Cryptocurrency exchange OKX, formerly known as OKEx, permanently burned 278,999,999 OKB tokens — worth more than $26 billion at current spot market prices — onchain data shows.
The transaction comes after the exchange announced on Wednesday that it would conduct a burn of approximately 65.26 million tokens accumulated through past buyback programs and held in company reserves as part of an overhaul of its OKB tokenomics model. The total burn amount has effectively capped the total supply down from 300 million tokens to 21 million tokens.
The tokenomics upgrade would also include an update to the token's smart contract to remove minting and manual token burns.
OKX's ill-fated OKTChain is also being discontinued, but will remain operational until Jan. 1, 2026. OKT tokens were reportedly converted to OKB at an exchange rate determined by average closing prices between July 13 and Aug. 12.
The price of OKB surged to over $120 per token following Wednesday's announcement, but has since retraced to approximately $96, according to The Block's OKB Price Page. The token currently has an onchain market cap of approximately $2 billion.
