13.08.2025 07:20
OKB, the native token of the cryptocurrency exchange OKX, experienced a dramatic price surge of over 170% following the announcement of a significant tokenomics upgrade and a substantial token burn. This rapid increase propelled OKB's value from approximately $47 to $126 within a single hour, according to data from CoinGecko, representing a 172% increase over a 24-hour period.
The catalyst for this remarkable price jump was OKX's comprehensive overhaul of its tokenomics. A key element of this restructuring involved a one-time burn of over 65 million OKB tokens sourced from past buybacks and treasury reserves, effectively fixing the total OKB supply at 21 million. Simultaneously, OKX upgraded the OKB smart contract, eliminating the ability to mint or burn additional tokens.
This restructuring also included significant changes to OKB's presence on other blockchains. OKX is phasing out its Ethereum Layer 1 (L1) version of OKB, directing users to deposit their tokens on the OKX platform and utilize the "Withdrawal to X Layer" function for cross-chain transfers. Furthermore, the exchange will discontinue support for OKB withdrawals to the Ethereum L1.
In a related move, OKX is decommissioning its OKTChain due to its redundancy with X Layer, their zkEVM-based public blockchain built in collaboration with Polygon. OKT trading on the OKX exchange will conclude on August 13, 2025, with an automatic conversion of OKT to OKB based on the average closing price between July 13 and August 12, 2025.
The upgrade to X Layer, dubbed the "PP upgrade," incorporates the latest Polygon CDK technology, resulting in notable improvements. These include a significant boost in throughput to 5,000 transactions per second (TPS), near-zero gas fees, and enhanced Ethereum compatibility for developers. Complementing these technical advancements, OKX also intends to launch an ecosystem fund, implement liquidity incentives, and improve its overall infrastructure. These developments aim to establish X Layer as a leading blockchain for decentralized finance (DeFi), global payments, and real-world asset (RWA) applications.
