Crypto exchange OKX and Polygon Labs today launched the testnet for its zero-knowledge Layer 2 network dubbed “X1” with OKX’s platform token, OKB +1.79% , expected to be used as X1’s native token to pay for gas fees.
OKX said in a statement shared with The Block that X1, the new Ethereum-based ZK network will be built with the Polygon Chain Development Kit (CDK) — to which OKX will become a core contributor — and that it plans to “invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.”
The company added that X1 will serve as OKX’s new native network and it utilizes ZK proofs, “making it highly secure and scalable while also reducing transaction costs.”
“The network is compatible with Ethereum, allowing seamless and secure deployment of EVM-based DApps and connectivity with a broad spectrum of smart contracts, wallets and tools,” OKX said.
Jason Lau, chief innovation officer of OKX, said in the statement that X1 will be “a key pillar of our efforts to educate and bring our users onchain 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,” Lau added.
The price of OKB, the platform token of OKX, climbed 17.3% over the past seven days and was trading at $60.5 at 6 p.m. Hong Kong time on Tuesday, according to CoinGecko data.
Polygon CDK getting traction
In August, Polygon Labs released its CDK for developing Layer 2 blockchains on Ethereum that are powered by zero-knowledge proofs. Polygon said that Layer 2 blockchains deployed using its CDK will have the ability to connect to a shared ZK bridge for interoperability.
Polygon co-founder Sandeep Nailwal said in today’s statement that X1’s utilization of Polygon CDK technology represents a significant leap forward. “Looking ahead, Polygon CDK-deployed chains can interoperate and coexist within a larger network of ZK-powered L2s in the Polygon CDK ecosystem.”
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