The cryptocurrency exchange OKX announced a comprehensive update to its tokenomics model, which led to a significant surge in the price of its ecosystem’s altcoin, OKB. The value of OKB rose by a remarkable 170% within a day, reaching as high as $137. OKX declared that it would burn approximately 65.26 million coins accumulated through past buybacks from company reserves in a one-time operation. Upon completion of the burn, the total supply of OKB will be capped at 21 million. The announcement also includes details about the company’s plans related to smart contracts and Blockchain.
The Giant Coin Burn and Supply Cap
OKX plans to burn around 65.26 million OKB that has been accumulated in its company reserves through buybacks over the years. With the completion of this operation, OKB’s total supply will be fixed at 21 million. According to the statement from the exchange, a clear and limited supply will become effective following the coin burn, permanently setting supply-side parameters. This plan primarily focuses on preventing the circulation of coins from past programs.
In parallel, the exchange intends to update the OKB smart contract. The update aims to eliminate new coin minting capabilities and manual coin burns. This change at the contract level is designed to ensure the supply dynamics remain constant post-transactions. OKX defined the scope and purpose of the technical modification within this context.
Following OKX’s announcement, the price of OKB coin soared to $137 at one point. According to CoinMarketCap data, the altcoin experienced some pullback and was trading at $118.04 with a 155.45% rise over the past 24 hours at the time of writing.
OKTChain Termination
Another part of the announcement mentioned the termination of OKTChain. Existing OKT coins will be converted to OKB based on a rate determined by the average closing prices between July 13th and August 12th, 2025. This period will serve as the basis for the rate determination, and the conversion process will follow this calculation. OKX added that OKTChain would continue operating until January 1, 2026. The network will remain active until this date and will be shut down as planned afterward.
