Cryptocurrency exchange OKX has announced a radical tokenomics update for OKB, its ecosystem's native token. The company announced that it will burn approximately 65.26 million OKB tokens at once. Following this burn, the total supply will be capped at 21 million. This development generated significant market interest, causing a surge in the OKB price.
The update, announced on the morning of August 13th, triggered a feeling of FOMO (fear of missing out) among investors. OKB surged more than 170% during the day, reaching $124. According to some market data, the token briefly surged 200% to $134.
Radical Change at OKX
OKX announced in its announcement that more than 65 million OKB, accumulated through past buyback programs and held in company reserves, will be burned. This will significantly reduce both the circulating and total supply.
In addition, the OKB smart contract will also be updated. With the update, token minting and manual burn rights will be completely removed. This move aims to permanently limit the supply and make the token economy more transparent.
OKTChain is being discontinued
The exchange's plans include shutting down its own chain, OKTChain. Existing OKT tokens will be converted to OKB based on the average closing prices between July 13 and August 12, 2025. OKTChain will continue operating until January 1, 2026.
According to the timeline announced by OKX:
August 13: OKT transactions are suspended.
August 13: Withdrawals to OKB's ETH L1 network are closed.
August 15: OKT tokens will be automatically converted to OKB.
August 15: A one-time OKB burn will be conducted, followed by a permanent burn via an on-chain smart contract.
August 18: The OKB smart contract will be updated, removing mint and burn rights.
Impact on Other Exchange Tokens
The sharp rise in OKB also positively impacted other centralized exchange tokens.
Bitget's BGB token rose 15.5% to $4.97,
Gate.io's GT token rose 31.1% to $19.16, and
Binance's BNB token rose 2.5% to $849.
Additionally, OKLink shares, a Hong Kong-listed company owned by OK Group, which is a subsidiary of OKX, rose 26.09%.
