The crypto Exchange OKX launched the Ethereum Layer 2 solution with Polygon CDK integration which aligns with the trend of cryptocurrency exchanges launching their own Layer 2 networks.
On November 14, OKX, the sixth-largest centralized cryptocurrency exchange (CEX) by volume, announced the launch of a testnet for its upcoming Ethereum layer-2 network, “X1.”
Polygon CDK Integration
This network is developed using the Polygon chain development kit (CDK) and will leverage zero-knowledge proofs for validating deposits and withdrawals across layers. OKX boasts a daily trading volume exceeding $1.8 billion.
X1 is in the process of development utilizing the Polygon CDK, indicating its potential integration into the broader Polygon ecosystem, which encompasses various networks such as
- Polygon zero-knowledge Ethereum Virtual Machine
- Polygon PoS
- Manta Pacific
and more. As per the announcement, OKX is set to become a significant contributor to the Polygon CDK software.
Native Token for Gas Fees
From the official launch of the mainnet version of the X1 network, OKB which is the native token will be utilized for gas fee payments within the ecosystem.
The exchange’s native token currently holds a market cap surpassing $3.6 billion and is trading at $58.56 as of the current moment, positioning it among the top 30 cryptocurrencies.
Importance of X1 Network
Chief Innovation Officer at OKX says that the forthcoming X1 network is envisioned as an important element in their initiatives to introduce and involve new users in Web3.
He emphasized that X1’s scalability and accessibility make it an ideal platform for developers to create user-friendly Web3 applications, ensuring interoperability with other networks and ecosystems.
Other OKX chains
OKX, known for creating the OKT Chain, an Ethereum sidechain utilizing OKB as its native coin, joins other exchanges like Binance and Coinbase in developing their networks, such as BNB Chain and Coinbase’s layer-2 “Base” network launched in 2019 and on August 9, respectively.
To wrap it up, the introduction of layer 2 solutions “X1” by OKX with Polygon CDK integration is a part of the broader crypto trend in which other crypto exchanges like Coinbase and Kraken have taken similar initiatives.
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