13.08.2025 10:53

On August 13th, OKX, a prominent cryptocurrency exchange, announced a significant restructuring of its native token, OKB. This involved a dramatic reduction in the circulating supply, permanently destroying a staggering 65,256,712.097 OKB tokens—approximately 75% of the existing supply—on August 15th. This action, achieved through a smart contract upgrade, firmly capped the total supply at 21 million tokens, effectively ending any future minting or discretionary burns.

This substantial burn event was immediately followed by a dramatic price surge for OKB. Within a single hour of the announcement, the token's value skyrocketed by roughly 70%, briefly reaching a price near US$100. This impressive rally propelled OKB's market capitalization to approximately US$8 billion, according to data from CoinGecko. The enthusiasm extended beyond OKB, invigorating other exchange-issued tokens as market participants speculated on the broader implications of tighter tokenomics within the cryptocurrency sector.

This latest burn represents a continuation of OKX's commitment to reducing its token supply. Since 2019, the exchange has conducted 28 buy-back-and-burn events, removing a total of 213.7 million OKB tokens. With the upcoming burn, nearly 93% (279 million out of 300 million) of the originally issued tokens will have been removed from circulation.

OKX's decision to limit the supply to 21 million, mirroring Bitcoin's supply cap, signifies a crucial strategic shift. This move aims to reposition OKB primarily as the transactional fuel, or "gas," for X Layer, OKX's newly developed blockchain, replacing the existing OKTChain. This transition reflects OKX's ongoing expansion into blockchain infrastructure and a departure from its previous model of OKB as a revenue-sharing exchange coin. The information presented here is compiled from internet sources.