OKB
OKB
$72.72
5.62%
OKB
OKB
$72.72
5.62%
OKB Price Converter
OKB Information
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About OKB
OKB is the utility token of OKX, providing trading discounts, governance rights, and staking rewards. It also functions as the native gas token for X Layer, OKX’s zkEVM Layer-2 network. OKB plays a central role in the exchange’s ecosystem strategy. Created by Mingxing "Star" Xu, the founder of OKX and CEO of OKCoin.com, OKB is part of a Buy-Back & Burn program initiated in 2019 to maintain its value, reducing the original total supply of 300 million tokens.
OKB is a utility token issued by the OKX exchange, designed to serve multiple functions across the OKX ecosystem. It provides holders with benefits such as fee discounts, staking incentives, governance participation, and functions as the native gas token for OKX’s Layer-2 network, X Layer, which offers Ethereum compatibility and low-fee transaction capabilities.
- Trading fee discounts, staking rewards, and governance rights on OKX
- Gas payments on X Layer, OKX’s zkEVM-powered L2 network that supports up to ~5,000 TPS with near-zero fees
The PP Upgrade of X Layer (August 5, 2025) makes OKX’s network faster, cheaper, and more Ethereum-compatible. Transaction capacity jumps to 5,000 TPS, gas costs are nearly eliminated, and security is strengthened. OKX is focusing on DeFi, payments, and real-world assets, while integrating X Layer across its products: the Wallet supports it natively, the Exchange offers gas-free withdrawals, and OKX Pay will use it as the default settlement layer.
At the same time, OKTChain is being phased out. Trading in OKT ended August 13, and starting August 15, all OKT is being automatically converted into OKB at a 30-day average price. The old chain will technically run until January 1, 2026, but OKB is taking over as the unified standard going forward.
OKB itself is shifting to a scarce, capped model. A large one-time burn of over 65 million tokens is paired with a smart contract upgrade that permanently fixes the total supply at 21 million. Withdrawals of OKB to Ethereum L1 are being discontinued, with all usage moving to X Layer.
What else happened
- OKT orders were auto-canceled on August 13.
- Auto-conversion of OKT to OKB began on August 15, with deposits accepted until January 2026.
- The OKB burn occurred August 15, followed by the smart contract upgrade on August 18.
- From August 13, OKB withdrawals to Ethereum L1 were disabled.
OKB was created by Mingxing Xu, also known as Star Xu, the founder of OKX. He is also the CEO of OKCoin.com, a globally recognized cryptocurrency exchange platform. Jay Hao, who joined OKX as CEO in its early stages, has also contributed significantly to the development of the platform and its offerings.
