OKB

OKB (OKX) · Exchange token + X Layer gas (OKX-run OP Stack chain)

27 /100

T5Impaired · #62 of 77

No engine yetCould move up ↑low likelihoodReviewed Oct 23, 2026

DemandSoundnessDurability

15 of 454 of 408 of 15

Key facts

SupplyFloat 100% of issued supply

Circulating 21.0M, 100%
Max 21.0M

FDV / market cap

1.0x

$2.3B / $2.3B

Market cap

$2.3B

Price $109.90, 7d −6.3%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

The 2025 reset turned OKB from a buyback token into a fixed-count gas token, but the fixed count rests on OKX, not code: one key can still upgrade the Ethereum contract, and the native supply lives on an OKX-run chain whose contracts a 2-of-3 multisig upgrades instantly. The burn itself showed how much OKX controlled: 65.3M of the 86.3M then outstanding were its own reserves, wiped from an address through a freeze-and-wipe function. Holders no longer receive any share of OKX's exchange revenue, and X Layer's own fees are negligible, so value rests on OKX's ecosystem narrative and listing reach. Liquidity is real (~$26M a day) and concentrated on OKX.

How value reaches holders

None today. From 2019 to Jun 2025 OKX ran 28 quarterly buybacks funded from exchange revenue (~213.7M OKB), but the bought tokens sat in an OKX-linked EOA (0xff1e...1b30) until Aug 15, 2025, when OKX wiped 279M OKB from it with the contract's law-enforcement wipe function (tx 0xb770...9616): the old buybacks plus 65,256,712 OKB of reserves, leaving 21M. On Aug 18, 2025 the proxy was upgraded to OKBImplementationV2 (no mint, owner or pause); holders now move OKB to X Layer through triggerBridge, which burns ERC-20 balances (429,065 OKB left on Ethereum) while OKX credits native OKB off-chain. No buyback or burn is visible since: CoinGecko supply is exactly 21,000,000 and X Layer's zero and dead addresses hold ~157 OKB. X Layer fees (~$0.25M a year) accrue to OKX-controlled vaults

Score anatomy

Demand

15 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input

Nothing reaches holders: the quarterly buyback ended with the Aug 15, 2025 burn, no burn is visible since (supply flat at 21M), and X Layer gas goes to OKX-controlled fee vaults

Nothing reaches holders by designmedium confidenceHow this is scored

Revenue reality engine input

X Layer realized ~$0.25M of fees and ~$0.12M of revenue over the trailing year (DefiLlama); OKX exchange revenue is undisclosed and has no path to OKB

Under $0.5M/yr, or emissions-subsidized onlymedium confidenceHow this is scored

Monetary usage engine input

Sole gas token of X Layer (~1.25M tx/day, $171M secured, almost all externally bridged stablecoins); no third-party collateral use found

Pays its own network's fees (gas never counts higher, whatever the size of the economy)high confidenceHow this is scored

Adoption ×3

OKX is a top-three exchange and X Layer, OKB-gas, grew stablecoins to $1.49B from ~$0.01B YoY at ~1.25M tx/day

Established: a meaningful, steady share of its categorymedium confidenceHow this is scored

Two routes, the stronger counts

Revenue 0, minus 5 for routing 0 = cash flow 0. Money use 1. The engine is the stronger route: 1.

Soundness

4 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3

The ERC-20 proxy owner is a single EOA (0x4a16...a981) that can upgrade to any code, mint included, with no delay; native X Layer OKB sits on a chain OKX's 2-of-3 multisig upgrades instantly

Over 15%/yr, or a key, company, committee or multisig can mint without limit or redirect issuancehigh confidenceHow this is scored

Float and unlocks ×1

No vesting or unlock schedule and all 21M count as circulating, but OKX publishes no treasury balance (it held 65.3M of the 86.3M outstanding until the Aug 2025 burn)

Small tails only, or 85%+ of supply liquidlow confidenceHow this is scored

Distribution ×2

No public sale: OKX issued all OKB and kept the bulk; the Aug 2025 burn of 65.26M came from its buyback and treasury reserves, ~76% of pre-burn supply

Insiders received over 50%, or one organization directs over 30% todaymedium confidenceHow this is scored

Decentralization and security ×2

X Layer is 'Others' on L2BEAT: a 2-of-3 multisig upgrades its contracts with no delay and OKX EOAs sequence, propose and challenge; the ERC-20 proxy upgrades on one key

One operator, pool, company or key can halt, rewrite, freeze balances, or upgrade value-holding contracts without delayhigh confidenceHow this is scored

Durability

8 / 15

Is it big, proven and reachable by institutions?

Scale ×1

$2.3B market cap (band 4), $25.6M/day median volume (band 3), no flags.

Mid-cap: $250M-1B market cap and $10M/day+How this is scored

Track record ×1

Trading since mid-2018 (~8.3 years); survived an 88% drawdown (Jun to Dec 2018) but not a second 80% cycle (2021-22 ~-74%, 2025-26 ~-71%)

5-8 years and survived an 80%+ drawdownmedium confidenceHow this is scored

Institutional access ×1

Valour OKB ETP in Europe; no US filing found.

OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored

What would move it up

To reach T4 Speculative, one gate is still open:

Supply 0needs 1(open)

Tier outlook

Could move up ↑low likelihood

Any new OKX buyback or burn program (none visible since Aug 15, 2025)
Proxy ownership of 0x7523...a86c moving to a timelock or being renounced (supply and security)
X Layer leaving L2BEAT 'Others' (permissionless proofs, exit window) or Hybrid Proof reaching mainnet
X Layer fee revenue (DefiLlama ~$0.25M a year) and whether any of it is burned
OKX disclosure of its own OKB holdings

Research report

Oct 23, 2026 · source confidence 75%

OKB is the token of the OKX exchange and the only gas token of X Layer, a chain built and operated by OKX. For six years OKX bought back OKB each quarter with part of its exchange revenue. In August 2025 it ended that program with a one-time reset: it destroyed the bought-back tokens together with 65.3 million tokens of its own reserves and fixed the supply at 21 million. Those reserves were about three quarters of the 86 million tokens then outstanding. Since the reset no buyback or burn is visible, and fees on X Layer, about $0.25 million over the past year, go to OKX-controlled accounts. The fixed supply depends on OKX keys: a single key can still upgrade the Ethereum contract to new code, and X Layer, where most OKB now lives, is listed by L2BEAT in its 'Others' category, with a two-of-three multisig able to upgrade its contracts without delay and OKX addresses running block production and proofs. The 2025 burn itself was carried out with the old contract's freeze-and-wipe function. OKB trades about $26 million a day, mostly on OKX, and has no exchange-traded product.

Structure (13 facts)

Chain: native gas on X Layer (chain 196; Polygon CDK from Apr 2024, OP Stack since Oct 27, 2025); Ethereum ERC-20 0x7523...a86c (OwnedUpgradeabilityProxy -> OKBImplementationV2 since 2025-08-18), 429,064.58 OKB left on Ethereum
Genesis: 2018 OKB (old contract), 1B: 60% for OKEx customer campaigns, the rest locked 1-3 years (team and foundation), no ICO or public sale; current contract minted 300M to EOA 0x4a16...a981 on 2019-04-26
Supply: 21,000,000 fixed by OKX after the Aug 15, 2025 burn; CoinGecko circulating = total = max = 21M (flat for 12 months)
Aug2025 reset: announced 2025-08-13: 65,256,712.097 OKB of historical buybacks and reserves burned; on-chain, OKX wallet 0x0af6b0b2f1e8b1a259fffc70f2c19e177e4638c4 sent 65,256,712.1 OKB to the buyback address on 2025-08-13, then a single wipeFrozenAddress call (selector 0xe2f72f03, tx 0xb77046f5...9616, 2025-08-15) removing 278,999,999 OKB from 0xff1e...1b30, the address that had received the quarterly buybacks since 2019 (~213.7M through the 28th burn, Jun 2025); OKT Chain retired, OKT converted to OKB
Mint authority: proxyOwner() = EOA 0x4a164ca582d169f7caad471250991dd861dda981 (10 txs; upgradeTo on 2025-08-18): one key can point the proxy at any implementation, mint and freeze included, with no timelock. V2 code has no mint, owner, pause or freeze; triggerBridge() burns a holder's whole ERC-20 balance so OKX can credit native OKB on X Layer off-chain ('may cause impermanent asset loss')
X layer control: L2BEAT (2026-10-23): type Others, proof system permissioned, Xlayer Multisig 2/3 upgrades OP Stack contracts with no delay (DisputeGameFactory 1h timelock), EOAs act as batcher, proposer, challenger and SystemConfig owner; Polygon Agglayer contracts 5/9 with 3d delay; TVS $171M (canonical $4.0M, external $167.1M), associated OKB $6.5K
Value accrual: none since Aug 2025: no buyback or burn visible (X Layer 0x0 holds 95 OKB, 0x...dEaD 62 OKB); X Layer base and priority fees accrue to OKX-controlled vaults
Revenue: X Layer fees ~$250.9K and revenue ~$117.8K over the trailing year (DefiLlama, 2026-10-23); OKX is private and publishes no revenue
Usage: ~1.25M tx/day and ~1.26M user ops/day (L2BEAT 7-day average); DeFi TVL ~$165M, stablecoins ~$1.49B on X Layer
Holders: OKX held 65.26M of the 86.26M OKB outstanding before the Aug 2025 burn (76%); post-burn treasury holdings undisclosed
Regulatory: OKX's Seychelles operator pleaded guilty in the US in Feb 2025 to unlicensed money transmission (~$505M in penalties) before launching OKX US; no OKB ETF, ETP or US filing found
Liquidity: CoinGecko 24h $37.5M; 30-day median $25.6M/day (~1.1% of market cap), ~68% on OKX pairs
Market cap (approx): $2,342,000,000

Market figures at report date (Oct 23, 2026)

Price (approx): $111.5
All-time high / low: 238 intraday on OKX (Aug-Sep 2025), CoinGecko daily 228.74 (2025-10-04); low 68 (2026-02-06); -31% over 1y; 88% drawdown Jun-Dec 2018

Sources (12)

Compare with

How the ranking works and how OKB compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=OKB