OKX Executes Major OKB Upgrade, Burns 65.25M Tokens and Fixes Supply

A significant update to OKX’s X Layer has been implemented, permanently burning 65.25 million OKB from reserves and previous buybacks. In an effort to increase transparency and scarcity, the OKB smart contract will no longer permit manual burning or minting, setting the total supply at 21 million. OKTChain will be phased out as part of the update, and OKT will be replaced by OKB based on the average price between July 13 and August 12, 2025. The market was startled by the news, and OKB quickly reached a new all-time high of $134 before settling at $129.