On Wednesday, OKB soared beyond 200% propelled by OKX’s historic $7.6 billion token burn and an upgraded infrastructure push.
Key Takeaways
- OKX burned 65.26 million OKB, halving supply and setting a fixed maximum of 21 million.
- OKB more than tripled post-supply burn, surging to a peak over 200% from $46 to about $142, before retracing to the $100–$110 range.
- The X Layer blockchain got the “PP upgrade,” boosting throughput to 5,000 TPS, lowering gas fees near zero, and phasing out Ethereum-L1 OKB in favor of exclusive X Layer use.
OKX initiated one of the largest token burns in cryptocurrency history as the crypto exchange permanently removed 65.256 million OKB from circulation, valuing over $7.6 billion, resulting in a massive rally of its native coin, OKB, over 200%. This dramatic deflation slashed OKB’s circulating supply by over 50% and capped its total supply at 21 million, according to CoinCentral’s latest report.
X Layer ‘PP Upgrade’ Targets High-Speed, Low-Cost Blockchain Operations
In addition to the token supply burn, OKX accomplished the “PP upgrade” of its X Layer, a zkEVM-based public blockchain in collaboration with Polygon. The enhancements deliver 5,000 transactions per second, near-zero gas fees, and stronger Ethereum compatibility, aiming to support use cases like DeFi, payments, and real-world assets.
Additionally, Ethereum-L1 OKB tokens are being phased out, and OKTChain is being decommissioned. OKT will automatically convert to OKB starting August 15, with the chain operational for conversions until January 1, 2026, according to CoinCentral.
OKB Price Rockets Over 200% Before Settling Above $100
Meanwhile, X (formerly Twitter) community witnessed the unprecedented rally as blockchain analytics and analysts highlighted the 65 million token burn, upgrade to X Layer, and deep integration with the OKX exchange environment as the catalysts for OKB’s price more than tripling.
The market’s reaction was immediate and explosive. OKB vaulted from roughly $46 to a peak of $142, marking a 200%+ rally. Trading volume spiked 13,000%, reaching $723 million in 24 hours. At market close, OKB had cooled off but remained well above pre-announcement levels, trading around $104.62, up 123.44% over the past 24 hours after retracing from the peak.
Scarcity and Utility Fuel Bullish Sentiment
The deflationary shock of the $7.6 billion burn, combined with X Layer’s infrastructure boost, has shifted OKB’s narrative toward scarcity-driven value—comparable to Bitcoin’s fixed supply appeal. The move centralizes OKB’s role as the exclusive gas token for all OKX platforms, enhancing its long-term utility potential. Whether this rally sustains will depend on developer adoption, transaction growth, and broader crypto investment confidence.
What’s Next
OKB’s triple-digit rally underscores how aggressive tokenomics reform and blockchain upgrades can ignite market enthusiasm. Looking ahead, whether OKB maintains its gains depends on X Layer’s adoption in DeFi, payments, and broader decentralized infrastructure. If execution aligns with ambition, OKB’s narrative may shift from a short-lived pump to a sustained structural appreciation.
Summary
OKX’s record-breaking $7.6B burn of 65.26M OKB—slashing supply by more than half and fixing the max cap at 21M—triggered a 200%+ rally in the token, briefly pushing it from $46 to $142. The price surge was amplified by the X Layer PP upgrade, which delivered 5,000 TPS, near-zero gas fees, and full integration of OKB as the exclusive fuel token, while phasing out Ethereum-L1 OKB and OKTChain.
The combination of extreme supply reduction and expanded blockchain utility has positioned OKB as a scarcity-driven asset with enhanced functional demand. Its future trajectory will hinge on sustained X Layer adoption, developer engagement, and transaction growth. A continued uptrend could see OKB cement its place as a long-term strategic asset for the OKX ecosystem.
