Crypto alternate OKX has launched a testnet for an upcoming Ethereum layer-2 community named “X1,” based on a Nov. 14 announcement. The community is being developed utilizing the Polygon chain improvement equipment (CDK) and can use zero-knowledge proofs to validate deposits and withdrawals between layers.
OKX is the sixth-largest centralized crypto alternate by quantity, with over $1.8 billion in buying and selling quantity per day, according to knowledge from CoinMarketCap. Its token, OKB, has a present market cap of over $3.6 billion, making it one of many high 30 cryptocurrencies. When a mainnet model of the brand new community is launched, OKB would be the native coin used to pay gasoline charges on it, the announcement acknowledged.
X1 is being developed utilizing the Polygon CDK, probably making it a part of the broader Polygon ecosystem that features Polygon zero-knowledge Ethereum Digital Machine, Polygon PoS, Close to, Manta Pacific and different networks. In response to the announcement, OKX will even be a core contributor to the Polygon CDK software program going ahead and can “make investments substantial engineering sources to boost the expertise stack for Ethereum scaling options.”
OKX chief innovation officer Jason Lau claimed that the brand new community will assist to onboard new customers to Web3, stating:
“X1 will likely be a key pillar of our efforts to teach and convey our customers on-chain and into the world of Web3. This scalable and accessible community is ideal for builders, who can construct on X1 to ship user-friendly world-class shopper Web3 purposes, all whereas sustaining interoperability with different networks and ecosystems.”
OKX is also the creator of OKT Chain, an Ethereum sidechain that makes use of OKB as its native coin. It isn’t the one alternate to construct its personal community: Binance launched BNB Chain in 2019, and Coinbase launched its layer-2 “Base” network on Aug. 9.