based on materials from the site - By CoinRank_io
The 'war of ecosystems' among exchanges in the blockchain has begun: can X Layer become the champion?
On August 13, OKX officially published a statement that revived a new round of industry competition among exchanges.
On one hand, OKX decided to burn all 65,256,712.097 OKB reserved after historical buybacks in one go, thereby fixing the total supply at 21 million tokens (Note from Odaily: it equals the total supply of Bitcoin). On the other hand, OKX decided to reduce its presence in the blockchain by liquidating OKT Chain, converting OKT tokens into OKB at a fixed rate, and fully focusing on developing the second-layer network (X Layer), improving network performance, and achieving ecosystem integration.
This news shocked the market: in just 2 hours, the price of OKB soared from about $46 to $142, increasing by approximately 208%. Its fully diluted valuation (FDV) once jumped to $7.45 billion (data from Coingecko). On August 14, the daily trading volume of OKB reached about $1.44 billion, with the trading volume on OKX alone amounting to $275 million. Other exchange tokens like GT, BGB, and MX also showed significant growth. Meanwhile, on August 14, the Hong Kong company OKG Technology (1499.HK) surged by 26.09% intra-day, reaching a price of HKD 0.73.
On August 15, the burning of OKB tokens and the update of the X layer were officially completed. Odaily analyzes the competitive dynamics among centralized exchanges (CEX).
In 2023, amid the boom of Ethereum Layer 2, OKX, in partnership with Polygon, launched an L2 blockchain based on zkEVM, using zero-knowledge proofs to ensure lower transaction costs. OKB served as its native token. Upon launch, the blockchain was called OKX’s L2.
In April 2024, OKX’s L2 was officially renamed to X Layer. With the addition of infrastructure projects like The Graph, QuickSwap, Curve, and Wormhole, the ecosystem rapidly developed.
According to the official block explorer, as of August 18, 2025, there were 13.06 million transactions registered on X Layer with a total volume of 1.33 million OKB (≈$150 million). Its TVB (total moved value) was 378,000 OKB (≈$43.09 million). OKX CEO Star stated:
"X Layer has been upgraded, performance increased to 5000 transactions per second (TPS) with virtually zero transaction fees, and the number of OKB tokens is fixed at 21 million. In the future, X Layer will employ a 'one chain - one token' model, supporting DeFi, global payments, and RWA, while aiming to build infrastructure that covers all chains."
OKX certainly places great strategic importance on X Layer, which is focused on some of the most promising sectors. Combined with OKX's user base of over 60 million, this strategy provides a significant advantage in the growth of the ecosystem and liquidity.
It is expected that, considering that the number of OKB tokens is now limited to 21 million, the growth of the ecosystem will contribute to the increase in the value of the token.
In February 2020, when the OKChain testnet was launched, the price of OKB jumped by 40% in one day, rising from about $3 to $5.5 on news of token burning. At that time, the total circulating supply was about 286 million tokens.
Today, after 28 token burnings, the price of OKB has risen to nearly $100, increasing by 20 times. Since OKB is the only gas token and native asset of X Layer, demand for it may sharply increase again, potentially triggering a new major price surge.
Despite the progress made, X Layer still faces three major challenges:
Gap in DeFi protocols: according to the official website, X Layer currently supports only 7 major DeFi protocols (Curve, KelpDAO, Meson, etc.), which is significantly less than other L1 or L2 blockchains that boast dozens of such protocols.
Gap in payment users: despite the huge user base of OKX, converting them into active users of X Layer, especially in the payment sector, remains a challenging task. Compared to Base, Arbitrum, and Optimism, X Layer has a long way to go.
Gap in stablecoin issuance: stablecoins are a key indicator of the stability of the ecosystem. Unlike TRON (with USDT issuance > $80 billion) or Solana (with USDC issuance > $5.5 billion in the last month), X Layer suffers from a late market entry and limited resources. Other RWA assets also require development.
However, these problems also open up opportunities. Being in an early stage means that X Layer has growth potential, and OKX's resources can help it catch up quickly.
As Bitcoin turns 16 and Ethereum celebrates its 10th anniversary, traditional financial instruments are entering the market through ETFs and accumulation strategies, while cryptocurrency exchanges are entering their 'second half'.
For Binance, OKX, and Coinbase, victory in the next round depends not only on converting exchange resources into on-chain ecosystems but also on understanding user demand, industry trends, and the introduction of innovative products.
Whatever becomes the winner—BNB Chain, X Layer, or Base—it will take time and market assessment. But one thing is clear: this 'war of on-chain ecosystems' will be more prolonged and fierce than many expect.
#MarketRebound #Сryptomarketnews
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