In a recent market update, cryptocurrency exchange OKX executed a significant burn of $OKB tokens, leading to drastic changes in their supply and competitive landscape in the blockchain space.
Burning of $OKB and Its Consequences
OKX carried out a one-time burn of 65 million $OKB tokens, totaling $7.29 billion. Following this, the total supply of tokens is fixed at 21 million, considerably down from the previous count of over 86 million.
According to on-chain data and a public announcement from OKX, the burned tokens were transferred to a black hole address within the hour.
"Following the $OKB burn announcement, the price surged by approximately 190% to $135," analysts pointed out.
Decommissioning of OKTChain and Token Migration
As part of changes in its blockchain ecosystem, OKX confirmed the decommissioning of OKTChain, citing redundancy with its new network solution. Trading of OKT tokens on the OKX Exchange stopped on August 13, 2025.
From August 15, 2025, OKT held by users will be automatically converted to $OKB at the average market price set between July 13 and August 12, 2025.
Ecosystem Updates and Development Plans
After the burn, OKX plans to update the $OKB smart contract, which will eliminate minting and burning functions. This will mean permanently locking the token supply.
The company aims to offer liquidity incentives and establish an ecosystem fund to attract developers. Integration of OKX Wallet and OKX Pay services into the new ecosystem is also planned.
With the recent burn of $OKB and decommissioning of OKTChain, OKX is taking active steps to optimize its ecosystem. These changes significantly impact trading and development in the blockchain space.
