OKB, the native token of crypto exchange OKX, gained almost 160% on Wednesday after the platform revealed an overhaul to its blockchain ecosystem and tokenomics, including a major burn.
The rally, which briefly pushed OKB (OKB) prices as high as $135 from a daily low of $45, came as OKX confirmed it will conduct a one-time burn of 65,256,712.097 OKB from historical repurchases and treasury reserves. After the burn, the total OKB supply will be fixed at 21 million.
OKX also revealed that it will upgrade its zero-knowledge Ethereum Virtual Machine (zkEVM)-based public chain, X Layer, “to build it into a leading public chain with a dedicated focus on DeFi, payments, and real-world asset (RWA) applications.”
According to OKX, its “PP upgrade,” completed on Aug. 5, integrated the latest Polygon CDK technology, boosted transaction throughput to 5,000 transactions per second, cut gas fees to negligible levels and improved Ethereum compatibility for developers.
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OKX expands X Layer ecosystem
The exchange plans to establish an ecosystem fund and offer liquidity incentives to attract developers. OKX Wallet, OKX Exchange and OKX Pay will be fully integrated with X Layer, with OKX Pay adopting it as its default chain.
As part of the transition, OKTChain will be phased out. Trading of its native OKT token will halt on Aug. 13, with periodic conversions of OKT into OKB at an average closing price until Jan. 1, 2026. OKTChain is an EVM and IBC-compatible layer 1 built on Cosmos.
The Ethereum L1 version of OKB will also be phased out, with holders asked to migrate to X Layer. Following the burn, OKX will upgrade the OKB smart contract to remove minting and burning capabilities entirely.
Related: OKX joins Paxos’ USDG network as stablecoin push intensifies
OKX explores US IPO
OKX is reportedly exploring a potential public listing in the United States following its April relaunch in the country. According to a June report by The Information, the exchange is considering an IPO on a US exchange, though OKX declined to comment on the matter.
Notably, OKX has been facing regulatory headwinds in Asia. Thailand’s Securities and Exchange Commission announced in late May that it would block the exchange’s operations in the country, along with four other platforms, including Bybit and CoinEx. The regulator urged Thai users to secure their assets before the shutdown date.
Earlier this month, the Philippines Securities and Exchange Commission issued an advisory on 10 major crypto exchanges, including OKX, Bybit, KuCoin, Kraken and others, for operating without the required authorization under the country’s new crypto regulations.
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