OKX Unveils Ethereum Layer-2 "X1" with Polygon CDK Integration

by BSC News

November 15, 2023


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. 


Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article