• 22 June, 2024
News

OKX Introduces X1, a Polygon-Powered ZK Layer 2 Network for Enhanced Web3 Access

OKX, a prominent player in digital currency exchange and the Web3 ecosystem, has announced the launch of a novel Ethereum-based zero-knowledge (ZK) Layer 2 network. This innovative network, X1, is developed using the advanced tools provided by the Polygon Chain Development Kit (CDK). In addition to this, OKX is set to become a key player in the ongoing development and enhancement of the Polygon CDK.

X1 is poised to become the cornerstone of OKX’s network infrastructure, connecting its vast user base of over 50 million to the expansive communities of both Polygon and Ethereum. The network’s native token, OKB, also the token of OKX, will serve as the currency for gas fees on X1. To the excitement of many, a testnet version of the X1 network is already operational.

Designed for builders, creators, and Web3 enthusiasts, X1 stands out for its state-of-the-art, user-friendly protocol. At its core are ZK proofs, which bolster the network’s security and scalability and play a crucial role in minimizing transaction costs. Additionally, the network’s compatibility with Ethereum makes it an ideal platform for the secure deployment of EVM-based decentralized applications (dApps). It also facilitates connectivity with a wide array of smart contracts, wallets, and tools, thus broadening its utility and reach within the Web3 space.

The collaboration between OKX and Polygon Labs is not just about launching a new network. It signifies a deeper engagement where OKX commits substantial engineering resources to enhance the technology stack essential for scaling Ethereum. This partnership indicates a strategic move towards promoting widespread adoption and understanding of Web3 technologies.

Jason Lau, the Chief Innovation Officer at OKX, remarked on the significance of X1 in the broader context of Web3 adoption. He emphasized that X1 is not just a network; it’s a gateway for users to transition into the Web3 world. The network’s scalability and accessibility make it an ideal platform for developers to create consumer-oriented, user-friendly Web3 applications. These applications, while innovative in their own right, will maintain interoperability with other networks, thus enriching the overall Web3 ecosystem.

Polygon’s CDK is already a popular choice among developers for designing and launching ZK L2 solutions on Ethereum. Its adoption by various projects, including Near, Astar, Canto, Gnosis Pay, Palm, and IDEX, serves as a success to its utility and effectiveness. Looking forward, the deployment of Polygon CDK will enable a network of interoperable and unified ZK-powered L2s within the Polygon ecosystem.

Sandeep Nailwal, the co-founder of Polygon, highlighted the significance of utilizing Polygon CDK technology. He pointed out that this collaboration not only advances the technology but also sets the stage for the success of the X1 network within the broader ZK-powered L2 networks. As part of their ongoing collaboration, OKX and Polygon Labs will soon announce further details and developer events to engage the community. 

The market has responded positively to these advancements, with Polygon showing a bullish trend and its price surging by 10% in the last 24 hours. Currently priced at $0.9527, Polygon’s market capitalization stands at $8.86 billion, ranking it as the 11th largest cryptocurrency in terms of market cap. The potential breach of the $1.00 resistance level could signal further growth and adoption in the market.

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