Chiara Bianchi
In one of the largest token burns in cryptocurrency history, exchange giant OKX has permanently removed 278,999,999 OKB tokens from circulation — a staggering value of over $26 billion at current market rates. The burn, confirmed via on-chain data, marks a dramatic shift in the platform’s tokenomics model.
Announced on Wednesday, the burn includes approximately 65.26 million OKB previously acquired through buyback programs and stored in company reserves. With this move, OKX has slashed the total token supply from 300 million down to just 21 million, effectively capping future availability.
As part of this overhaul, OKX will also update the OKB smart contract, removing the ability to mint new tokens or manually burn existing ones — a change designed to lock in scarcity.
OKTChain Phase-Out
Alongside the tokenomics update, OKX is phasing out its troubled OKTChain. Operations will continue until January 1, 2026, but OKT tokens have already been converted into OKB at a rate based on the average closing prices between July 13 and August 12.
Price Reaction and Market Impact
The announcement initially drove OKB’s price above $120, before it settled back to around $96. Commenting on the volatility, crypto analyst and Flashbots Strategy Lead Hasu noted that this event “proves the market often overestimates the actual circulating supply of many tokens — sometimes by a wide margin.”
Current Market Standing
With the burn complete, OKB’s on-chain market cap now sits near $2 billion, positioning it as a scarce asset with potential long-term price implications.
