OKB price explodes over 170% after OKX wipes 65 million tokens from supply
OKX has executed a broad improve to its X Layer community and overhauled the financial mannequin of its OKB token, implementing modifications that reshape its infrastructure and provide mechanics.
The replace, disclosed on August 13, features a one-time burn of 65,256,712.097 OKB, capping the whole provide at 21 million, and the completion of the “PP improve” that integrates the newest Polygon Chain Growth Package to reinforce efficiency.
The current improve, accomplished on August 5, will increase throughput to five,000 transactions per second and reduces fuel prices to close zero whereas aligning extra carefully with Ethereum’s mainnet. These technical modifications are designed to assist high-concurrency eventualities and enhance the developer expertise.
OKX is focusing on DeFi, world funds, and real-world asset issuance as major use instances, supported by an ecosystem fund, liquidity incentives, and new infrastructure for cross-chain bridges, oracles, and compliance providers.
The financial mannequin modifications deal with consolidating the function of OKB as the only real fuel and native token on X Layer. From the date of the announcement, OKB withdrawals to Ethereum Layer 1 via the OKX trade have been discontinued, with holders inspired emigrate to X Layer utilizing a one-click swap function.
The one-time burn eliminated tokens from historic repurchases and treasury reserves, and OKX has dedicated to utilizing a wise contract to mechanically burn all future transfers to a delegated blackhole tackle. Following this burn, the OKB good contract shall be upgraded to take away minting and burning features.
The replace additionally initiates the gradual decommissioning of OKTChain. Buying and selling in OKT was halted on the OKX trade on August 13, and starting August 15, the trade will mechanically convert OKT to OKB based mostly on a median closing value calculated from July 13 to August 12. OKTChain will stay operational till January 1, 2026, throughout which on-chain holders can proceed to deposit OKT for conversion.
The market’s response to the announcement was fast. At press time, OKB’s value surged by over 140%, rising from round $47 to over $140 earlier than stabilizing round $110.
The motion displays market consideration on the token’s decreased circulating provide and the efficiency enhancements to X Layer. The availability cap locations OKB’s tokenomics in a fixed-supply class similar to belongings like Bitcoin, which can alter investor perceptions of shortage.
The improve additionally consolidates OKX’s ecosystem throughout its core merchandise. OKX Pockets now absolutely helps X Layer with low-fee transactions, the trade provides gasless withdrawals and transfers of main belongings like USDT, and OKX Pay adopts X Layer as its default public community to facilitate sooner and lower-cost settlements. These integrations are meant to streamline person interplay with the community and focus exercise inside a single Layer 2 setting reasonably than throughout a number of chains.
Whereas the technical and tokenomic modifications are intensive, the rollout is staged with particular execution dates. August 15 marks the beginning of OKT-to-OKB conversions and the execution of the burn, adopted by the August 18 good contract improve.
The ultimate shutdown of OKTChain in the beginning of 2026 will full the consolidation course of, leaving X Layer as the only real public community inside OKX’s blockchain structure.
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