Overview
- OKX launched automatic OKT-to-OKB conversions on August 15 as part of its phased wind-down of OKTChain under a predetermined average price mechanism.
- A one-time burn of about 65.256 million OKB is set to complete alongside a smart-contract upgrade that removes minting and burning functions and fixes total supply at 21 million.
- All OKB transactions have shifted to X Layer’s upgraded Polygon-based zkEVM, with Ethereum L1 withdrawals disabled and the L1 version of OKB being phased out.
- OKB has seen intraday price swings exceeding 150% and surges in trading volumes as markets digest the tokenomics overhaul and supply shock.
- Some on-chain trackers report a 279 million OKB burn, creating unresolved reconciliation questions over the true extent of the supply cut.