Last Updated on November 15, 2023 by Bitfinsider
According to a Nov. 14 release, cryptocurrency exchange OKX has started a testnet for a forthcoming Ethereum layer-2 network called “X1.” Zero-knowledge proofs will be used in the network’s development to verify deposits and withdrawals between layers, and it will be constructed using the Polygon Chain Development Kit (CDK).
According to CoinMarketCap data, OKX is the sixth-largest centralized cryptocurrency exchange by volume, with daily trading volume of approximately $1.8 billion. OKB, the company’s token, is among the top 30 cryptocurrencies with a market cap of more than $3.6 billion as of right now. According to the statement, OKB will be the native coin used to pay gas fees on the new network’s mainnet when it launches.
With the help of the Polygon CDK, X1 is being built with the possibility of being integrated into the larger Polygon ecosystem, which consists of the Near, Manta Pacific, Polygon PoS, and Zero-Knowledge Ethereum Virtual Machine networks. As stated in the announcement, OKX will “invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions” and will also be a key contributor to the Polygon CDK software in the future.
According to Jason Lau, chief innovation officer of OKX, the new network would facilitate the onboarding of new Web3 users, stating: “X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3. This scalable and accessible network is perfect for developers, who can build on X1 to deliver user-friendly world-class consumer Web3 applications, all while maintaining interoperability with other networks and ecosystems.”
In addition, OKX is the developer of OKT Chain, an Ethereum sidechain with OKB as its native currency. Not every exchange has created its own network, though: In 2019, Binance introduced BNB Chain, while on August 9, Coinbase unveiled its layer-2 “Base” network.
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