Crypto exchange OKX has completed a significant burn of $26 billion worth of its OKB tokens on Ethereum, reducing the total supply from 300 million to just 21 million. This reduction aligns the token with Bitcoin's finite supply standard and is part of an economic upgrade for OKB. Following the announcement on August 15, 2025, the price of OKB surged over 100%, reaching a high of $135.12, before settling around $90.36. The burn involved the destruction of 279 million tokens and is aimed at improving OKB's utility, as it will now serve as the native gas token for OKX's Ethereum layer-2 network, X-Layer. The upgrade plan includes removing minting and burning functionalities from the smart contract. OKX has also announced plans to focus on enhancing the X-Layer network, shifting away from the OKT Chain to bolster its position in decentralized finance and asset tokenization. This strategic move is accompanied by efforts to expand operations in the U.S., with future plans to go public, joining other exchanges like Coinbase.

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