OKX Unveils Testnet for X1: A New Player in Ethereum’s Layer-2 Landscape

OKX Launches X1 Testnet

In a bold move in the world of cryptocurrencies, OKX has unveiled a testnet for its latest Ethereum layer-2 network dubbed X1 on November 14. This ambitious initiative is being built using the Polygon Chain Development Kit (CDK), paving the way for enhanced scalability and flexibility in the crypto sphere.

Zero-Knowledge Proofs: A Security Superstar

One of the standout features of X1 is its incorporation of zero-knowledge proofs. This sophisticated technology is set to validate deposits and withdrawals seamlessly between the different layers of the network. Imagine a cozy, secure blanket wrapped around your transactions, keeping them safe from prying eyes but still allowing you to get cozy with your crypto.

OKX’s Market Presence

For context, OKX proudly stands as the sixth-largest centralized crypto exchange worldwide, boasting an eye-popping trading volume exceeding $1.8 billion daily. With its native token, OKB, having a market cap of over $3.6 billion, it undeniably ranks among the top 30 cryptocurrencies. And here’s the kicker: once X1 goes live on the mainnet, OKB will serve as the native currency for gas fees. Talk about making it rain!

Joining Forces with the Polygon Ecosystem

What’s more riveting? X1 is not just a standalone marvel; it’s being developed as part of the larger Polygon ecosystem, which includes a plethora of other networks like Polygon zero-knowledge Ethereum Virtual Machine and Polygon PoS. According to OG insiders, OKX will continue to bolster the Polygon CDK, pouring substantial resources into advancing Ethereum scaling solutions.

X1: Ushering a New Era of User-Friendly Web3

To fuel our excitement, OKX’s Chief Innovation Officer, Jason Lau, hinted that X1 will not just be a tech project; it’s designed to attract and onboard everyday users into the vast universe of Web3. Lau stated, “X1 will be a key pillar in our efforts to educate and bring our users on-chain, delivering a user-friendly experience no developer can resist.”

Comparisons with Other Major Players

In the realm of exchanges crafting their own networks, OKX is not alone. Binance kicked things off with the BNB Chain back in 2019, and just recently, Coinbase flaunted its layer-2 solution called Base. Let’s see how X1 performs in the race!