15.08.2025 21:21
OKX, a prominent cryptocurrency exchange, has significantly altered its tokenomics by permanently burning 279 million OKB tokens, a move valued at an astounding $26 billion. This substantial reduction in circulating supply was confirmed by on-chain data from Etherscan, showcasing the transfer of these tokens from the dedicated buyback and burn address to a null address, making them permanently inaccessible.
This dramatic action, executed as planned, follows a Wednesday announcement detailing OKX's intention to burn 65 million OKB tokens, thus limiting the total supply to a remarkable 21 million. This figure mirrors the capped supply of Bitcoin, the leading cryptocurrency, highlighting the deliberate creation of scarcity within the OKB ecosystem and potentially impacting its value. The exchange financed this massive burn using funds accumulated from previous repurchases and its treasury reserves. Consequently, OKB's current circulating supply stands at 21 million, resulting in a market capitalization of approximately $1.96 billion at the time of this writing.
The burn is a key component of OKX's broader strategy to enhance the OKB ecosystem and improve its overall functionality. In addition to the token burn, the exchange announced plans to implement robust changes, including updating smart contracts to prevent future token creation or manual burns and phasing out the OKT token entirely by January 2026. A conversion of OKT to OKB, based on the token's average price over a specific period, facilitates this transition.
Further demonstrating its commitment to ecosystem improvement, OKX plans to upgrade its X Layer, a zkEVM-based blockchain. These upgrades promise substantial improvements, including a fivefold increase in transaction throughput to 5,000 transactions per second, lowered transaction fees, and enhanced Ethereum compatibility to attract more developers. Importantly, OKX's Wallet, Exchange, and Pay platforms will also be integrated into the upgraded X Layer, creating a more cohesive and efficient user experience. These significant developments position OKX for future growth within the constantly evolving cryptocurrency market.
