OKB (OKB) Exchange

About OKB

OKB is the native utility token of the OKX ecosystem. Launched in 2018, OKB connects the OKX centralized exchange with its decentralized infrastructure. OKB functions as a trading fee discount token on the OKX platform, the access key for Jumpstart (OKX's token launch platform), a staking and reward asset across OKX Earn products, and the native gas token on X Layer, OKX's Ethereum Layer 2 blockchain. X Layer launched on Polygon CDK and, according to Optimism, was rebuilt on the OP Stack by December 2025. In February 2025 OKX pleaded guilty in the United States to operating an unlicensed money transmitting business and agreed to pay more than $504 million in penalties, according to the US Department of Justice.

OKB tokenomics

OKB's supply model changed in 2025. The token was originally issued with a total supply of 1 billion OKB and a maximum circulating supply of 300 million, and OKX ran quarterly buyback-and-burn events that reduced the outstanding supply. In August 2025 OKX permanently burned 65,256,712 OKB from historical buybacks and reserves as part of the X Layer upgrade, which fixed the total supply at 21 million.
Fixed supply — 21,000,000 OKB; according to OKX, no new OKB will be created after the burn that fixed the supply
August 2025 burn — 65,256,712 OKB from historical buybacks and reserves were burned during the X Layer upgrade
Original issuance — 1 billion OKB total, 300 million maximum circulating; the remainder was allocated to team, foundation (locked), and ecosystem programs
Circulating supply — 21 million OKB, equal to the maximum supply, according to CoinGecko in October 2026
Token chains — ERC-20 on Ethereum; native gas token on X Layer (OKX's Layer 2 blockchain, built on the OP Stack since December 2025)
Utility — trading fee discounts based on OKB holdings, Jumpstart participation, staking rewards, DeFi collateral on lending platforms, and gas on X Layer

What determines OKB's value

OKB's value is driven by two demand channels: exchange-platform utility and on-chain network usage. On the exchange side, OKB demand scales with OKX user growth, trading volume, and participation in Jumpstart token launches and Earn products. The fixed 21 million supply means this demand operates against a constrained supply with no planned dilution.

On the network side, X Layer makes OKB the gas token for an Ethereum L2 ecosystem. If X Layer captures DeFi activity, NFT trading, or dApp usage, every on-chain transaction consumes OKB for gas, creating recurring demand independent of exchange-side activity. The open question in 2026 is whether X Layer can attract enough developers and users to make the gas-demand channel material relative to the exchange-utility channel.