Key Insights:
- OKX burns 65M $OKB worth $7.29B, reducing the total supply to a fixed 21 million.
- OKTChain trading ends; user tokens convert to $OKB at average rates through early 2026.
- X Layer replaces Ethereum and OKTChain; OKB becomes the sole gas token with locked supply.
OKX has carried out a one-time burn of 65M $OKB tokens, valued at $7.29 billion, from its historical repurchase and treasury reserves. This move permanently fixes the total supply of $OKB at 21 million tokens, down from over 86 million previously.
According to on-chain data and a public announcement from OKX, the burned tokens were transferred to a black hole address within an hour.
“Following the $OKB burn announcement, $OKB surged ~190% today, breaking through $135,” stated Lookonchain on X.
Before the price jump, $OKB had traded at around $45. At press time, OKB was trading at $109, showing a 137% increase in the past hours and 142% in the past 7 days.
OKTChain Decommissioning and Token Migration
As part of a broader shift in its blockchain ecosystem, OKX confirmed the decommissioning of OKTChain, citing redundancy with its newer X Layer network. OKT token trading on OKX Exchange stopped on August 13, 2025.
From August 15, 2025, OKT held by users will be automatically converted to $OKB using the average market price between July 13 and August 12, 2025. Users can deposit OKT until January 1, 2026, after which support will end. OKTChain, an EVM- and IBC-compatible Layer 1 chain built on Cosmos, will also stop functioning beyond that date.
Migration to X Layer and Ethereum Withdrawal Phase-out
OKX also announced it will phase out support for Ethereum Layer 1 $OKB. Holders are being asked to migrate their tokens to X Layer using the built-in “Withdraw to X Layer” option available on the OKX Exchange. After this change, withdrawals of $OKB to Ethereum will no longer be supported.
The X Layer is a zkEVM-based public chain built using Polygon CDK. OKX completed its “PP upgrade” on August 5, which increased throughput to 5,000 transactions per second and cut gas fees significantly. The platform aims to focus X Layer on DeFi, payments, and real-world asset applications.
Smart Contract Upgrade and Ecosystem Expansion
Following the burn, OKX plans to upgrade the $OKB smart contract. This update will remove minting and burning functions, permanently locking the supply. As reported by CoinCu, the company stated it will maintain $OKB as the only native token for gas and network use within X Layer.
To further grow the ecosystem, OKX will offer liquidity incentives and establish an ecosystem fund to attract developers. OKX Wallet, Exchange, and Pay services will all be integrated into X Layer, with OKX Pay adopting it as the default chain.
OKX is also reportedly exploring a US IPO, although the company has not officially commented. Meanwhile, regulatory concerns persist in Asia. Thai authorities have ordered OKX to shut down operations in the country, while the Philippines SEC issued an advisory against several exchanges, including OKX, for operating without proper licenses.
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Source: https://coincu.com/analysis/okb-supply-locked-at-21m/