OKX has just made a huge move in crypto. The exchange permanently burned approximately 279 million OKB tokens, equivalent to over $26 billion at current value, effectively removing them from circulation.
This massive burn cuts down the token’s total supply and shows a big reset in how OKX plans to shape its token strategy.
This follows OKX’s earlier announcement that it would scrap about 65.26 million OKB held in reserves from past buyback programs. With the latest burn, the exchange has cut OKB’s maximum supply from 300 million to just 21 million, signaling a complete reset of its tokenomics model.
The company also said it will update the OKB smart contract to strip out minting and manual burn features, locking in the new supply cap permanently. According to OKX, the restructuring is aimed at strengthening its ecosystem and creating long-term scarcity for the token.
At the same time, the exchange is decommissioning its troubled OKTChain, which will remain operational until January 1, 2026. Earlier this week, OKX halted OKT trading, canceled pending orders, and carried out a separate burn of tokens worth about $7.6 billion. OKT holders were converted to OKB at an exchange rate calculated from the average closing prices between July 13 and August 12.
The massive burn triggered wild price swings. OKB briefly surged from $46 to $142 before settling near $96. Trading volume exploded more than 13,000% to $723 million, while the token’s on-chain market cap now stands at around $2 billion.
Observers compared the move to Binance’s quarterly BNB burns, which often drive price spikes. Flashbots Strategy Lead Hasu noted that traders tend to misread circulating supply data and that sudden supply contractions can fuel sharp, short-lived rallies.