OKX
OKB
the exchange token cut to a hard 21 million
Key facts
- #45by market value
- Rank
- Exchange tokenOKX ecosystem utility
- Type
- 2018OK Blockchain Foundation
- Launched
- 21mfixed since 2025
- Supply
OKB is the utility token of the OKX exchange and the gas token of its X Layer network. A burn in August 2025 fixed its total supply at 21 million for good.
What it is
OKB is the token of the OKX ecosystem, one of the world’s larger crypto exchanges. It was created in March 2018 by the OK Blockchain Foundation, when the exchange still traded as OKEx, as a way to tie users to the platform: holders get trading fee discounts, access to token launches and other exchange perks. Today it is also the native gas token of X Layer, the Ethereum layer-2 network OKX operates. The memorable fact is the supply: after seven years of gradual buybacks, OKX burned its way to a fixed total of 21 million OKB, the same headline number as Bitcoin.
How it works
An exchange token’s value case rests on the utility its issuer attaches to it. On OKX, holding OKB reduces trading fees on a sliding scale. On X Layer, OKB is the token that pays for transactions, in the way ETH pays for gas on Ethereum, and it is used for staking and governance in the network’s economic model. From 2018 to 2025 OKX ran a quarterly buyback-and-burn programme, spending a portion of trading revenue to repurchase OKB and destroy it. In August 2025 the company replaced that drip with a single act: it burned 65.26 million OKB accumulated from historical buybacks and reserves, fixed the total supply at 21 million, and upgraded the smart contract to remove the minting and burning functions entirely. Supply changes are now impossible at the contract level.
The story so far
OKB began as an ERC-20 token on Ethereum with an initial supply of 300 million and moved through several homes, including the exchange’s earlier OKChain, before settling natively on X Layer. The August 2025 burn was the defining event in its history. OKX reported the destroyed tokens were worth about $7.6bn at the time, and the company’s own news page notes the price rose sharply to a record high in the hours afterwards. The episode turned OKB from a fairly ordinary exchange token into one of the few large tokens with a contract-enforced fixed supply.
Where it stands
As of late July 2026 OKB ranks about 45th among cryptocurrencies by market value, at roughly $1.7bn, trading near $82 according to CoinGecko, with the full 21 million tokens in circulation. The things to watch are the growth of X Layer, since gas demand there is now the token’s main organic use, OKX’s continuing regulatory expansion, and how the fixed supply behaves through a full market cycle. Exchange tokens rise and fall with their exchange, and holding OKB is in part a position on OKX itself. None of this is investment advice.