OKX and Polygon Labs launch X1, the new Ethereum L2 network

OKX and Polygon Labs launch X1, the new Ethereum L2 network in a strategic move in the cryptocurrency market. The novelty promises to revolutionize cryptocurrency transactions, offering greater speed and reduced costs. This network, which is now entering its testnet phase, incorporates zero-knowledge (ZK) proof technology, ensuring agile and cost-effective transactions, while preserving security and compatibility with the Ethereum network.

What does OKX’s chief innovation officer have to say?

Additionally, Jason Lau, the Chief Innovation Officer at OKX, highlighted the importance of X1 in the Web3 ecosystem. He emphasized that the initiative is central to the company’s efforts to educate and onboard its users into the on-chain world of Web3. The collaboration with Polygon Labs aims to expand possibilities for developers and users, driving mass adoption of Web3 technology.

The X1 network uses OKX’s OKB token as a means of payment for gas fees. This token, native to the OKX trading platform, is already used for a variety of functions, including paying trading fees, participating in OKX’s Jumpstart token launch platform, and earning rewards in the OKX Earn program.

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What can the X1 attract?

With the launch of X1, OKX seeks to attract developers to create decentralized applications that can leverage its base of over 50 million users worldwide. To strengthen this initiative, OKX is contributing engineering resources to enhance Polygon’s Chain Development Kit (CDK). This kit is an innovative framework that allows developers to build custom layer-2 blockchains powered by ZK on Ethereum.

However, this launch comes at a time of increasing competition among cryptocurrency exchanges, which are exploring proprietary layer 2 solutions. Coinbase, for example, recently launched its own layer 2 network, Base, using technology from Optimism. Kraken is also investigating new scalability solutions in collaboration with Polygon.

Over the past 24 hours, OKX’s OKB token has remained relatively stable, recording a small drop of just 0.3%, as reported by CoinGecko. This stability indicates a market that reacts cautiously, but positively, to the innovations brought about by the partnership between OKX and Polygon Labs.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.