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OKX Unveils Ethereum Layer-2 "X1" with Polygon CDK Integration
November 15, 2023
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Leveraging the Polygon chain development kit (CDK), X1 aims to enhance the efficiency and scalability of Ethereum transactions.
Cryptocurrency exchange OKX has officially launched a testnet for its Ethereum layer-2 solution named "X1." The network, using the Polygon chain development kit (CDK), aims to revolutionize Ethereum's scalability by using zero-knowledge proofs to validate deposits and withdrawals.
The integration of zero-knowledge proofs reportedly adds an additional layer of security and privacy to the validation process of deposits and withdrawals on the layer-2 network.
Further, in a notable collaboration, OKX positions itself as a core contributor to the Polygon CDK software. The exchange commits substantial engineering resources to elevate the technology stack for Ethereum scaling solutions.
"X1 will be a key pillar of our efforts to educate and bring our users onchain and into the world of Web3,” said OKX Chief Innovation Officer Jason Lau. “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.”
OKB Will be the Native Coin for Gas Fees
When the mainnet version of the X1 network is officially launched, OKB will take center stage as the native coin used for paying gas fees within the ecosystem. The exchange's native token, OKB, holds a market cap exceeding $3.55 billion and trading at $58.56, as of press time.
OKX, currently ranked as the sixth-largest centralized cryptocurrency exchange by volume, boasts a daily trading volume exceeding $2.6 billion, according to CoinMarketCap data.
This announcement aligns with the broader trend among major cryptocurrency exchanges, including Coinbase and Kraken, exploring and launching their own layer-2 networks.
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Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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