OKB, the native token of the global cryptocurrency exchange OKX, has grabbed the market’s attention after a price increase following major platform announcements.
On Wednesday, the token surged by over 150 per cent in a single day, climbing from around $45 to as high as $135.
The surge resulted from OKX’s sweeping changes to its blockchain ecosystem, coupled with a historic 65 million token burn, instantly making OKB one of the most discussed assets in the crypto market.
Cause of the price surge
OKX said the burned tokens were sourced from past repurchases and treasury reserves. This one-time supply cut comes alongside a major technical upgrade to its zero-knowledge Ethereum Virtual Machine (zkEVM)-based blockchain, known as X Layer.
The “PP update” upgrade incorporates Polygon’s Chain Development Kit (CDK) technology to enhance performance. It boosts transaction speeds to 5,000 transactions per second, slashes gas fees to negligible levels, and increases Ethereum compatibility for developers.
Meanwhile, OKX plans to integrate X Layer fully with its ecosystem, including OKX Wallet, OKX Exchange, and OKX Pay.
This will replace the Ethereum-based version of OKB and phase out OKTChain. Users will be given a migration window to switch to the new setup.
The company also announced an ecosystem fund and liquidity incentives to attract more developers, positioning X Layer as a hub for decentralised finance (DeFi), payments, and real-world asset (RWA) applications.
Best crypto picks for African investors
While OKB’s explosive rise has captured headlines globally, investors in Africa also seek opportunities that align with regional adoption trends.
Exchange-linked tokens like OKB can be attractive for their utility and global exposure, but they may not always suit all investment profiles.
Emerging projects like Best Wallet Token (BEST) are also gaining attention in Africa.
Best Wallet has built a Web3 management platform that integrates a decentralised exchange (DEX), allowing African crypto users to trade directly from self-custody wallets.
With over 330 connected decentralised protocols, it offers competitive rates and lower fees, making it appealing in markets where transaction costs and access remain key concerns.
Its presale is nearing $15 million in funding and is being pitched as an early-entry opportunity for those seeking staking rewards and platform perks.
About OKB
OKB is a utility token that powers the OKX ecosystem. It grants holders access to trading discounts, participation in token sales, governance voting, and other platform benefits.
First launched in 2018, it has grown into one of the most prominent exchange-backed cryptocurrencies, regularly ranking among the top 30 digital assets by market capitalisation.
OKX’s platform developments have historically influenced the token’s value, overall crypto market cycles, and the exchange’s expansion into new regions.
With the new tokenomics model, OKB is entering a phase where scarcity and integrated usage may combine to enhance its market position.
Yet, the token remains subject to price swings as evidenced by its rapid climb and intraday volatility this week.