OKB Price Surges 160% on Token Burn & X Layer Upgrade
OKB Skyrockets Following Token Burn and X Layer Upgrade
OKB, the native token of the OKX crypto exchange, experienced a dramatic surge, climbing nearly 160% on Wednesday. This rally was fueled by the exchange's announcement of significant updates to its blockchain ecosystem and tokenomics, including a substantial token burn.
The price of OKB briefly peaked at $135, a significant increase from its daily low of $45. This spike followed OKX's confirmation of a one-time burn of 65,256,712.097 OKB. These tokens were sourced from historical repurchases and treasury reserves. Post-burn, the total supply of OKB is now fixed at 21 million.
X Layer Upgrade Details
OKX is also upgrading its zero-knowledge Ethereum Virtual Machine (zkEVM)-based public chain, X Layer. The goal is to establish it as a leading public chain, specifically targeting:
- DeFi applications
- Payments
- Real-world asset (RWA) applications
According to OKX, the "PP upgrade," completed on August 5th, integrated the latest Polygon CDK technology. This integration is designed to boost transaction throughput to 5,000 transactions per second, reduce gas fees to minimal levels, and enhance Ethereum compatibility for developers.
Expanding the X Layer Ecosystem
OKX intends to foster the growth of the X Layer ecosystem through:
- Establishing an ecosystem fund
- Offering 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 cease on August 13th, with periodic conversions of OKT into OKB at an average closing price until January 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, and holders are encouraged to migrate to X Layer. Following the burn, OKX will upgrade the OKB smart contract to completely remove minting and burning capabilities. For developers building on X Layer and launching new tokens, platforms like Codeum offer comprehensive security audits and KYC services to ensure project integrity.
OKX Eyes US IPO Amidst Regulatory Challenges
OKX is reportedly exploring a potential public listing in the United States following its April relaunch in the country. However, the exchange has faced regulatory hurdles 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 other platforms. The Philippines Securities and Exchange Commission also recently issued an advisory on several major crypto exchanges, including OKX, for operating without the required authorization.