OKX to Upgrade X Layer, Retire OKTChain & Revamp $OKB Gas Model

OKX has announced a major upgrade to its X Layer network. This is transforming it into a public blockchain focused on decentralized finance (DeFi), payments, and real-world asset (RWA) scenarios. The shift aims to strengthen X Layer’s position in the competitive Layer-2 landscape while enhancing utility for its ecosystem participants.

As part of this overhaul, OKX will optimize the economic model of its OKB Gas Token. OKB will remain the sole gas and native token for X Layer. The company confirmed a one-time burn of 65,256,712.097 OKB from historical buybacks and reserves.

Fixed OKB Supply and Smart Contract Upgrade

After the burn, OKX will upgrade the OKB smart contract to remove functions for additional issuance and manual burning. This change will permanently fix the total OKB supply at 21 million tokens, aligning it with Bitcoin’s scarcity model.

According to OKX, the decision is designed to improve long-term token value stability and investor confidence. The move also signals a strategic shift towards creating predictable and transparent tokenomics, appealing to both institutional and retail participants.

Phasing Out OKTChain

In parallel with the X Layer upgrade, OKTChain will be retired. OKX will stop OKT trading at 14:10 (UTC+8) on August 13, 2025. To ensure a smooth transition, OKT will be periodically converted into OKB. The conversion rate will be based on the average closing price from July 13 to August 12, 2025.

On-chain OKT conversions will be supported until January 1, 2026. This gives holders several months to migrate their assets. This consolidation aims to focus resources and user activity on the X Layer, avoiding fragmentation across multiple networks.

Market Reaction and Token Surge

Following the announcement, OKB briefly surged to a historic high of $99.27 before retracing to around $84. Its market capitalization currently stands at $1.76 billion. In a later update, OKB’s price climbed to $142, marking a 196.72% increase from previous levels. Analysts suggest the sharp rise reflects strong investor enthusiasm for the fixed supply model and expanded utility of OKB in the upgraded X Layer ecosystem.

OKX’s dual move, retiring OKTChain and reinforcing OKB’s economic model, appears designed to streamline its blockchain infrastructure while creating scarcity-driven value. The changes, coupled with the network’s shift toward DeFi, payments, and RWA, could position X Layer as a more attractive platform for developers and users in the coming years.