Cryptocurrency exchange OKX has introduced a testnet for its upcoming Ethereum layer-2 network, aptly named “X1,” as revealed in a November 14 announcement. This innovative network, set to play a role in the broader Polygon ecosystem, leverages zero-knowledge proofs for the seamless bridging of assets between Ethereum layers.
As the sixth-largest centralized crypto exchange by volume, OKX boasts a daily trading volume exceeding $1.8 billion, positioning itself prominently in the crypto market. Its native token, OKB, holds a market capitalization exceeding $3.6 billion, placing it among the top 30 cryptocurrencies. Upon the launch of the X1 mainnet, OKB will serve as the native coin for gas fees, marking a strategic move for the exchange.
Developed using the Polygon chain development kit (CDK), X1 potentially becomes an integral part of the Polygon ecosystem, aligning with other Polygon solutions like the Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific, and more. The announcement further disclosed OKX’s commitment to being a core contributor to the Polygon CDK software, investing substantial engineering resources to enhance Ethereum scaling solutions.
Jason Lau, OKX’s Chief Innovation Officer, emphasized X1’s role in onboarding new users to Web3, highlighting its scalability and accessibility. Lau stated, “X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3. 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.”
Notably, OKX has a track record of network innovation, being the creator of OKT Chain, an Ethereum sidechain utilizing OKB as its native coin. Joining the ranks of exchanges with proprietary networks, OKX’s X1 follows in the footsteps of Binance’s BNB Chain (2019) and Coinbase’s layer-2 “Base” network (launched on August 9). This move reflects the industry’s ongoing efforts to advance blockchain scalability and interoperability.
