August 13, 2025
5 min read
Gijs O.
OKB Surges 160% After 65M Token Burn and Major X Layer Upgrade
OKB, the native token of OKX, surged nearly 160% in a single day following major announcements from the platform regarding its blockchain ecosystem and tokenomics. OKX permanently burned 65,256,712 OKB tokens, reducing the total supply to a fixed cap of 21 million tokens. This significant token burn, sourced from historical repurchases and treasury reserves, caused OKB's price to jump from around $45 to as high as $135 on Wednesday.Key Highlights
- OKX burned over 65 million OKB tokens, fixing the total supply at 21 million, triggering a 160% price surge in one day.
- The exchange upgraded its Polygon-powered zkEVM chain, X Layer, to support 5,000 transactions per second (TPS), near-zero gas fees, and enhanced Ethereum compatibility.
- OKX plans to phase out OKTChain and the Ethereum L1 version of OKB, migrating fully to X Layer.
- The company is exploring a potential U.S. IPO amid ongoing regulatory challenges in Asia.
Major Upgrade to X Layer
Alongside the token burn, OKX announced a significant upgrade to its Polygon-powered zero-knowledge Ethereum Virtual Machine (zkEVM) public chain, known as X Layer. The “PP upgrade,” completed on August 5, integrates the latest Polygon CDK technology, boosting transaction throughput to 5,000 TPS and slashing gas fees to near zero. This upgrade also improves Ethereum compatibility for developers, positioning X Layer as a leading public chain focused on decentralized finance (DeFi), payments, and real-world asset (RWA) applications. OKX plans to support this ecosystem with a dedicated fund and liquidity incentives to attract developers. Full integration of X Layer will be available across OKX Wallet, OKX Exchange, and OKX Pay, with X Layer becoming the default chain for these services.Transition from OKTChain and Ethereum L1 OKB
OKX will phase out OKTChain, its EVM and IBC-compatible layer-1 chain built on Cosmos. Trading of the OKT token will cease on August 13, 2025, with OKT holders able to convert their tokens into OKB at an average closing price until January 1, 2026. Similarly, the Ethereum L1 version of OKB will be discontinued, and holders are encouraged to migrate their tokens to X Layer. Following the token burn, OKX will upgrade OKB’s smart contract to permanently disable minting and burning functions, solidifying the fixed supply.IPO Rumors and Regulatory Landscape
OKX is reportedly exploring a potential initial public offering (IPO) in the United States after relaunching in the country earlier this year. While no official confirmation has been made, reports indicate the exchange is considering a listing on a U.S. stock exchange. At the same time, OKX faces regulatory challenges in Asia. In May 2025, Thailand’s SEC blocked OKX and four other platforms from operating in the country. Earlier in August, the Philippines SEC issued warnings against 10 major exchanges, including OKX, for operating without proper authorization.Source: OKB Surges 160% After 65M Token Burn and Major X Layer Upgrade