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OKX Partners with Polygon for Launch of ZK Layer-2 Network
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Cryptocurrency exchange OKX has announced a partnership with Polygon Labs to launch a new zero-knowledge (ZK) Layer-2 (L2) network. This move follows in the footsteps of its American rival, Coinbase Global Inc, which launched Base earlier this year.
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OKX L2 to Utilize OKB as its Native Token
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The strategic partnership with Polygon is focused on the testnet launch of the network called “X1.” The OKX L2 will be a highly performant and secure Ethereum-based ZK network utilizing the exchange’s native token OKB as its custom currency, used for gas fees on the network.
The OKX L2 will be built with the Polygon Chain Development Kit (CDK), providing users and developers access to major blockchain ecosystems. This technology enables developers to design and deploy ZK L2 solutions on Ethereum with ease, according to Sandeep Nailwal, Polygon’s co-founder.
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OKX to Enhance the Future of Web3
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The goal is to bolster the future of Web3.0 by enhancing accessibility for over 50 million users to two major Web3.0 players, Polygon and Ethereum. OKX will become a core contributor to Polygon CDK and invest substantial engineering resources into Ethereum scaling solutions.
The utilization of ZK proofs makes the OKX L2 network highly secure and scalable with reduced transaction fees. Kraken is also working on releasing its L2 network and seeking a blockchain development team, including potential collaboration with Polygon and Matter Labs.
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Hot Take: The Future of Web3 Looks Bright with OKX and Polygon’s Partnership
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The partnership between OKX and Polygon for the launch of a new ZK Layer-2 network represents a significant step towards enhancing accessibility and scalability in the world of cryptocurrency. With a focus on security, reduced transaction fees, and increased developer-friendly interfaces, this collaboration is set to play a pivotal role in shaping the future of Web3.0. As more exchanges and platforms follow suit in embracing L2 solutions, the crypto space is poised for significant growth and innovation in the coming years.
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