OKX exchange founder, Star Xu, recently clarified something regarding the development of OKX’s new public blockchain called OKBChain. Xu has shared that the blockchain will be a Layer 2 (L2) chain of Ethereum, starting from side chain technology and developing to Zero Knowledge (ZK) technology. The existing OKT Chain will continue to be kept as L1.
According to Xu’s tweet, OKT Chain will continue to be an L1 Chain, with the closest launch being OKTC WASM, which will allow high-performance Dapps to be developed through Rust or C++. OKBChain, on the other hand, will be developed and managed solely by OKX, which is in contrast to OKXChain, a 100% community-driven project.
Xu revealed that the OKBChain project would run parallel to the existing OKXChain, with more details on the network’s infrastructure and consensus algorithm to be released in the coming weeks. The project is set to launch before the end of Q1, 2023.
OKX is one of the largest exchanges in the world, with over 50 million users globally. The launch of OKBChain will undoubtedly generate excitement within the crypto community and could lead to higher adoption of the OKB token.
In related news, OKX recently announced that OKX Wallet’s Swap for gas feature now supports cross-chain gas swaps. OKX Wallet users can swap mainstream tokens like USDT, USDC, and DAI on any network for native tokens using the Swap for gas feature. Currently, the feature supports transactions on 9 networks, including Ethereum, OKC, BSC, Polygon, Fantom, Avalanche, Arbitrum, Optimism, and Tron. Support for other blockchains is expected soon.
OKX’s developments in blockchain technology and cross-chain transactions demonstrate the exchange’s commitment to providing its users with efficient and convenient services.
