The recent surge in OKB price has caught the attention of the cryptocurrency community, with the token skyrocketing by 150% in the past 24 hours to reach $115. This impressive rally has been fueled by a historic token burn conducted by OKX, the exchange behind OKB. The burn, which saw 65,256,712 OKB tokens worth approximately $7.86 billion being permanently removed from circulation, has effectively slashed the token supply by 52%. As a result, the circulating supply of OKB now stands at 21 million tokens, aligning with the scarcity model of Bitcoin.
This one-time burn not only created artificial scarcity but also reinforced OKX’s commitment to a deflationary token model. Previous token burns and locked tokens have supported this trend, further enhancing the value proposition of OKB. Additionally, the recent upgrade to OKX’s X Layer blockchain, known as the “PP Upgrade,” has played a significant role in driving the uptrend. This upgrade, which was completed on August 5, has integrated the latest Polygon CDK stack, boosting the blockchain’s throughput to 5,000 transactions per second. Furthermore, gas fees have been drastically reduced to negligible levels, while compatibility with the Ethereum mainnet has been enhanced.
The strategic upgrade to X Layer comes with a focused ecosystem strategy that aims to cater to DeFi, global payments, and Real-World Asset (RWA) applications. To incentivize developers and accelerate adoption, OKX has established an ecosystem fund and liquidity incentives. The integration of X Layer with OKX’s core products, including the OKX Wallet, OKX Exchange, and OKX Pay, ensures a seamless user experience and paves the way for faster, cheaper, and more secure transactions.
It’s worth noting that OKX is phasing out OKTChain in favor of X Layer. OKT trading has already ceased, with deposits scheduled to continue until January 1 next year. Any remaining OKT will be automatically converted to OKB at the average closing price over the preceding month. Ethereum L1 withdrawals of OKB have also been halted, with future withdrawals supported only via X Layer. Overall, these developments signal a new era for OKB and OKX, with a renewed focus on innovation, efficiency, and user experience.