Cryptocurrency exchange OKX unveiled a sweeping overhaul of its native token on 13 August, saying it will permanently destroy 65,256,712 OKB
Cryptocurrency exchange OKX unveiled a sweeping overhaul of its native token on 13 August, saying it will permanently destroy 65,256,712.097 OKB—about three-quarters of the current circulating supply—on 15 August. The move will cap the token’s total supply at 21 million and disable any future minting or discretionary burns via a smart-contract upgrade. OKB will also migrate to X Layer, a new OKX-developed blockchain that will replace the existing OKTChain.
The announcement triggered an immediate price spike. OKB climbed roughly 70% within an hour of the news and briefly doubled to trade near US$100, lifting its market value to about US$8 billion, according to CoinGecko data. The rally spilled over into other exchange-issued tokens amid renewed speculation about tighter tokenomics across the sector.
OKX has conducted 28 buy-back-and-burn events since 2019, eliminating 213.7 million tokens. Including the upcoming one-off burn, the exchange will have removed around 279 million of the 300 million tokens originally issued. By fixing supply at 21 million—the same cap as Bitcoin—OKX aims to position OKB primarily as gas for X Layer rather than a revenue-sharing exchange coin, marking a strategic shift as the company continues to expand its blockchain infrastructure.
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