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OKX has recently made a significant announcement regarding the upgrade of its X Layer blockchain, which is designed to boost performance and focus on DeFi and payments. As part of this upgrade, the platform has taken the drastic measure of permanently burning 65,256,712 OKB tokens from reserves and buybacks.
The company’s decision to burn such a massive amount of tokens serves as a reminder that cryptocurrency markets are inherently volatile and subject to sudden shifts in investor sentiment. As the dust settles on this development, it remains to be seen how investors will react to the supply shock caused by the burn.
It is also worth noting that the OKB smart contract has been upgraded to remove minting and manual burns, effectively fixing the total supply of the token at 21 million. This move is likely intended to increase transparency and trust within the platform’s community.
However, it is concerning that OKTChain will be phased out as a result of this upgrade, with OKT tokens being swapped for OKB at an average price from July 13 to August 12, 2025. The implications of this change are not yet fully understood and require further analysis before any conclusions can be drawn.
In the short term, OKB’s market value has experienced a significant surge in response to these developments, with the token briefly hitting an all-time high of $134 before stabilizing near $129.
Source: coinpedia.org
