OKX Launches X Layer Strategy Driving OKB 208% Surge in Two Hours

OKX has officially launched a strategic overhaul centered on its Layer 2 blockchain, X Layer, marking the beginning of a new phase in the on-chain ecosystem competition among cryptocurrency exchanges. The platform announced the burning of its entire reserved OKB supply—65,256,712.097 tokens—effectively fixing the total OKB supply at 21 million, mirroring Bitcoin’s cap. It also retired its OKT Chain, merging OKT tokens into OKB at a fixed rate and consolidating resources to fully develop X Layer. This move, announced on August 13, triggered an immediate and sharp market reaction: OKB’s price surged 208% within two hours, reaching $142 from around $46, and its fully diluted valuation briefly hit $7.45 billion on Coingecko. OKX’s trading volume for OKB on August 14 stood at $275 million alone, outpacing many other exchange tokens such as GT, BGB, and MX [1].

X Layer, rebranded from OKX’s L2 in April 2024, is designed as a high-performance blockchain with a throughput of 5,000 transactions per second and near-zero fees, using OKB as the sole gas token. It is part of OKX’s broader strategy to integrate its exchange, wallet, and payment services under a unified on-chain ecosystem. According to OKX CEO Star, X Layer will focus on DeFi, global payments, and real-world assets (RWA), aiming to serve as foundational infrastructure for the broader crypto industry. As of August 18, 2025, X Layer had recorded 13.06 million transactions, with a total value bridged (TVB) of $43.09 million [1].

This shift aligns with a growing trend among major centralized exchanges (CEXs), including Binance, Coinbase, and Bybit, which are increasingly prioritizing their own on-chain ecosystems. Binance has been expanding its BNB Chain, offering dual-track wallet solutions and token launch features to attract liquidity. Coinbase continues to develop Base, an Ethereum Layer 2 chain, which now has a total value locked (TVL) of $16.1 billion and 229 million addresses. Bybit has taken a diversified approach, launching a decentralized exchange (DEX), supporting stablecoin minting, and promoting its U-Card payments with high cashback incentives. OKX, in contrast, is pursuing a more measured and integrated strategy, focusing on the deep alignment of X Layer with its core services—exchange, wallet, and payments.

Despite its momentum, X Layer still faces significant challenges. It currently hosts only seven major DeFi protocols, lagging behind other Layer 1 and Layer 2 chains. Its payment user base, while growing, is dwarfed by that of competitors such as Arbitrum and Optimism. Furthermore, stablecoin issuance on X Layer remains limited compared to chains like TRON and Solana. For example, TRON’s USDT supply exceeds $80 billion, while Solana’s USDC issuance hit $5.5 billion in the past month [1].

However, X Layer’s early-stage position also means it has room to grow. OKX’s massive user base and ecosystem resources could help accelerate adoption and liquidity. The recent surge in meme coin activity on X Layer also indicates strong community engagement, despite OKX’s emphasis on neutrality. OKX Pay, built on X Layer, is another key component of its strategy. With features such as zero-fee transactions and 5% annual percentage yield (APY) on USDT, it aims to attract both new and existing users while offering competitive advantages over traditional cross-border payment solutions [1].

The competition among exchanges is now centered on their on-chain ecosystems. The next phase of the industry will likely be defined by which chain—whether BNB Chain, X Layer, or Base—can best meet user demand, drive product innovation, and sustain long-term growth. For OKX, the success of X Layer and OKB will depend not only on technical performance but also on its ability to convert its exchange user base into active on-chain participants and developers.

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[1] The ‘On-chain Ecosystem War’ of Exchanges Has Begun: Can X Layer Become the Champion? (https://coinmarketcap.com/community/articles/68a3ed579aac9d3415966e4d/)