OKX partners with Polygon Labs to evaluate brand-new layer-2 network X1. Image by AndriiKoval, Adobe Stock.
On Tuesday, the 6th biggest cryptocurrency exchange OKX revealed a collaboration with blockchain platform Polygon Labs to introduce a test network for X1, a brand-new zkEVM layer-2 service created to enhance deal speeds and decrease expenses. This partnership looks for to advance the advancement of layer-2 networks and drive mainstream adoption of Ethereum scaling services.
Trial Run of the X1 Testnet Commences
OKX exposed strategies to reveal X1 based upon Polygon’s zero-knowledge rollup innovation. This network will make use of Polygon’s Chain Development Kit (CDK) to take advantage of the security of the Ethereum blockchain while substantially improving efficiency.
Hot Off The Press
We’re enjoyed present #X 1, our brand-new Ethereum L2 network developed on Polygon’s CDK.
Our landmark collab. with @ 0xPolygonLabs empowers next gen. devs. with increased security, scalability & & low deal expenses to BUIDL the future of Web3.
pic.twitter.com/Wkz11vu2be
— OKX (@okx) November 14, 2023
X1’s testnet launch will allow designers to develop and evaluate decentralized applications with increased scalability. Throughout this screening stage, OKX engineers will work carefully with the Polygon group to enhance the network and prepare it for a complete mainnet release, anticipated in Q1 2024.
X1 Showcases the Power of zkEVM Layer-2
“X1 will be a crucial pillar of our efforts to inform and bring our users on-chain and into the world of Web3,” OKX’s Chief Innovation Officer Jason Lau stated in a news release. “This scalable and available network is ideal for designers, who can construct on X1 to provide easy to use, first-rate customer Web3 applications, all while keeping interoperability with other networks and environments.”
Polygon’s layer-2 option utilizes zero-knowledge cryptographic evidence to bundle or “rollup” deals off-chain before confirming and tape-recording them on Ethereum. This method can possibly attain approximately 100-200x higher throughput than existing layer-1 blockchains while keeping Ethereum’s security.
The X1 testnet launch comes as significant exchanges like Coinbase reveal their own layer-2 networks. According to Polygon Labs CEO Mark Boiron, the success of X1 might draw in more jobs to Polygon’s interoperable environment of scaling options.
“If anything, honestly, it needs to be more appealing, consisting of to exchanges,” he mentioned.
Throughout the screening stage, OKB will be utilized as the native gas token on X1. Ultimately, the network makes every effort to provide a quick, low-priced environment for trading, loaning, staking, and other decentralized financing activities.
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