- OKX burns $7.29B OKB, fixing supply at 21M, sparking a 190% price surge and boosting long-term scarcity value.
- X Layer upgrade boosts speed to 5,000 TPS, cuts gas costs, and integrates deeply with OKX wallet, exchange, and payments.
- OKTChain phase-out and OKB contract upgrade lock supply permanently, driving market optimism and higher trader interest.
OKX has made a landmark move, permanently burning $7.29 billion worth of OKB in a single operation while announcing a major blockchain upgrade.
According to Lookonchain, the exchange transferred 65.26 million OKB to its buy-back and burn wallet, fixing the total supply at 21 million. This unprecedented burn triggered a massive market rally, with OKB prices surging by nearly 190% and briefly hitting $142.46.
The choice coincides with the planned enhancement of its X Layer, a zkEVM-based network developed in partnership with Polygon. In order to ensure quicker and less expensive blockchain activity, the upgrade offers a performance boost to 5,000 transactions per second and a significant reduction in gas prices.
Major Supply Cut and Contract Upgrade
Besides burning a large portion of its reserves, OKX upgraded the OKB smart contract to remove minting and manual burn functions. This ensures that no new OKB can be created, making it a truly fixed-supply asset.
The burn includes historical buybacks and treasury holdings, locking OKB’s circulating supply permanently. From now on, all OKB sent to a blackhole address will be burned automatically via smart contract.
Moreover, the Ethereum L1 version of OKB will be phased out. Holders are urged to swap to the X Layer version through OKX Exchange’s “Withdraw to X Layer” feature.
X Layer Expansion and OKTChain Phase-Out
OKX also announced it will decommission OKTChain due to overlap with X Layer. Trading for OKT ends August 13, with periodic conversions of OKT to OKB based on a fixed average closing price. OKTChain will remain active until January 1, 2026, allowing on-chain holders to complete swaps.
Additionally, OKX will integrate X Layer deeply with its wallet, exchange, and payment services. This includes gasless withdrawals, faster settlements, and expanded support for DeFi, payments, and real-world asset applications.
The market reacted strongly to the announcements. Trading volumes spiked sharply around 12:40, pushing OKB to its peak before stabilizing near $142. Green volume bars dominated, showing strong buyer interest.
Source: Wu Blockchain (X)
With a market cap of $12.28 billion and growing utility across OKX’s ecosystem, OKB’s fixed supply could drive long-term scarcity value. Consequently, the burn and upgrade position OKX to strengthen its place in the DeFi and global payments sectors.
