OKB, the native token of crypto exchange OKX, jumped nearly 160% on Wednesday following the platform’s announcement of a major token burn and a significant overhaul of its blockchain ecosystem.
The rally briefly pushed OKB prices to $135, up from a daily low of $45, after OKX confirmed a one-time burn of 65,256,712 OKB sourced from historical repurchases and treasury reserves. Post-burn, the total OKB supply will be capped at 21 million.
In addition to the burn, OKX unveiled plans to upgrade its zkEVM-based public chain, X Layer, aiming to transform it into a leading public chain focused on DeFi, payments, and real-world asset (RWA) applications.
The recent “PP upgrade”, completed on August 5, incorporates the latest Polygon CDK technology, enhancing the network to 5,000 transactions per second, drastically reducing gas fees, and improving Ethereum compatibility for developers.
OKX Expands Its X Layer Blockchain
OKX plans to launch an ecosystem fund and provide liquidity incentives to attract developers. Its core products—OKX Wallet, OKX Exchange, and OKX Pay—will be fully integrated with X Layer, with OKX Pay adopting it as its default blockchain.
As part of this transition, OKTChain will be phased out. Trading of its native OKT token will stop on August 13, with periodic conversions into OKB at the average closing price continuing until January 1, 2026. OKTChain is an EVM- and IBC-compatible layer 1 built on Cosmos.
Additionally, the Ethereum L1 version of OKB will be retired, and holders will be required to migrate their tokens to X Layer. Following the burn, OKX will upgrade the OKB smart contract, permanently removing its minting and burning capabilities.
OKX explores US IPO
OKX is reportedly considering a public listing in the United States following its April relaunch in the country. A June report by The Information indicated that the exchange is exploring an IPO on a US stock exchange, though OKX has not provided any official comment.
Meanwhile, the exchange has faced regulatory challenges in Asia. In late May, Thailand’s Securities and Exchange Commission announced it would block OKX’s operations in the country, along with four other platforms, including Bybit and CoinEx, urging Thai users to secure their assets before the shutdown.
Earlier this month, the Philippines Securities and Exchange Commission also issued an advisory listing 10 major crypto exchanges—including OKX, Bybit, KuCoin, and Kraken—for operating without the necessary authorization under the country’s updated crypto regulations.
