TLDR:
- Market: OKB ($OKB) surged to an all-time high (ATH) of $134 following the news of OKX revealing the burning of 65.26 million OKB tokens, cutting the circulation of the tokens to 21 million, and the current spot price of roughly $124 and 24-hour volume, with the help of the 200% jump by August 13, 2025.
- Narrative: OKX re-pivot of the X Layer, zkEVM chain, and subsequent burning of over 65 million OKB and OKTChain retirement have propelled record-breaking price surges. Static 21 million OKB supply and DeFi, payments, and real-world assets (RWA) focus allow OKB to become the challenger in the crowded Solana space.
OKX, the biggest crypto exchange, on August 13, 2025, made a historic redesign of its X Layer blockchain and aggressive OKB tokenomics reshuffling, unleashing meteoric 200% price spikes to a fresh all-time high of $134, and remaining thereabouts around the $124 mark. At the heart of the move was the irreversible and permanent burning of 65,256,712.097 OKB tokens, held in the form of buybacks and reserve holdings, locked forever and irreversibly, setting the OKB supply level at 21 million. This strategic synergy, with the X Layer chain being retooled into a performance-focused zkEVM chain, puts OKB in the limelight in Solana’s highly competitive DeFi and memecoin space, fueling the mania in the markets.
X Layer, launched with Polygon’s zkEVM technology in 2023, completed its “PP Upgrade” on August 5, 2025, and introduced support for the new Polygon CDK for 5,000 transactions per second (TPS), near-zero gas fees, and enhanced Ethereum interoperability. OKX’s new strategy aligns the development of X Layer with DeFi, payments throughout the world, and real-world assets (RWA), complemented by the shape of an ecosystem fund, liquidity rewards, cross-chain bridge enhancements, oracles, and compliance. As a simplification, OKX closed OKTChain, with the trading of OKT suspended from August 13, 2025, and the OKT of users automatically converted to OKB by the average close of price from July 13 to August 12, 2025. OKTChain will go until the end of January 1, 2026, to allow the transition by the users.
OKB’s burning of tokens destroyed the supply by more than 75% from where it came and generated a feeling of shortage behind the initial hour of the price bubble. OKX also reconfigured OKB’s smart contract to prevent future minting or manual burning so that there will be a steady 21 million token supply to anticipate the longest of timelines. OKX is also retiring OKB on Ethereum, asking users to send tokens to the exchange to be swapped for X Layer’s natively issued OKB, with a unification of its chain. This is consistent with OKX’s overall strategy of positioning X Layer as a top public chain for DeFI and payments, as set out in their strategic plan.
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