The crypto exchange plans to launch its own zero-knowledge proof based Layer 2 network with OKB serving as its native token.
Photo by Daniele Levis Pelusi on Unsplash
Posted November 15, 2023 at 1:33 am EST.
Crypto exchange OKX has teamed up with Polygon Labs to create a new Layer 2 network called “X1.”
The information leaked on OKX’s official website on Tuesday revealed that X1 would be built on zero-knowledge (ZK) technology, using Polygon’s (chain development kit) CDK.
The official X account for OKX confirmed that the rumours were true in a social media post, shortly after which Polygon and OKX’s chief innovation officer made the announcement public as well.
The rumors were correct. We are launching a new Layer 2 and we’re proud to be working w @0xPolygonLabs to do so!
X1 is the name and it’s another part of our strategy to bring our users onchain and into the world of web3.
Follow @X1_Network and @okx for more updates! https://t.co/GTyzczHS7R
— Jason Lau (@jasonklau) November 14, 2023
X1’s development on Polygon CDK will make it integrated with the Polygon ecosystem, and will be fully compatible with Ethereum Virtual Machine (EVM) networks. OKX will also be a core contributor to the Polygon CDK software and plans to invest “substantial engineering resources” to enhance the Ethereum scaling technology stack.
According to the project’s roadmap, the X1 testnet is already online and integration with decentralized applications (dApps), performance stress testing and EIP-4844 expansion would take place through the last quarter of 2024.
OKX’s ERC-20 utility token OKB will serve as the native token for the X1 chain and will be used to pay transaction fees. The price of OKB rallied 8% to an intra-day high of $64, before settling down to around $59 at the time of writing.
“With OKX’s user base and Polygon Labs’ track record for building ZK-enabled blockchain protocols used around the world, X1 will be a truly global platform for those devs ready to securely onboard the next billion users across the globe including Hong Kong, Singapore, India, UK, and New York,” said Polygon Labs in a post.
