OKX and Polygon Labs Collaboration
OKX has announced the launch of its zkEVM Layer-2 testnet, X1, in partnership with Polygon Labs. This move reflects a trend among crypto exchanges to develop their own Layer-2 networks to improve scalability and reduce transaction costs.
The X1 Layer-2 Network
The collaboration will result in the launch of X1, an Ethereum Layer-2 network that utilizes zero-knowledge (ZK) proofs to facilitate fast and cost-effective transactions while ensuring network security. OKX’s Chief Innovation Officer, Jason Lau, emphasized the potential of X1 to support the development of user-friendly Web3 applications and drive mass adoption of Web3 through collaboration with Polygon Labs.
The OKB token will be used for gas fees on the X1 network, leveraging OKX’s substantial user base to attract developers interested in building dApps.
Details Of The Collaboration
X1 will operate as a zero-knowledge rollup solution, offering instant settlements on both Layer-1 and its own network. In addition to launching X1, OKX will contribute engineering resources to enhance Polygon’s Chain Development Kit (CDK), a framework for building custom ZK-powered Layer-2 blockchains on Ethereum.
Other Exchange Launching Layer-2 Networks
OKX’s collaboration with Polygon Labs reflects a broader trend of crypto exchanges developing proprietary Layer-2 solutions. Coinbase recently launched its Base Layer-2 network using Optimism’s technology, while Kraken is also exploring a scaling solution likely based on ZK technology.
Hot Take: OKX’s Push for Mass Adoption of Web3
OKX’s partnership with Polygon Labs represents a strategic move to accelerate the adoption of Web3 by providing a scalable and accessible network for developers. The launch of X1 demonstrates OKX’s commitment to fostering innovation within the crypto space and leveraging its large user base to drive the development of decentralized applications.
Cyrus Dailey stands as a luminary gracefully weaving the roles of crypto analyst, tenacious researcher, and editorial artisan into a captivating narrative of insight. Amidst the intricate world of digital currencies, Cyrus’s perspectives resonate like finely tuned melodies, captivating curious minds from a myriad of perspectives. Her ability to decipher complex threads of crypto intricacies melds seamlessly with her editorial finesse, transforming intricacy into a harmonious composition of understanding.