Ethereum News Today: OKB Surges 133% After OKX Burns $6.5 Billion in Tokens

OKB, the native token of cryptocurrency exchange OKX, surged over 133% in a single 24-hour period, trading at $106.67 with a market capitalization of $6.4 billion and a 24-hour trading volume exceeding $981 million. The dramatic price movement followed a surprise announcement by OKX involving a $6.5 billion token burn, which permanently removed 65,256,712.097 OKB tokens from circulation. These tokens, sourced from historical buybacks and treasury reserves, were sent to an inaccessible “black hole” address, effectively capping the total supply of OKB at 21 million tokens [1].

The burn was accompanied by significant upgrades to OKX’s X Layer blockchain, a zero-knowledge Ethereum Virtual Machine (EVM)-based network. Dubbed the “PP upgrade,” the enhancements integrated the latest Polygon CDK technology, enabling a transaction throughput of up to 5,000 per second, significantly reducing gas fees, and improving Ethereum compatibility for developers [1]. OKX also announced an ecosystem fund and liquidity incentives aimed at attracting developers and projects to build on the platform. The integration of OKX Wallet, OKX Exchange, and OKX Pay with X Layer will streamline user experiences, with OKX Pay now defaulting to X Layer as the primary network for transactions.

The strategic move to retire OKTChain was also revealed, with OKT tokens set to be gradually converted into OKB over time until January 2026. In parallel, the Ethereum L1 version of OKB will be phased out in favor of the X Layer-native version, reinforcing the platform’s commitment to a single, high-performance blockchain [1].

The market’s response has been largely positive, with many investors praising OKX CEO Star Xu for the aggressive supply reduction and infrastructure enhancements. The combination of reduced supply, faster transaction speeds, and a clear utility roadmap has pushed OKB into uncharted price territory, raising expectations for further appreciation in the months ahead. The move to lock supply and improve scalability reflects a broader trend in the crypto space, where scarcity and utility are increasingly seen as key drivers of long-term value [1].

With OKX positioning OKB alongside Bitcoin’s supply model, the token’s trajectory is now a focal point for both retail and institutional investors. The upgrades to X Layer and the shift in tokenomics signal OKX’s broader ambitions in DeFi, global payments, and real-world asset tokenization, potentially broadening OKB’s use cases and demand.

Source: [1] OKB Skyrockets 133% After OKX's $6.5B Token Burn Shocks the Crypto Market (https://crypto-economy.com/okb-skyrockets-133-after-okxs-6-5b-token-burn-shocks-the-crypto-market/)