OKB Soars Nearly 170% in an Hour After OKX Announces 65M Token Burn

OKB, a global utility token issued by the OKX, surged nearly 170% within an hour on Wednesday after the platform revealed a sweeping tokenomics overhaul, including a one-time burn of more than 65 million tokens.

Key Takeaways:

• OKB surged nearly 170% in an hour after OKX announced a 65M token burn.
• The “PP upgrade” to X Layer boosts throughput to 5,000 TPS, slashes gas fees, and improves Ethereum compatibility.
• OKX will phase out OKTChain and Ethereum L1 OKB while expanding X Layer’s ecosystem.

According to data from CoinMarketCap, OKB jumped from around $47 to $126 on the news, lifting its 24-hour gain to 172%.

The burn will permanently reduce OKB’s total supply to 21 million, marking one of the largest supply cuts in the token’s history.

Alongside the burn, OKX detailed a major upgrade to its Polygon-powered zkEVM public chain, X Layer, integrating the latest Polygon CDK technology in what it calls the “PP upgrade.”

The improvements increase throughput to 5,000 transactions per second, lower gas fees to near zero, and enhance Ethereum compatibility for developers.

X Layer will be embedded across OKX Wallet, OKX Exchange, and OKX Pay, introducing features such as gasless withdrawals for USDT and other major assets.

As part of the restructuring, OKX will decommission OKTChain due to overlapping functions, halting OKT trading on August 13, 2025, with automatic conversions to OKB starting August 15.

We are making a strategic upgrade to @XLayerOfficial, aiming to build a leading public chain focused on DeFi, payments, and RWAs.

Key updates:
1️⃣ Underlying tech – PP upgrade
2️⃣ Ecosystem development strategy
3️⃣ Deep integration with OKX Wallet, OKX Exchange & OKX Pay
4️⃣… pic.twitter.com/OU4EpKtuJz

The chain will remain active until January 1, 2026, for final token deposits and conversions.

The tokenomics revamp will also see OKB remain the sole gas and native token for X Layer while phasing out its Ethereum L1 version. Users will need to bridge their tokens to X Layer via OKX before Ethereum L1 withdrawals are disabled.

OKX plans to bolster the ecosystem with a dedicated fund, liquidity incentives, and upgraded infrastructure, including cross-chain bridges, oracles, and compliance tools, in a bid to position X Layer as a leading network for DeFi, payments, and real-world asset applications.

In July, OKX partnered with PayPal to allow users in the European Economic Area to buy and deposit cryptocurrencies directly through the payments platform.

The move aims to simplify the buying process by offering familiar, localized payment methods such as PayPal balance, linked bank accounts, and cards, with no extra setup needed once accounts are connected.

The initiative follows the exchange’s recent Markets in Crypto-Assets (MiCA) registration, ensuring full compliance with EU digital asset regulations.

Circle Internet Group and OKX have also announced a partnership aimed at expanding access to and liquidity for the USDC stablecoin.

The collaboration will introduce 1:1 conversions between USD and USDC on the OKX platform, improving trading efficiency and accessibility for the platform’s more than 60 million global users.

A key component of the partnership is the integration of direct 1:1 USD-to-USDC and USDC-to-USD conversions on OKX’s trading platform.

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