By Darren Parkin
Crypto exchange OKX has unveiled the testnet for ‘X1‘ – a new, high performance Layer-2 network, built with the Polygon Chain Development Kit (CDK).
Designed with developers in mind, the secure Ethereum-based zero knowledge network enables anyone to build on its on-chain ecosystem, and is tipped to attract builders across DeFi and enterprise by connecting OKX’s more than 50 million users with the Polygon and the Ethereum communities.
In addition, OKX will now become a core contributor to Polygon CDK, and will invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.
X1 will serve as OKX’s new native network and will provide users and developers access to the world’s biggest blockchain ecosystems. X1’s native token will be OKX’s platform token OKB, which will be used to pay for gas fees on the network.
X1 will utilise ZK proofs to enhance security and ease scalability while also reducing transaction costs. The network is compatible with Ethereum, allowing deployment of EVM-based dApps and connectivity with a broad spectrum of smart contracts, wallets and tools.
“X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3,” said OKX Chief Innovation Officer Jason Lau.
“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. By collaborating with Polygon Labs, we look to bring more builders, more use cases, and ultimately the mass adoption of Web3.”
Polygon co-founder Sandeep Nailwal explained the X1 network offered developers an affordable and user-friendly platform to create decentralized apps.
“The utilization of Polygon CDK technology represents a significant leap forward, enabling developers to design and deploy ZK L2 solutions on Ethereum with ease,” he said.
“Looking ahead, Polygon CDK-deployed chains can interoperate and coexist within a larger network of ZK-powered L2s in the Polygon CDK ecosystem. We’re excited to collaborate with OKX’s team to advance this technology and drive the success of the X1 network.”
