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OKX unveils X1, its new Ethereum Layer 2 network, in collaboration with Polygon

OKX unveils X1, its new Ethereum Layer 2 network, in collaboration with Polygon

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TL;DR

  • OKX, a leading crypto exchange, has launched X1, a new Ethereum Layer 2 network using Polygon’s technology, aimed at enhancing transaction speed and scalability.
  • The network, leveraging zero-knowledge rollups, promises instant settlements and is designed to attract developers for building consumer-focused Web3 applications.
  • This move places OKX in direct competition with other exchanges like Coinbase and Kraken, as they expand their technological offerings in the blockchain space.

OKX, a prominent centralized exchange, has announced the launch of its very own layer-2 network, X1. Utilizing Polygon’s advanced chain development kit (CDK), X1 represents a significant step for OKX in establishing its presence in the on-chain environment. This development marks a pivotal moment for OKX, already recognized as a leading exchange with assets exceeding $12 billion.

X1, powered by the zero-knowledge Ethereum Virtual Machine (zkEVM), is set to offer a revolutionary approach to transaction processing and scalability. Unlike the optimistic rollups used by other exchanges, such as Coinbase’s Base L2, zero-knowledge rollups facilitate almost instantaneous settlements on both the primary Ethereum layer (L1) and the network itself. This efficiency could redefine the user experience in the blockchain space, offering a swift and seamless transaction process.

Empowering developers and fostering Web3 adoption

The strategic collaboration between OKX and Polygon Labs is a technological leap and a concerted effort to drive the mass adoption of Web3. OKX’s Chief Innovation Officer, Jason Lau, emphasized X1’s role as crucial in educating and transitioning users to blockchain technologies. The network is envisioned as a developer-friendly platform, designed to foster the creation of consumer-centric Web3 applications. This initiative not only advances OKX’s technological footprint but also aligns with its mission to create a more accessible and interconnected digital ecosystem.

In addition to the technological innovation, OKX’s native token, OKB, will play a central role in the X1 network, being utilized for gas fees. This integration not only enhances the utility of OKB but also solidifies its position within the OKX ecosystem. The network aims to attract a diverse range of developers, leveraging OKX’s extensive user base, which boasts over 50 million individuals globally.

To ensure the success and continual development of X1, OKX is committing substantial engineering resources to Polygon’s CDK. This collaboration signifies a significant investment in enhancing the existing technological framework and supports the broader objective of creating custom, efficient, and secure layer-2 blockchains on Ethereum.

Navigating a competitive landscape

The launch of X1 comes at a time when competition among crypto exchanges is intensifying, particularly in the realm of proprietary layer-2 solutions. With industry peers like Coinbase and Kraken making similar moves, OKX’s entry into this space is innovative and strategically imperative. The integration of X1 within OKX’s operations represents a forward-thinking approach, aligning with the demands and expectations of the blockchain community.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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