OKX launches Ethereum Layer-2 testnet using ZK-based Polygon SDK
Crypto exchange OKX announced on November 14 that it has launched a testnet for the Ethereum layer-2 network called “X1”. The network is being built using the Polygon Chain Development Kit (CDK) and uses zero-knowledge proofs to verify deposits and withdrawals between layers.
According to CoinMarketCap data, OKX is the sixth-largest centralized crypto exchange by volume, with over $1.8 billion in daily trading volume. Its token, OKB, currently has a market cap of over $3.6 billion, making it one of the top 30 cryptocurrencies. When the main version of the new network is launched, OKB will be the native coin used to pay gas bills, the announcement said.
X1 is being built using the Polygon SDK, which can make it part of the wider Polygon ecosystem, which includes Polygon's Zero Knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific and other networks. According to the announcement, OKX will be a major contributor to Polygon's CDK software going forward and will “invest significant engineering resources to enhance the technology stack for Ethereum matching solutions.”
Related: Polygon Labs and Nearby Announce ZK Prover for WASM Integration
OKX Chief Innovation Officer Jason Lau said the new network will help onboard new users to Web3:
“X1 will be a key pillar in our efforts to educate and bring our users on-chain and into the Web3 world. This scalable and accessible network will be able to build on X1 to deliver user-friendly, world-class consumer Web3 applications while maintaining interoperability with other networks and ecosystems.” Developers are perfect.
OKX is the creator of OKT Chain, an Ethereum sidechain that uses OKB as its native coin. It's not the only exchange to build its own network: Binance launched BNB Chain in 2019, and Coinbase launched its layer-2 “base” network on August 9.
