OKX has significantly enhanced its X Layer network through a major upgrade. Concurrently, they’ve redesigned the financial framework for their OKB token, introducing modifications that reshape the platform’s underlying technology and the way its supply operates.
The update, announced on August 13th, featured the permanent removal of 65,256,712.097 OKB tokens. This action effectively sets the maximum number of tokens that will ever exist at 21 million. Moreover, the “PP upgrade,” leveraging the latest Polygon Chain Development Kit, is now complete, boosting overall system efficiency.
The recent upgrade, finalized on August 5th, elevates the transaction processing capability to 5,000 transactions each second. It also pushes gas fees down to almost zero, achieving closer compatibility with the Ethereum main network. These technical refinements aim to enable high-volume transaction environments and deliver a smoother, more streamlined experience for developers.
OKX is particularly focusing on decentralized finance (DeFi), international payment solutions, and the tokenization of real-world assets as key applications. To support these initiatives, they’ve established an ecosystem fund, implemented liquidity incentives, and developed essential tools like cross-chain communication bridges, oracle services, and compliance mechanisms.
The revised economic structure prioritizes solidifying OKB’s position as the exclusive payment method and core token within the X Layer ecosystem. Starting from the date of the public statement, withdrawals of OKB to Ethereum Layer 1 via the OKX exchange have been suspended. Token holders are now encouraged to transition their OKB to X Layer using a streamlined, one-click conversion process.
The one-time burning event eliminated tokens previously earmarked for repurchases and held in the company’s treasury. OKX has publicly committed to employing a smart contract to automatically dispose of all future transfers directed to a designated ‘blackhole’ address. Following this disposal, the OKB smart contract will undergo an update to eliminate the ability to create new tokens or permanently remove existing ones.
This upgrade also marks the beginning of a phase-out for OKTChain. Trading of OKT on the OKX exchange ceased on August 13th. From August 15th, the exchange will begin automatically exchanging OKT for OKB, using the average closing price calculated from July 13th to August 12th. OKTChain will remain active until January 1st, 2026, allowing on-chain users to continue submitting OKT for conversion during this period.
The market’s reaction to the announcement was immediate and substantial. At the time of this writing, the price of OKB had jumped by over 140%, climbing from around $47 to over $140 before settling back to approximately $110.
This price surge reflects the market’s response to both the reduced supply of the token and the enhanced capabilities of the X Layer platform. By establishing a fixed token supply, OKB’s tokenomics now resemble those of limited-supply assets like Bitcoin, which could shift investor perceptions regarding its scarcity.
Furthermore, the upgrade strengthens the cohesiveness of OKX’s ecosystem across its various offerings. The OKX Wallet now offers complete support for X Layer with low-cost transactions. The exchange provides fee-free withdrawals and transfers for major assets like USDT. OKX Pay is adopting X Layer as its primary public network, aiming to facilitate quicker and more affordable settlements. These coordinated integrations are intended to simplify user interactions with the platform and concentrate activity within a single Layer 2 environment, instead of spreading it across multiple blockchains.
While the changes to both the technology and the token’s economic structure are extensive, the implementation is being carefully managed with specific timelines. August 15th marks the beginning of the OKT-to-OKB conversion process and the execution of the token burning event, followed by the smart contract upgrade scheduled for August 18th.
The ultimate shutdown of OKTChain at the start of 2026 will complete the integration process, leaving X Layer as the single official public network within OKX’s blockchain infrastructure.