According to an announcement on November 14, cryptocurrency exchange OKX has launched a test network for the upcoming Ethereum layer 2 network called “X1”. The network is being developed using the Polygon Chain Development Kit (CDK) and will use zero-knowledge proofs to verify deposits and withdrawals between layers.
OKX is the sixth largest centralized cryptocurrency exchange by trading volume, with a daily trading volume of over $1.8 billion. according to Data from CoinMarketCap. Its token OKB currently has a market capitalization of over $3.6 billion, making it one of the top 30 cryptocurrencies. The announcement stated that when the mainnet version of the new network is launched, OKB will become the native token used to pay its gas fees.
X1 is being developed using the Polygon CDK, potentially making it part of the broader Polygon ecosystem, which includes the Polygon Zero-Knowledge Ethereum Virtual Machine, PoS, Near, Manta Pacific and other networks. According to the announcement, OKX will also become a core contributor to the Polygon CDK software in the future and will “invest substantial engineering resources to enhance the technology stack of Ethereum scaling solutions.”
related: Polygon Labs and Near announce ZK prover for WASM integration
OKX Chief Innovation Officer Jason Lau claimed that the new network will help attract new users to Web3, saying:
“X1 will be a key pillar in our efforts to educate and bring users on-chain and into the Web3 world. This scalable and accessible network is ideal for developers who can build user-friendly, world-class consumption on top of X1 Web3 applications while maintaining interoperability with other networks and ecosystems.”
OKX is also the creator of OKT Chain, an Ethereum sidechain that uses OKB as its native token. It’s not the only exchange building its own network: Binance launched BNB Chain in 2019, and Coinbase launched its layer 2 “Base” network on August 9.
Svlook
