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OKX Launches X1 To Provide Users Access To Biggest Blockchain Ecosystems

This user-friendly protocol for builders, creators, and Web3 enthusiasts, X1 utilises ZK proofs, making it highly secure and scalable while also reducing transaction costs

OKX Launches X1 To Provide Users Access To Biggest Blockchain Ecosystems

Outlook Start-Up Desk

POSTED ON November 18, 2023 1:08 PM

OKX, a worldwide crypto exchange, and Polygon Labs, a blockchain software tech company, have joined forces to introduce the testnet for 'X1,' a fast and secure Ethereum-based Layer-2 (L2) network that uses the Polygon Chain Development Kit (CDK)  

Designed with developers in mind, X1 enables anyone to build on its on-chain ecosystem and will drive the future of Web3, attracting builders across DeFi, enterprise, and other verticals by connecting OKX’s more than 50 million users with the Polygon and the Ethereum communities - two of the biggest globally in Web3 in terms of developer participation. 

Additionally, as part of the collaboration between OKX and Polygon Labs, OKX will become a core contributor to Polygon CDK and will invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions. 

X1 will serve as OKX’s new native network and will provide users and developers access to the world’s biggest blockchain ecosystems. X1’s native token will be OKX’s platform token OKB, which will be used to pay for gas fees on the network. 

This user-friendly protocol for builders, creators, and Web3 enthusiasts, X1 utilises ZK proofs, making it highly secure and scalable while also reducing transaction costs. The network is compatible with Ethereum, allowing seamless and secure deployment of EVM-based DApps and connectivity with a broad spectrum of smart contracts, wallets, and tools. 

OKX Chief Innovation Officer Jason Lau said: "X1 will be a key pillar of our efforts to educate and bring our users onchain 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. By collaborating with Polygon Labs, we look to bring more builders, more use cases, and ultimately the mass adoption of Web3." 

Polygon co-founder Sandeep Nailwal said: "The X1 network offers developers an affordable and user-friendly platform to create decentralized apps, seamlessly bridging the vast OKX community with the Polygon and wider Ethereum ecosystems. The utilization of Polygon CDK technology represents a significant leap forward, enabling developers to design and deploy ZK L2 solutions on Ethereum with ease. Looking ahead, Polygon CDK-deployed chains can interoperate and coexist within a larger network of ZK-powered L2s in the Polygon CDK ecosystem. We’re excited to collaborate with OKX's team to advance this technology and drive the success of the X1 network." 

Polygon CDK launched in late August and allows enterprises and developers to launch ZK-powered Layer 2 chains on Ethereum, offering infinite scalability and unified liquidity. Many tech and enterprise companies have announced plans to build their own Ethereum ZK L2s, including Astar (the largest chain from Polkadot), Canto (the largest public common chains from Cosmos), Gnosis Pay, Palm, and IDEX. 

 

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