Key Takeaways
- OKB price surged over 170% after OKX announced a major token burn and tokenomics upgrade.
- OKTChain will be decommissioned, with OKT holders receiving OKB via an automatic conversion.
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OKB, the native token of crypto exchange OKX, spiked approximately 170% within an hour after the platform unveiled a sweeping tokenomics overhaul that includes burning more than 65 million tokens.
According to CoinGecko data, OKB surged from about $47 to $126 on the news, pushing its 24-hour gain to 172%.
OKX announced on Wednesday that it will conduct a one-time burn of over 65 million OKB tokens, after which the total OKB supply will be fixed at 21 million. The exchange will also implement a comprehensive upgrade to X Layer, its zkEVM-based public blockchain built with Polygon.
The upgrade, called the PP upgrade, integrates the latest Polygon CDK technology, boosting throughput to 5,000 TPS, cutting gas fees to near-zero, and improving Ethereum compatibility for developers. X Layer will be integrated across OKX Wallet, OKX Exchange, and OKX Pay platforms, enabling features like gasless withdrawals.
As part of the major overhaul, OKX will retire OKTChain due to overlapping functionality. OKT trading will cease on August 13, 2025, followed by automatic conversion to OKB on August 15 based on a predetermined average price. The chain will remain operational until January 1, 2026, allowing users to deposit remaining tokens for conversion.
The company is also revamping OKB tokenomics, maintaining it as X Layer’s exclusive gas and native token while phasing out the Ethereum L1 version. Users must bridge their tokens to X Layer through OKX, after which L1 withdrawals will be disabled.
The upgrade includes plans for an ecosystem fund, liquidity incentives, and enhanced infrastructure, including upgraded bridges, oracles, and compliance tools.
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