OKX's native token soars to all-time high after massive token burn
The crypto exchange OKX announced a major system overhaul on Aug. 13, as per which it burnt 65.2 million OKB tokens to cap the maximum supply at 21 million.
OKB is the native token of the OKX crypto exchange.
LATEST: OKX burns $7.6B worth of OKB, slashing supply by 50% to 21M.
— Roundtable Network (@RTB_io) August 13, 2025
Token price jumps over 160% within minutes.#OKX $OKB #Token #Crypto #CryptoTrading pic.twitter.com/1W4tcaMK9P
In the crypto economy, a burn refers to the permanent removal of crypto tokens from circulation. The process involves sending coins to a special wallet address, called a burn address, that nobody can access.
The burn process is irreversible, which essentially makes those tokens unusable and irretrievable. Since the token supply dips, it increases its scarcity and boosts its price.
OKX burnt $7.6 billion worth of 65,256,712.097 OKB tokens accumulated from historical buybacks and reserves in order to fix the total token supply at 21 million.
The announcement immediately sent the OKB token skyrocketing to an all-time high (ATH) of $139.76 before making a modest retreat.
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OKX said its PP upgrade integrated the latest Polygon CDK technology that led to transaction throughput soaring to 5,000 transactions per second (TPS), slashed gas fees to negligible levels, and optimized Ethereum compatibility for developers.
The platform also plans to transform its blockchain network, X Layer, into a leading public chain with a dedicated focus on DeFi, payments, and real-world asset (RWA) applications.
As part of this process, OKX will phase out OKTChain, with existing OKT tokens swapped for OKB based on the July 13-Aug 12 average closing price. OKTChain will remain operational until Jan. 1, 2026.
OKX also intends to upgrade the OKB smart contract to remove minting capabilities and manual token burns.
The crypto exchange, which relaunched in the U.S. in April, is reportedly mulling a public listing.