OKX Develops Ethereum Layer-2 Network, X1, Using Polygon CDK: Aims for Web3 User Onboarding
Summary:
Crypto exchange platform OKX has introduced a testnet for its forthcoming Ethereum layer-2 network, "X1". Developed using the Polygon chain development kit, the network leverages zero-knowledge proofs to authenticate transaction between layers. OKX, the sixth-largest centralized crypto exchange, has set its native coin, OKB, to be used for gas fees in the new network. As a key contributor to the Polygon CDK software, OKX plans to use substantial engineering resources for Ethereum scaling solution enhancements. The network aims to onboard new users into Web3, offering a scalable and interoperable platform for developing consumer applications.
The crypto trading platform, OKX, has introduced a testnet for its impending Ethereum layer-2 network, named “X1,” as revealed in a Nov. 14 statement. The zero-knowledge proofs in the network, which was assembled utilizing the Polygon chain development kit (CDK), will authenticate deposits and withdrawals transactions between layers. As per data from CoinMarketCap, OKX enjoys the rank of the sixth-largest centralized crypto exchange in terms of volume, facilitating over $1.8 billion in trading activities daily. Its coin, OKB, with a market cap exceeding $3.6 billion, holds a position among the top 30 cryptocurrencies. The mainnet version of the network will feature OKB as the primary coin to settle gas fees, as revealed in the announcement.
X1's development is in progress, using the Polygon CDK, which potentially positions it as part of the extensive Polygon ecosystem, which also includes the Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific, and other such networks. Additionally, OKX takes an active participation in the Polygon CDK software as a key contributor and promises to "deploy significant engineering resources to augment the technology stack for Ethereum scaling solution."
Jason Lau, the chief innovation officer at OKX, anticipates that the new network will contribute to welcoming new users into the Web3 world. He points out, “X1 will emerge as an integral part of our initiative to educate and transition our users on-chain and into Web3's vast landscape. This scalable and user-friendly network is perfect for developers, enabling them to construct user-friendly world-class consumer Web3 apps on X1, all while retaining interoperability with other networks and ecosystems."
In addition to X1, OKX has also developed OKT Chain, an Ethereum sidechain using OKB as its native coin. It's not alone in building its network; Binance launched its BNB Chain in 2019, and Coinbase unveiled its layer-2 “Base” network on Aug. 9.
Published At
11/14/2023 5:00:00 PM
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