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OKT
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About OKT Chain
OKT Chain (OKT) is a decentralised blockchain platform developed by OKX, featuring high performance, EVM compatibility, and decentralised governance. The OKT token is used for transaction fees, staking, governance, and as an integral part of the DeFi ecosystem on the chain. Star Xu, the founder of OKX, and Joe Zhong, a technologist with a rich background in blockchain, are key figures behind its creation and development.
OKT Chain (OKT) is the native cryptocurrency of the OKT Chain, a decentralised blockchain network developed by OKX, formerly OKEx. Originally launched as OKExChain, it was rebranded to OKT Chain to align with the broader ecosystem vision of OKX. The platform is designed to support high-performance decentralised applications (dApps), smart contracts, and digital assets. OKT Chain offers compatibility with the Ethereum Virtual Machine (EVM), allowing for seamless deployment of Ethereum-based dApps. It features high transaction throughput, decentralised governance, and cross-chain interoperability, making it suitable for a range of DeFi applications and other blockchain-based services.
OKT, the native token of OKT Chain, serves several critical functions within its ecosystem:
- Transaction Fees: OKT is used to pay transaction fees on the OKT Chain, including fees for token transfers and executing smart contracts.
- Staking and Governance: OKT holders can stake their tokens to participate in the network’s proof-of-stake consensus, securing the network and earning staking rewards. They can also vote on proposals affecting the network.
- Incentives and Rewards: OKT is used to incentivise validators, developers, and other participants through various reward mechanisms.
- DeFi and dApps: OKT is utilised within DeFi protocols and other dApps on the OKT Chain, including decentralised exchanges (DEXs) and lending platforms.
OKT Chain was developed by OKX, a major cryptocurrency exchange founded by Star Xu in 2017. Xu is a significant figure in the blockchain industry, having also founded OKCoin. Under his leadership, OKX expanded to include a comprehensive blockchain ecosystem, leading to the creation of OKT Chain. Joe Zhong, who joined OKX in 2018, is recognised as a co-founder of OKT Chain. With extensive experience in high-performance computing and blockchain technology, Zhong has been instrumental in building and scaling the OKT Chain infrastructure. His prior work includes roles at IBM and Baidu, focusing on computing middleware and blockchain applications.
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.
- 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.
