OKB was created by Star Xu (Mingxing Xu), who founded OKX (formerly OKEx) in 2013 in China. Star Xu has a background in technology management including positions at Yahoo. OKB was developed collectively by the OKX team rather than by an individual, and the exchange is now headquartered in San Jose, California.

OKB was announced in late 2017 and publicly launched in 2018. In 2019, it was deployed on the Ethereum network as an ERC-20 token. The 2020 introduction of the buy-back and burn mechanism marked a turning point. The all-time high of $255.5 was reached in August 2022. In 2025, a major tokenomics overhaul burned 65 million tokens and fixed supply at 21 million, alongside the X Layer zkEVM upgrade.

OKB was initially launched as an ERC-20 token on Ethereum. OKX developed its own blockchain ecosystem including OKTChain (a Cosmos SDK-based Layer 1) and X Layer, a Layer 2 built with Polygon's CDK using zkEVM technology. OKB serves as the sole native gas token for X Layer, and OKX plans to phase out OKTChain, consolidating all value around OKB as the central token.

Following the 2025 tokenomics upgrade, OKB's total supply was fixed at 21 million tokens after burning over 65 million OKB. The token operates with a deflationary mechanism through regular buy-backs and burns. OKB serves multiple economic functions: it is the gas token for X Layer, provides trading fee discounts, and offers staking rewards within the OKX ecosystem.

OKB holders participate in ecosystem governance through staking and voting mechanisms. The token provides governance rights over key protocol decisions within the OKX ecosystem. Recent upgrades have enhanced governance capabilities, allowing token holders to have more influence over protocol development, fee structures, and ecosystem fund allocations. This decentralized governance model aligns holder interests with platform development.

OKB offers multiple utility functions: trading fee discounts for OKX users, passive income through staking rewards, access to OKX Jumpstart token sales, premium feature access, and exclusive DApp services within the OKX ecosystem. On X Layer, OKB functions as gas for transactions and smart contract execution. The token also integrates with DeFi protocols, enabling liquidity provision and yield farming opportunities.