- OKX exchange partners with Polygon Labs to launch a new zero-knowledge Layer-2 network, X1, using OKB as its native token.
- The X1 network aims to enhance Web3 development, offering scalability, security, and reduced transaction fees, marking a significant step in Ethereum ecosystem advancement.
OKX and Polygon’s Strategic Move in Blockchain Tech
Cryptocurrency exchange OKX, in collaboration with Polygon Labs, is set to launch a new zero-knowledge (ZK) Layer-2 (L2) network, named “X1.” This initiative aligns with OKX’s strategic goal of advancing blockchain technology and enhancing the Ethereum ecosystem.
— Collin Brown (@CollinBrownXRP) November 14, 2023
Introducing the X1 Network
Innovative Use of OKB Token: OKX’s L2 network, X1, will leverage the exchange’s native token, OKB, as its custom currency for transactions and gas fees within the network. This move positions OKB as a pivotal element in the network’s operation, underlining its value in the blockchain space.
Leveraging Polygon’s Chain Development Kit: The X1 network is being developed using Polygon‘s Chain Development Kit (CDK), enhancing its capabilities. This collaboration will allow for the creation of high-performance, secure ZK solutions on the Ethereum platform, paving the way for interoperable networks within the Polygon CDK ecosystem, as stated by Polygon co-founder Sandeep Nailwal.
Focusing on Developers and Web3 Advancement
- Empowering DApp Creators: The OKX L2 X1 network is specifically designed with developers in mind, making it easier for them to build and launch Decentralized Applications (DApps) on its on-chain ecosystem. Its compatibility with Ethereum and user-friendly interfaces are expected to attract builders across various sectors, including Decentralized Finance (DeFi).
- Web3.0 Future Vision: OKX’s investment in the X1 network signifies its commitment to bolstering the future of Web3.0. By becoming a core contributor to Polygon CDK, OKX is set to provide its 50 million users access to two of the most influential players in the Web3.0 arena, Polygon and Ethereum. This collaboration underlines OKX’s dedication to enhancing Ethereum’s technology stack and scaling solutions.
Competing Efforts in the Blockchain Space
In the broader context of Layer-2 network developments, other major players like Kraken are also pushing forward with their L2 networks. Kraken is actively seeking partnerships with blockchain development teams, including Polygon and Matter Labs, with Cardano founder Charles Hoskinson also showing interest in contributing to these initiatives.
In conclusion, the collaboration between OKX and Polygon to launch the X1 network marks a significant development in blockchain technology. The network’s focus on scalability, security, and reducing transaction costs positions it as a key player in enhancing the Ethereum ecosystem and advancing the future of Web3. As blockchain technology continues to evolve, initiatives like X1 are pivotal in shaping a more interconnected and efficient digital landscape.