OKX partners with Polygon Labs to test new layer-2 network X1. Image by AndriiKoval, Adobe Stock.
On Tuesday, the sixth largest cryptocurrency exchange OKX announced a partnership with blockchain platform Polygon Labs to launch a test network for X1, a new zkEVM layer-2 solution designed to improve transaction speeds and reduce costs. This collaboration seeks to advance the development of layer-2 networks and drive mainstream adoption of Ethereum scaling solutions.
Trial Run of the X1 Testnet Commences
OKX revealed plans to unveil X1 based on Polygon’s zero-knowledge rollup technology. This network will utilize Polygon’s Chain Development Kit (CDK) to leverage the security of the Ethereum blockchain while significantly enhancing performance.
Hot Off The Press
We’re thrilled to introduce #X1, our new Ethereum L2 network built on Polygon’s CDK.
Our landmark collab. with @0xPolygonLabs empowers next gen. devs. with increased security, scalability & low transaction costs to BUIDL the future of Web3.
— OKX (@okx) November 14, 2023
X1’s testnet launch will enable developers to build and test decentralized applications with increased scalability. During this testing phase, OKX engineers will work closely with the Polygon team to optimize the network and prepare it for a full mainnet release, expected in Q1 2024.
X1 Showcases the Power of zkEVM Layer-2
“X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3,” OKX’s Chief Innovation Officer Jason Lau said in a press release. “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.”
Polygon’s layer-2 solution uses zero-knowledge cryptographic proofs to bundle or “rollup” transactions off-chain before validating and recording them on Ethereum. This technique can potentially achieve up to 100-200x greater throughput than existing layer-1 blockchains while retaining Ethereum’s security.
The X1 testnet launch comes as major exchanges like Coinbase unveil their own layer-2 networks. According to Polygon Labs CEO Mark Boiron, the success of X1 could attract more projects to Polygon’s interoperable ecosystem of scaling solutions.
“If anything, frankly, it should be more attractive, including to exchanges,” he stated.
During the testing phase, OKB will be used as the native gas token on X1. Eventually, the network strives to offer a fast, low-cost environment for trading, lending, staking, and other decentralized finance activities.
The post OKX Collaborates with Polygon Labs to Launch Testnet of X1, A High-Performance zkEVM Layer-2 Network appeared first on Cryptonews.