tl;dr
OKB, the native token of OKX exchange, hit a new all-time high after announcing a burn of over 65 million tokens, reducing total supply to 21 million, equal to Bitcoin’s cap. The burn caused OKB’s price to surge 124% in 24 hours to a peak of $135, with $3.5 billion trading volume. OKB is used as gas...
OKB, the native token of global cryptocurrency exchange OKX, reached a new all-time high on Wednesday, more than doubling in price following news of a significant supply cut through a token burn. The burn involves destroying over 65 million OKB tokens, effectively reducing the total supply to a fixed 21 million, matching Bitcoin’s supply cap but down from an initially planned 300 million tokens. This token deflation led OKB to peak at $135 before stabilizing around $103, marking a 124% increase in 24 hours and making it the top performer among the leading 100 cryptocurrencies by market capitalization.
Trading volume surged as roughly $3.5 billion worth of OKB changed hands during this price rally. The token's role extends beyond a standard asset, serving as the native gas token for OKX’s Ethereum layer-2 solution, X-Layer. OKX aims to strengthen X-Layer to become a major platform for decentralized finance (DeFi), real-world asset tokenization, and payment services. Planned upgrades include lowering gas fees and enhancing throughput.
In addition to technical improvements, OKX announced a strategic move to decommission its OKT Chain network while converting all OKT tokens to OKB, further concentrating value within the OKB ecosystem. This conversion is expected to elevate OKT’s price by over 100%. Although the OKT Chain will continue operating until January 1, 2026, automatic conversions will occur when deposits are made on the OKX Exchange.
The token burn is scheduled for August 15, with an estimated value of $6.7 billion at current market prices. After this event, OKX plans to upgrade OKB’s smart contract to disable any future minting or burning, solidifying the token’s supply permanence. This move signals a significant shift in OKB’s tokenomics, emphasizing scarcity and value retention within the ecosystem.
OKX’s recent expansion into the United States, highlighted by its establishment of a regional headquarters in San Jose, California, and its onboarding of American users for trading major cryptocurrencies, positions the exchange for increased global influence. These developments reflect OKX’s broader strategy to enhance its network infrastructure and token utility while fostering user growth and confidence.