Cryptocurrency exchange OKX said it has permanently burned 65,256,712.097 OKB tokens that had been accumulated through past buybacks and held in company reserves. The transaction, completed on 13 Aug 2025, fixes the total supply of the exchange’s native token at 21 million and precedes a smart-contract upgrade that will strip out any future minting or manual burn functions. The supply overhaul is part of a broader push to reposition OKB at the centre of “X Layer,” OKX’s Ethereum-compatible layer-2 network. X Layer, which recently integrated Polygon’s CDK technology, will continue to use OKB as its sole gas and native token. As the network expands, OKX plans to wind down its earlier OKTChain; trading in the OKT token was suspended on 13 Aug, with automatic conversion of outstanding OKT to OKB scheduled for 15 Aug. The burn eliminated almost three-quarters of OKB’s circulating stock, triggering a rapid repricing. The token rose as much as 200 percent to more than $140 on Wednesday, lifting its fully diluted valuation to roughly $2.3 billion, according to CoinGecko data. Blockchain records show the burned coins have been transferred to a designated ‘black hole’ address, rendering them unspendable. OKX said the tighter tokenomics are intended to align OKB with Bitcoin’s fixed-supply model and support long-term plans to make X Layer a hub for decentralised finance, payments and real-world-asset applications. The final phase of the upgrade, scheduled for 18 Aug, will complete the smart-contract changes that permanently lock the token’s supply.