OKB Rises Close to 170% in One Hour Following OKX’s Announcement of $65 Million Token Burn

OKB, a worldwide utility token issued by OKX, experienced a remarkable increase of nearly 170% within an hour on Wednesday following the platform’s announcement of a comprehensive tokenomics revision, which includes a one-time burn of over 65 million tokens.

Key Takeaways:

• OKB rose nearly 170% in an hour after OKX disclosed a 65M token burn.
• The “PP upgrade” to X Layer enhances throughput to 5,000 TPS, reduces gas fees, and improves compatibility with Ethereum.
• OKX will retire OKTChain and Ethereum L1 OKB while broadening the X Layer ecosystem.

As per data from CoinMarketCap, OKB surged from approximately $47 to $126 following the announcement, resulting in a 24-hour increase of 172%.

The burn will permanently decrease OKB’s total supply to 21 million, representing one of the most significant supply reductions in the token’s history.

OKX Introduces ‘PP Upgrade’ to X Layer with Recent Polygon CDK Integration

In conjunction with the burn, OKX outlined a significant upgrade to its Polygon-based zkEVM public chain, X Layer, incorporating the latest Polygon CDK technology in what is referred to as the “PP upgrade.”

The enhancements boost throughput to 5,000 transactions per second, bring gas fees close to zero, and improve Ethereum compatibility for developers.

X Layer will be integrated across OKX Wallet, OKX Exchange, and OKX Pay, introducing features such as gasless withdrawals for USDT and other major assets.

As part of the reorganization, OKX will discontinue OKTChain due to overlapping functionalities, ceasing OKT trading on August 13, 2025, with automatic conversions to OKB commencing on August 15.

We are implementing a strategic upgrade to @XLayerOfficial, with the goal of establishing a leading public chain focused on DeFi, payments, and RWAs.
Key updates:
1️⃣ Underlying tech – PP upgrade
2️⃣ Ecosystem development strategy
3️⃣ Deep integration with OKX Wallet, OKX Exchange & OKX Pay
4️⃣… pic.twitter.com/OU4EpKtuJz

— OKX (@okx) August 13, 2025

The chain will remain operational until January 1, 2026, for final token deposits and conversions.

The tokenomics overhaul will also ensure that OKB remains the exclusive gas and native token for X Layer while phasing out its Ethereum L1 variant. Users will be required to bridge their tokens to X Layer via OKX before Ethereum L1 withdrawals are disabled.

OKX intends to enhance the ecosystem with a dedicated fund, liquidity incentives, and upgraded infrastructure, including cross-chain bridges, oracles, and compliance tools, aiming to position X Layer as a prominent network for DeFi, payments, and real-world asset applications.

OKX Partners with PayPal for Zero-Fee Crypto Purchases in Europe

In July, OKX collaborated with PayPal to enable users in the European Economic Area to purchase and deposit cryptocurrencies directly through the payment platform.

This initiative seeks to streamline the purchasing process by providing familiar, localized payment options such as PayPal balance, linked bank accounts, and cards, with no additional setup required once accounts are connected.

This effort follows the exchange’s recent registration under the Markets in Crypto-Assets (MiCA) framework, ensuring full compliance with EU digital asset regulations.

Circle Internet Group and OKX have also announced a partnership aimed at enhancing access to and liquidity for the USDC stablecoin.

This collaboration will facilitate 1:1 conversions between USD and USDC on the OKX platform, improving trading efficiency and accessibility for the platform’s over 60 million global users.

A key aspect of the partnership is the integration of direct 1:1 USD-to-USDC and USDC-to-USD conversions on OKX’s trading platform.

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