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- OKB jumps 178% after OKX announces 65 million token burn and major X Layer blockchain upgrade.
- The exchange plans to retire OKTChain, fix OKB supply at 21 million, and phase out the Ethereum version.
OKB coin had a notable price increase on Wednesday after crypto exchange OKX announced major changes to its token supply and blockchain system. The rise followed news of a large one-time token burn and several updates to improve its network and services.
OKB Rally Follows Token Burn and X Layer Upgrade
Previously, CNF reported that OKB had gained 160%, showing a pattern of high price rallies for the coin. Market data now shows the increase has reached 178%, with the coin trading at $113.86, according to Marketcap data.
It is worth mentioning that the price spike began shortly after OKX revealed plans to permanently remove more than 65 million OKB tokens from circulation in a one-time burn. This will fix the total supply at 21 million, a change seen as significant for the token’s scarcity.
The exchange also announced a major upgrade to X Layer, its public blockchain that runs on Polygon’s zkEVM technology. Called the PP upgrade, it will bring faster speeds of up to 5,000 transactions per second and sharply lower gas fees. Ethereum compatibility will also be improved, making it easier for developers to build on the network.
According to the update, X Layer will be linked across OKX Wallet, OKX Exchange, and OKX Pay, with new features such as gasless withdrawals. These changes come as OKX moves to retire OKTChain, which it says has overlapping functions with X Layer.
Trading of OKT will stop on August 13, 2025, followed by an automatic conversion to OKB on August 15 at a set average price. The chain will stay operational until January 1, 2026, to allow remaining holders to deposit for conversion.
In addition, as highlighted in our previous news brief, OKX had plans for a U.S. IPO amid regulatory compliance and market re-entry. Notably, this development boosted investor confidence in its native token, OKB.
Long-term plans for OKB in the new network
OKX confirmed that OKB will become the exclusive gas and native token for X Layer. The Ethereum version of OKB will be removed in stages, and holders will have to move their tokens to X Layer through OKX.
After the switch, taking OKB back to Ethereum will not be possible.
OKX said it will set up a fund to grow the network and give rewards to boost trading activity. It also plans to improve key systems, such as bridges for moving assets, tools for checking prices, and compliance features.
Traders and analysts say the jump in OKB’s value is linked to more than the token burn. The changes to supply, the speed of the network, and the wider role of OKB in the system all played a part in the strong market reaction.
It is important to mention that as part of the exchange push for growth, CNF reported that OKX launched a fully regulated crypto exchange in Germany and Poland under MiCA and MiFID II frameworks.