Crypto exchange OKX has recently announced the launch of a testnet for a new Ethereum layer-2 network called “X1.” This network is being developed using the Polygon chain development kit (CDK) and will incorporate zero-knowledge proofs to validate deposits and withdrawals between different layers. The network is set to revolutionize the world of cryptocurrency and blockchain technology.
As a significant player in the world of cryptocurrency, OKX ranks as the sixth-largest centralized crypto exchange by trading volume, facilitating over $1.8 billion in trades per day. The exchange’s native token, OKB, has a current market cap of over $3.6 billion, solidifying its place as one of the top 30 cryptocurrencies in the market. With the upcoming launch of the mainnet version of the new X1 network, OKB will become the native coin used to pay gas fees, providing added utility and value to the token.
X1 developed using the Polygon CDK, which may position it as part of the broader Polygon ecosystem that includes various other networks such as the Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific, and more. OKX has also committed to being a core contributor to the Polygon CDK software, pledging substantial engineering resources to further develop the technology stack for Ethereum scaling solutions.
One of the key objectives of the X1 network is to facilitate the onboarding of new users to Web3, the decentralized web, creating a more accessible and scalable platform for developers to build consumer-friendly Web3 applications. Jason Lau, the Chief Innovation Officer at OKX, expressed optimism about the impact of the new network, 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.”
OKX is known for its innovative approach to blockchain technology, having also created OKT Chain, an Ethereum sidechain that utilizes OKB as its native coin. This move is in line with a trend in the industry, as other major exchanges like Binance and Coinbase have also launched their own networks, with Binance launching BNB Chain in 2019 and Coinbase rolling out its layer-2 “Base” network on Aug. 9th.
The development and launch of the X1 network represent a significant milestone for OKX and the broader cryptocurrency market. With the integration of zero-knowledge proofs and the use of the Polygon CDK, the network is poised to address some of the scalability and interoperability challenges that have been prevalent in the blockchain space. As the project continues to progress, it is expected to open up new opportunities for developers and users, further expanding the potential of decentralized applications and the broader Web3 ecosystem.
As developments in blockchain technology continue to evolve, it’s clear that exchanges like OKX are at the forefront of driving innovation and facilitating the adoption of decentralized technologies. The launch of the X1 network represents a bold step forward in the quest for scalable and user-friendly blockchain solutions, and its impact is likely to be felt across the industry. As the project moves towards its mainnet launch, the cryptocurrency community eagerly anticipates the new capabilities and opportunities that the X1 network will bring to the table.