OKB Surges 160% After 65M Token Burn and Major X Layer Upgrade

OKB, the native token of OKX, has jumped nearly 160% in a single day after the platform announced sweeping changes to its blockchain ecosystem and tokenomics, including a massive one-time token burn and a fixed maximum supply. The price of OKB jumped from around $45 to as high as $135 on Wednesday, following news that OKX will permanently remove 65,256,712 OKB from circulation. The burn, which comes from historical repurchases and treasury reserves, will leave the total supply capped at 21 million tokens.

X layer gets a major upgrade

Alongside the tokenomics overhaul, OKX announced a significant upgrade to its Polygon-powered zero-knowledge Ethereum Virtual Machine (zkEVM) public chain, X Layer. The “PP upgrade,” completed on Aug. 5, incorporates the latest Polygon CDK technology, boosting transaction throughput to 5,000 TPS, slashing gas fees to near zero, and improving Ethereum compatibility for developers.

The enhanced X Layer aims to become a leading public chain focused on DeFi, payments, and RWA applications. OKX also plans to roll out an ecosystem fund and liquidity incentives to attract developers, with full integration across OKX Wallet, OKX Exchange, and OKX Pay, which will adopt X Layer as its default chain.

Transition away from OKTChain and Ethereum L1

As part of the restructuring, OKX will phase out OKTChain, its EVM and IBC-compatible layer-1 chain built on Cosmos. Trading of the OKT token will cease on Aug. 13, with OKT converted periodically into OKB at an average closing price until Jan. 1, 2026.

Similarly, the Ethereum L1 version of OKB will be discontinued, with holders asked to migrate to X Layer. Following the burn, OKX will upgrade OKB’s smart contract to permanently remove minting and burning functions.

IPO rumors amid regulatory pressures

The changes come as OKX explores a potential U.S. initial public offering after relaunching in the country earlier this year. Reports suggest the exchange is considering a listing on a U.S. stock exchange, though OKX has not confirmed the plans.

Meanwhile, regulatory challenges persist. In May, Thailand’s SEC announced it would block OKX and four other platforms from operating in the country. Earlier this month, the Philippines SEC issued warnings against 10 major exchanges, including OKX, for operating without proper authorization.