OKX Introduces Ethereum Layer-2 Testnet with ZK-Polygon CDK
The “X1” platform will be associated with the Polygon community and will connect assets from Ethereum using zero-knowledge proofs.
Okx, the crypto industry’s sixth largest exchange by market volume, recently announced the introduction of its layer-2 ZK cryptographic network in partnership with the “Polygon Chain Development Kit” (CDK).
The new infrastructure, dubbed “X1,” will be implemented on the mainnet in the first quarter of 2024 and will utilize the OKB exchange’s native token as an outlet for paying gas costs.
Okx therefore joins a lengthy line of firms that have created a blockchain based on zero-knowledge proof technology, which is one of the biggest ideas of 2023.
Coinbase debuted its Layer-2 Base in August, while Kraken will be following in the path of other companies and may potentially declare the launch of a secondary network before the end of the year or early in 2024.
Okx Introduces Their Layer-2 ZK Network, Which Is Based On The “Polygon Chain Development Kit” (CDK)
Okx, a cryptocurrency exchange, confirmed the debut of its layer-2 ZK network, based on the Polygon stack, yesterday.
The new blockchain, which employs zero-knowledge cryptographic proof-of-concept technology, is known as “X1” and is built on the Polygon Chain Development Kit (CDK) framework.
The choice to become part of the now-vast ecosystem of additional networks in the Ethereum ecosystem that employ ZK proofs as a technique for attaining scalability is driven by the current popularity of this specialized sector.
OKB currency, the crypto exchange’s major asset, will be utilized as token gas for paying the new network’s charges.
The mainnet will be launched in the first quarter of 2024, ahead of the long-awaited bull market, which might raise the value of assets listed on the new layer-2 blockchain.
The X1 network, as described by Okx, will provide a high degree of security and scalability while also providing a straightforward and affordable environment for developers to construct the next breakthrough decentralized apps in the web3 sector.
In this context, Okx’s chief innovation officer, Jason Lau, stated in a news launch:
This scalable and easily accessible network is ideal for developers, who can utilize it to create user-friendly world-class customer Web3 apps while retaining compatibility with other networks and ecosystems. X1 will be a critical component of our attempts to reach out and engage our clients on-chain and into the Web3 future.
The exchange, which has been increasing its share of the market at the cost of other sector opponents in recent months, fails to come up with something especially unique with X1.
In any event, by performing so, Okx has associated itself with one of the year’s biggest trends by offering its second-tier solutions that will interoperate with the remaining components of the decentralized ecosystem.
Concerning cross-chain interoperability, the Polygon Labs team has verified that blockchains that utilize its framework would be able to link via a shared ZK bridge using their CDK.
Sandeep Nailwal, the co-founder of Polygon, is pleased about the partnership between his team and the Okx exchange. Following the announcement of the X1 launch, he said the following:
“In the future, Polygon CDK-deployed chains will be able to communicate and cohabit within a broader network of ZK-powered L2s in the Polygon CDK ecosystem.
Many Layer 2s are currently being created with the Polygon CDK, notably Immutable zkEVM, IDEX, Palm Network, and Astar zkEVM.”
It’s also worth noting how the OKB token, which will play a key role in the new chain, reached an all-time high yesterday at $64.89 before sliding slightly in tandem with Bitcoin’s regression.
The currency was one of the few crypto assets that performed well throughout the 2022 crypto winter, as well as one of the best performers in 2023.
Closing Thoughts
The launch of the X1 testnet is a huge step forward in OKX and Polygon Labs’ relationship. X1 is a testament to the collective dedication of these industry professionals, with a focus on expanding Ethereum scaling solutions and delivering a strong on-chain ecosystem. As the Web3 environment matures, X1’s user-friendly strategy, safety features, and Ethereum compatibility position it as a strong participant in pushing the future of decentralized apps and supporting the widespread use of Web3 technologies.
