[Crypto IPO] X Layer Testnet Goes Live — OKB Evolves into a Native Blockchain Token

X Layer Testnet Goes Live — OKB Evolves into a Native Blockchain Token

TradingKey – On Friday, August 22, OKX officially launched the X Layer testnet, marking a major milestone in its blockchain roadmap. With this release, OKB transitions from being merely a platform token to serving as the native gas token of a public blockchain, expanding its utility and long-term value proposition.

The launch of X Layer means OKB will now power transactions on OKX’s zkEVM-based Layer 2 network, built using the Polygon CDK. This shift positions OKB alongside tokens like ETH, giving it foundational infrastructure-level relevance.

On August 13, OKX announced the burn of 65 million OKB, reducing the circulating supply to 21 million tokens — matching Bitcoin’s fixed cap. The announcement triggered a parabolic rally, with OKB surging from $46 to $258 in under 10 days, a 460% gain. As of press time, OKB has pulled back slightly to $225.

OKB Price Chart – Source: TradingView

The market is now closely watching Federal Reserve Chair Jerome Powell’s upcoming speech at the Jackson Hole Symposium, hoping for signals of a potential rate cut. If Powell hints at monetary easing, it could reignite momentum across the crypto market — including Bitcoin (BTC) and OKB. Conversely, a hawkish tone may trigger a broader correction.

OKB Surges Over 50% — Breaks $190 and Sets New All-Time High Again

TradingKey – On Thursday, August 21, OKX’s native token OKB soared 52%, breaking past $190 and reaching an intraday high of $195, marking a fresh all-time high. The rally follows a series of aggressive tokenomics moves and investor enthusiasm — but one structural risk remains.

OKB Price Chart – Source: CoinMarketCap

Token Burn Fuels Price Explosion

On August 13, OKX announced the permanent burn of over 65 million OKB tokens, reducing the circulating supply to 21 million. This move positioned OKB as the sole gas and native token of OKX’s X Layer blockchain, a zkEVM-based network designed for high-speed, low-cost transactions.

The burn triggered a massive rally, with OKB jumping from $46 to $142—a gain of over 200% in a single day. The deflationary supply shock, combined with X Layer’s growing adoption, has continued to drive momentum.

Token vs. Equity Conflict Looms

Despite the bullish price action, OKB faces a potential governance dilemma. On June 23, rumors surfaced that OKX is preparing for a U.S. IPO, raising questions about how future revenues will be distributed:

• Will profits go to token holders or shareholders?
• Who will have voting rights and influence over platform decisions?
• Can OKB holders be considered true stakeholders post-IPO?

This emerging tension — often referred to as the “token-equity conflict” — could lead to fragmentation between investor classes if not addressed transparently. Without a clear framework, OKX risks alienating either its crypto-native community or its institutional backers.

OKX Burns Over 65 Million Tokens — OKB Skyrockets 200%

TradingKey – On Wednesday, August 13, global crypto exchange OKX, ranked among the top 10 by trading volume, announced a sweeping tokenomics overhaul that includes the one-time burn of 65 million OKB tokens. 

The move triggered a dramatic rally in its native token OKB, which surged more than 200%, jumping from around $45 to $140, setting a new all-time high.

OKB Price Chart – Source: TradingView

Token Burn and Supply Cap

OKX confirmed it will permanently destroy over 65 million OKB tokens from historical buybacks and treasury reserves. This burn will be executed via smart contract automation, replacing manual destruction mechanisms.

Following the burn, OKB’s total supply will be capped at 21 million tokens, aligning it with Bitcoin’s fixed issuance model.

Strategic Implications

The token burn is part of a broader upgrade to X Layer, OKX’s zkEVM-based public blockchain built with Polygon CDK. The upgrade boosts throughput to 5,000 TPS, slashes gas fees to near-zero, and enhances Ethereum compatibility for developers.

OKX is also:

• Decommissioning OKTChain, with automatic conversion of OKT to OKB based on average closing prices between July 13 and August 12
• Phasing out OKB’s Ethereum Layer 1 version, directing users to migrate to X Layer
• Launching an ecosystem fund, liquidity incentives, and infrastructure upgrades to support DeFi, payments, and RWA applications

Crypto Giant OKX Eyes U.S. IPO — OKB Soars 14% on the News

On Monday, June 23, OKB jumped from $49 to above $56 following the IPO news, before pulling back to around $53.

OKB Price Chart – Source: TradingView.

OKX ranks as the world’s third-largest crypto exchange by futures volume, trailing only Binance and Bybit, and fifth in spot trading volume, behind Binance (BNB), Bybit, Coinbase (COIN), and Upbit.

According to Yueqi Yang, a crypto journalist at The Information, OKX began exploring a U.S. IPO after re-entering the American market in April. The successful listing of Circle, the issuer of USDC, has signaled growing regulatory acceptance and investor appetite — fueling a wave of IPO interest among crypto firms and boosting OKX’s chances of going public.