OKX Burns 65M OKB to Cap Supply at 21M, OKB Surges 160%
OKX has overhauled OKB’s tokenomics with a one-time token burn of 65.26 million OKB from past repurchases and reserves, fixing total supply at 21 million and removing mint and burn functions from the smart contract. The exchange also enables automated on-chain burns for all OKB sent to the blackhole address. Following the announcement, OKB’s price surged over 160% in 10 minutes, trading above $130.
As part of the upgrade, OKX will phase out the Ethereum L1 version of OKB, requiring holders to swap tokens to the X Layer. It will decommission OKTChain in August 2025, automatically converting OKT to OKB. The X Layer upgrade introduces a zkEVM chain capable of 5,000 TPS, near-zero gas fees, enhanced DeFi and RWA support, improved bridges, ecosystem funds and liquidity incentives.
Bullish
The one-time burn of 65.26 million OKB and fixed supply at 21 million creates immediate scarcity, driving the 160% price surge as traders reacted to the token burn. Removing mint/burn functions and automating on-chain burns further strengthens supply discipline. Phasing out the Ethereum L1 version and migrating holders to the X Layer boosts on-chain activity and utility. The X Layer upgrades—zkEVM at 5,000 TPS, near-zero fees, improved DeFi/RWA support, bridges, ecosystem funds and liquidity incentives—enhance network performance and adoption potential. Historically, major burns lead to short-term rallies and sustained interest; the enhanced tokenomics and technical improvements suggest a bullish outlook for both near-term trading and long-term value accrual.