchange, and OKX Pay will be fully integrated with X Layer, with OKX Pay adopting it as the default chain.
As part of this transition:
- OKTChain will be phased out, with OKT token trading ending on Aug. 13 and periodic conversions into OKB until Jan. 1, 2026.
- The Ethereum L1 version of OKB will also be phased out, requiring holders to migrate to X Layer.
- Following the burn, OKB’s smart contract will be upgraded to remove minting and burning functions entirely.
OKX is reportedly exploring a U.S. IPO after relaunching services in the country in April. However, the exchange has faced regulatory pushback in Asia, with Thailand’s SEC announcing in May that it would block operations of OKX and several other exchanges.
Despite these challenges, OKB’s sharp price rally underscores investor confidence in OKX’s revamped tokenomics and blockchain expansion strategy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.