OKT Chain

OKT, the native token of OKT Chain, serves several critical functions within its ecosystem:

1. Transaction Fees: OKT is used to pay transaction fees on the OKT Chain, including fees for token transfers and executing smart contracts.
2. 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.
3. Incentives and Rewards: OKT is used to incentivise validators, developers, and other participants through various reward mechanisms.
4. DeFi and dApps: OKT is utilised within DeFi protocols and other dApps on the OKT Chain, including decentralised exchanges (DEXs) and lending platforms.

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.

What else happened

• 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.