Crypto exchange OKX has permanently burned 279 million OKB worth $26 billion, drastically reducing the token’s circulating supply.
It fulfilled the planned token incineration today, on-chain data from Etherscan shows. The transaction saw it move the tokens from the OKB buyback and burn address to a null address, irreversibly removing the tokens from circulation.
Notably, the burn follows an announcement on Wednesday where OKX disclosed plans to initiate the transaction. The exchange revealed it would carry out a one-time burn of 65 million OKB tokens, dropping its total supply to 21 million.
The move is part of OKX’s ploy to upgrade OKB’s tokenomics and revamp its ecosystem. Alongside the burn, OKX also announced plans to overhaul its smart contracts to prevent new token minting and manual burns.
Furthermore, the OKT token would also become extinct in the OKX ecosystem starting from January 2026. The exchange converted the OKT tokens to OKB at a rate determined by its average price between July 13 and August 12.
Meanwhile, OKX would also upgrade the X Layer, its zkEVM-based blockchain. Some of the updates include boosting throughput to 5,000 transactions per second, reducing transaction fees, and improving Ethereum compatibility to enhance developer appeal.
OKX would also add its Wallet, Exchange, and Pay platforms to the X Layer.
Today’s burn did not prevent OKB from joining the broader market bearish trend, as it has corrected 7% in the past 24 hours. It currently trades at $93.35, with its trading volume also dropping 58% to $191 million.
Nonetheless, OKB is up 103% in the past seven days, with a considerable share of the rally coming on Wednesday after the burn announcement. On the day, the token spiked 206% from $46.55 to a high of $142.88 before closing at $105.
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