$SOL $BNB $ETH OKB Surges ~160% Following Major Token Burn & Network Upgrade
OKB, the native token of the OKX exchange, soared approximately 160%—from around $45 to $135—after OKX announced a significant overhaul of its tokenomics and blockchain architecture.
The platform executed a one-time burn of 65,256,712.097 OKB from its treasury and repurchased tokens. Post-burn, the total OKB supply will be permanently capped at 21 million tokens.
OKX also began phasing out its OKTChain and the Ethereum L1 version of OKB:
Trading of OKT will halt starting August 13, 2025, and holders can convert OKT to OKB gradually until January 1, 2026.
OKB’s Ethereum L1 token is being deprecated, with a full migration to OKX’s upgraded X Layer.
X Layer (zkEVM Chain) Upgrades
On August 5, 2025, OKX rolled out its “PP upgrade” to the zkEVM-based X Layer, utilizing Polygon CDK technology. This enhancement notably:
Boosted transaction throughput to 5,000 TPS
Dramatically reduced gas fees
Improved Ethereum compatibility for developers
Broader OKX Strategy
OKX plans to fund the expansion of its X Layer ecosystem by setting up an ecosystem fund and offering liquidity incentives to attract developers.
The X Layer will be fully integrated with OKX Wallet, Exchange, and OKX Pay, with X Layer becoming the default chain for OKX Pay.
OKX is also reportedly exploring the possibility of a U.S. IPO, according to a June report from The Information, although the company hasn’t publicly commented.
Regulatory Challenges in Asia
OKX has been facing headwinds in parts of Asia:
Thailand’s SEC announced it would block OKX’s operations, among four other exchanges, urging users to withdraw assets before the shutdown period.
In the Philippines, the Securities and Exchange Commission issued advisory notices to major crypto platforms—including OKX—for operating without proper authorization under new regulations.
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Summary Table
Event Key Details
Token Burn 65M OKB burned; total supply fixed at 21M
Token Price Jumped from ~$45 to ~$135 (~160% increase)
Network
