OKX, a leading cryptocurrency exchange, has unveiled a sweeping overhaul of its tokenomics model, leading to a dramatic rise in the price of its ecosystem altcoin, OKB. The token‘s value soared an astonishing 170% in a single day, peaking at $137. Central to this surge is OKX’s plan to execute a one-time burn of 65.26 million OKB coins, previously acquired through company buybacks, ultimately capping the total supply of OKB at 21 million. The announcement also revealed strategic plans to refine its smart contracts and explore Blockchain applications.
Why Is OKX Burning Coins?
The burning of approximately 65.26 million OKB, accumulated from historical buybacks, aims to establish a fixed supply of 21 million tokens. OKX aims to constrain the circulation of tokens that emerged from past initiatives. This initiative is set to define a clear, limited supply following the coin burn, ensuring a permanent supply-side equilibrium.
The exchange is concurrently updating the OKB smart contract, focusing on abolishing the ability to mint new coins and initiate manual burns. This technical modification is expected to keep supply dynamics stable across future transactions, outlining OKX’s focus on maintaining a consistent supply environment.
What Happened to the OKTChain?
In a separate move, OKX has announced the conclusion of its OKTChain activities. OKT coins will transition into OKB at a conversion rate based on the average closing prices from July 13 to August 12, 2025. OKX clarified that despite the transition, the OKTChain will remain operational until its planned closure on January 1, 2026.
“We are committed to providing a transparent and predictable supply for our token holders,” the OKX spokesperson commented.
Following the announcement, OKB’s value skyrocketed momentarily to $137. However, according to CoinMarketCap’s data, it later settled at $118.04, marking a 155.45% increase from the previous day.
Key takeaways from OKX’s announcement include:
– A historic burning of 65.26 million OKB coins
– Setting a permanent total supply cap at 21 million OKB
– Updating the OKB smart contract to manage minting and burning
– The planned phasing out of OKTChain by January 1, 2026
These bold steps by OKX underscore its commitment to establishing definitive supply structures and advancing its ecosystem strategies. The market’s response reflects heightened interest and signals the active pursuit of a more robust foundational framework for OKB’s future. As the crypto sphere evolves, OKX’s proactive measures may well set benchmarks within the industry.
