Previously, the OKX exchange had two tokens: OKB and OKT.

• OKT: A native token (the original coin of the OKX Chain, now called OKTC). Its main functions were to pay gas fees for all transactions on the OKX Chain, participate in staking, reward validators and delegators, and be used in DeFi, NFT, and Web3 applications on the OKX Chain.
• OKB: A utility token of the OKX exchange. Its main functions were to reduce trading fees on the OKX exchange, participate in OKX Launchpad/Jumpstart, serve as collateral for margin/futures trading, provide voting rights for new projects, and participate in staking or other Earn products.

Events of August 13, 2025

• OKX carried out a massive OKB burn, eliminating 65 million OKB from its reserves and previous buybacks. From a token with a fixed total supply of 300 million, the supply has now been sharply reduced and capped at 21 million tokens. OKX also updated the OKB smart contract to completely remove the minting and manual burn functions.
• OKX is gradually phasing out the OKTChain. A swap from OKT to OKB will be automatically executed starting on August 15, 2025, based on the Average Closing Price of OKB and OKT on the OKX spot market from July 13, 2025, to August 12, 2025.

The Future

• OKX has chosen X Layer as its core infrastructure. X Layer is a zkEVM powered by Polygon CDK, offering a throughput of ~5,000 TPS and near-zero gas fees.
• OKB will serve as the sole native gas token of X Layer.
• The Goal: To become a leading public chain for DeFi, payments, and Real World Assets (RWA), supported by an ecosystem fund and liquidity incentives. OKX Wallet, Exchange, and Pay will be deeply integrated, with X Layer becoming the default network for OKX Pay.

Conclusion

• OKB is following a path similar to BNB, using the “exchange → chain → token” formula.
• Regarding market share among exchanges, according to Token Insight (Q2/2025):
  • BNB: Priced at $853 USD with a Market Cap of $119B USD, holding a 35.39% market share in Q2 2025 (spot & derivatives).
  • BGB: Priced at $4.88 USD with a Market Cap of $5.5B USD, holding an 11.45% market share.
  • OKB: Priced at $107 USD with a Market Cap of $2.2B USD, holding a 14.34% market share.
  • GT: Priced at $17.75 USD with a Market Cap of $2.1B USD, holding approximately a 7.95% market share.
  • KCS: Priced at $14 USD with a Market Cap of $1.78B USD, likely holding less than a 5% market share.

Based on these results, it can be seen that OKB still has future price potential. I’m still holding a long-term long position on OKB on BingX and waiting for it to reach the $1000.