Crypto Exchange OKX Launches Testnet for Ethereum Layer-2 Network
Crypto exchange OKX has recently announced the launch of a testnet for its upcoming Ethereum layer-2 network called “X1.” This network is being developed using the Polygon chain development kit (CDK) and will utilize zero-knowledge proofs for validating deposits and withdrawals between layers.
OKX is currently the sixth-largest centralized crypto exchange by volume, with a daily trading volume of over $1.8 billion, according to CoinMarketCap. Its native token, OKB, has a market cap of over $3.6 billion, placing it among the top 30 cryptocurrencies in the market. Once the mainnet version of the X1 network is released, OKB will serve as the native coin for gas fees.
The development of X1 is being done using the Polygon CDK, which may make it a part of the broader Polygon ecosystem. This ecosystem includes various networks such as Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific, and others. Additionally, OKX will contribute to the Polygon CDK software and allocate significant engineering resources to enhance Ethereum scaling solutions.
Jason Lau, the Chief Innovation Officer of OKX, believes that X1 will play a crucial role in onboarding new users to Web3. He stated, “X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3. This scalable and accessible network is perfect for developers, who can build on X1 to deliver user-friendly world-class consumer Web3 applications, all while maintaining interoperability with other networks and ecosystems.”
It’s worth noting that OKX has previously launched OKT Chain, an Ethereum sidechain that utilizes OKB as its native coin. Other exchanges like Binance and Coinbase have also developed their own networks, such as BNB Chain and the “Base” layer-2 network, respectively.