- OKX destroyed 278,999,999 OKB tokens valued at $26 billion, reducing total supply from 300 million to 21 million permanently.
- The token burn ends OKB minting entirely, locking its supply and aligning its scarcity model closely with Bitcoin’s fixed cap.
- OKTChain is being shut down, with token holders migrated to OKB, consolidating OKX’s focus on its X Layer blockchain network.
OKX has eliminated 93% of its OKB token supply in a single on-chain transaction. The move burned 278,999,999 tokens worth approximately $26 billion. The total supply now stands at 21 million tokens, down from 300 million.
The exchange has permanently removed OKB’s minting function. After August 18, no new OKB will ever be created. This adjustment locks the asset into a fixed-supply model similar to Bitcoin’s cap. OKX states this will establish long-term scarcity within its ecosystem.
Conversion of OKTChain Assets
Alongside the supply change, OKX is winding down its original blockchain project, OKTChain. The network will remain operational until January 2026. However, all OKT tokens are being converted to OKB at set rates. The process began on August 15 and will continue automatically until completion.
OKX has shifted its blockchain focus to X Layer, its main network moving forward. By consolidating assets into OKB, the exchange aims to strengthen integration with X Layer’s operations. The decision ends development overlap between the two blockchains.
Market Response Shows Mixed Sentiment
Following the burn announcement, OKB’s price climbed 25% to $120 before pulling back to $93.46. The token has still gained 107% over the week. The volatility reflects traders adjusting to the supply shock and its implications for utility within OKX’s platform.
On August 15, blockchain data recorded the transfer of all burned tokens from a wallet labeled “OKB Buy-Back and Burn” to an irretrievable dead address. The transaction occurred without reported issues.
The final stage of OKX’s plan will be completed on August 18 when the upgraded OKB smart contract activates. This will cement the token’s deflationary structure and permanently prevent any supply expansion. The exchange will monitor adoption metrics for X Layer as it becomes the primary driver of OKB’s role in the market.
