OKTChain will be decommissioned, with OKT holders receiving OKB via an automatic conversion.
OKB, the native token of crypto exchange OKX, spiked roughly 170% within an hour after the platform unveiled a sweeping tokenomics overhaul that includes burning more than 65 million tokens.
According to CoinGecko data, OKB surged from about $47 to $126 on the news, pushing its 24-hour gain to 172%.
OKX announced on Wednesday that it will conduct a one-time burn of over 65 million OKB tokens from historical repurchases and treasury reserves, after which the total OKB supply will be fixed at 21 million. OKX will also upgrade the OKB smart contract to remove minting and burning functionalities.
As part of the major overhaul, OKX will phase out its Ethereum layer 1 (L1) version of OKB, directing holders to deposit their tokens to OKX and use the “Withdrawal to X Layer” feature for chain swaps. The exchange will no longer support OKB withdrawals to Ethereum L1.
The company is also decommissioning OKTChain due to overlap with X Layer, its zkEVM-based public chain. OKT trading on OKX Exchange will cease on August 13, 2025, with automatic conversion of OKT to OKB based on average closing prices between July 13 and August 12, 2025.
OKX is making a sweeping upgrade to X Layer, its zkEVM-based public blockchain built with Polygon, with the goal of positioning it as a leading chain for DeFi, global payments, and real-world asset (RWA) applications.
The upgrade, called the PP upgrade, integrates the latest Polygon CDK technology, boosting throughput to 5,000 TPS, cutting gas fees to near-zero, and improving Ethereum compatibility for developers.
OKX also plans to roll out an ecosystem fund, liquidity incentives, and better infrastructure like upgraded bridges, oracles, and compliance tools.
