OKB price surges 150% as OKX confirms token burn and supply cap

OKB price surged 150% in the past 24 hours to $115, fueled by a historic $7.86 billion token burn, slashing supply by over 50%.

OKB (OKB), the native token of the OKX exchange, is up 150% in the past 24 hours to $115, with volume surging by a staggering 19007% at press time.

The OKB price rally comes after a one-time burn transaction of 65,256,712 OKB (valued at approximately $7.86 billion) was executed on August 13 by OKX, permanently reducing the supply by 52%. The circulating supply now stands at 21 million OKB, mirroring Bitcoin’s scarcity model. This burn not only created artificial scarcity but also reinforced OKX’s long-term deflationary commitment, with previous burns and locked tokens supporting the trend.

What else is driving OKB price?

In addition to the burn, the rally is catalyzed by the recent “PP Upgrade” to OKX’s X Layer blockchain, a zkEVM-based public network launched in collaboration with Polygon in 2023. Completed on August 5, the upgrade integrates the latest Polygon CDK stack, boosting throughput to 5,000 transactions per second, slashing gas costs to negligible levels, and enhancing compatibility with the Ethereum mainnet.

The upgrade comes with a targeted ecosystem strategy focused on DeFi, global payments, and RWA applications. To accelerate adoption, OKX has established an ecosystem fund and liquidity incentives for developers, alongside infrastructure improvements to cross-chain bridges, oracles, and compliance services.

OKX has also implemented deep integration of X Layer with its core products:

• OKX Wallet now fully supports X Layer, enabling low-fee on-chain interactions.
• OKX Exchange has introduced 0-gas, one-click withdrawals for USDT and other major assets via X Layer.
• OKX Pay will use X Layer as its default public network, delivering faster, cheaper, and more secure payment settlements.

It’s important to note that OKX is phasing out OKTChain due to overlap with X Layer. OKT trading ceased on August 13, while deposits will continue until January 1 next year, with automatic conversion of OKT to OKB at the average closing price over the preceding month. Ethereum L1 withdrawals of OKB have also been stopped, with future withdrawals supported only via X Layer.