OKX and Polygon Forge Path to Ethereum Scaling with X1 Testnet Launch
OKX, a major crypto exchange, has joined forces with Polygon Labs to unveil the testnet for their innovative zero-knowledge Layer 2 network known as “X1.” This development marks a pivotal moment in Ethereum scaling solutions, promising enhanced security, scalability, and reduced transaction costs for users.
The X1 network, built on Ethereum and leveraging zero-knowledge proofs, is anticipated to operate using OKB, OKX’s native token, as its primary currency for gas fees. This strategic collaboration incorporates Polygon’s Chain Development Kit (CDK), a technology that Polygon Labs introduced earlier for developing Layer 2 blockchains powered by zero-knowledge proofs.
According to statements released by OKX to The Block, X1 is designed to be a highly secure and scalable network, aiming to streamline the deployment of Ethereum Virtual Machine (EVM)-based decentralized applications (DApps) while ensuring seamless compatibility with various smart contracts, wallets, and tools within the Ethereum ecosystem.
Jason Lau, OKX’s chief innovation officer, highlighted the significance of X1 in their vision, emphasizing its role in educating and integrating users into the Web3 landscape. Lau’s remarks emphasized the network’s developer-friendly nature, enabling the creation of user-friendly Web3 applications while maintaining interoperability with other networks.
Polygon Labs’ earlier introduction of the CDK for Layer 2 blockchain development laid the foundation for multiple Layer 2 projects, including Immutable zkEVM, IDEX, Palm Network, and Astar zkEVM. These developments showcase the expanding interest and utilization of zero-knowledge proofs in the Ethereum space.
The collaboration between OKX and Polygon Labs reflects a concerted effort to revolutionize Ethereum’s scalability and accessibility, catering to developers and users seeking efficient and secure solutions for blockchain-based applications. The X1 testnet launch signifies a step forward in Ethereum’s evolution, offering a glimpse into a future where blockchain networks can seamlessly interact and innovate.
The evolution of X1 as a native network, coupled with its compatibility with Ethereum, marks a significant stride toward a more interconnected and versatile blockchain ecosystem, fostering a fertile ground for the next generation of decentralized applications and services.
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