TL;DR
- OKB surged over 133% in the last 24 hours, trading at $106.67 with a market cap of $6.4 billion and 24-hour volume above $981 million.
- OKX executed a historic burn of over 65 million OKB, fixing total supply at 21 million tokens, a scarcity model similar to Bitcoin.
- The burn coincided with major upgrades to OKX’s X Layer blockchain, targeting DeFi, payments, and real-world asset tokenization worldwide.
OKB, the native token of crypto exchange OKX, delivered a spectacular rally, rising 133.2% in the past day and setting the market abuzz. The sudden spike followed a bold announcement that included a massive token burn valued at around $6.5 billion and transformative upgrades to the exchange’s blockchain ecosystem. Trading volume exploded by more than 17,000%, crossing the $981 million mark as eager investors rushed in very quickly indeed.
Massive Token Burn And Fixed Supply Model
According to OKX, exactly 65,256,712.097 OKB were permanently removed from circulation. The burn included tokens from historical buybacks and treasury reserves, all sent to an inaccessible “black hole” address. This decision fixes the total supply at 21 million tokens, completely disabling any future minting or manual burns once the smart contract upgrade is complete. By locking in scarcity, OKX is positioning OKB similarly to Bitcoin’s supply model, with potential long-term bullish implications for holders.
X Layer Upgrade To Boost Adoption
Alongside the tokenomics shift, OKX unveiled a major update to its zero-knowledge Ethereum Virtual Machine-based X Layer network. The “PP upgrade” integrated the latest Polygon CDK technology, enabling throughput of up to 5,000 transactions per second, reducing gas fees to negligible levels, and enhancing Ethereum compatibility for developers.
OKX also confirmed an ecosystem fund and liquidity incentives to draw developers and projects. OKX Wallet, OKX Exchange, and OKX Pay will be fully integrated with X Layer, with OKX Pay making it the default chain. The upgrade reflects the exchange’s focus on decentralized finance, seamless global payments, and real-world asset tokenization.
As part of the strategy, OKTChain will be phased out, with OKT tokens periodically converted into OKB until January 2026. The Ethereum L1 version of OKB will also be retired in favor of X Layer’s native version.
Traders reacted strongly to the announcement, with many praising OKX CEO Star Xu for the aggressive supply cut and infrastructure upgrades. The combination of reduced supply, faster transactions, and a clear utility roadmap has propelled OKB into uncharted price territory, fueling optimism for further growth in the months ahead.
