The network is being built using the Polygon chain development kit (CDK) and will utilize zero-knowledge proofs to authenticate deposits and withdrawals across different layers.
X1 Testnet Key Insights
- OKX crypto exchange announces X1 testnet and it token will pay for fees.
- Polygon CDK helps developers integrate into the ecosystem.
- CIO at OKC believes new network will onboard customers to Web3.
What is the OKX crypto exchange?
OKX is recognized as the sixth-largest centralized crypto exchange in terms of trading volume, with a daily trading volume exceeding $1.8 billion, as per CoinMarketCap data. Additionally, OKB, the exchange's token, currently holds a market capitalization of over $3.6 billion, positioning it among the top 30 cryptocurrencies. The announcement also mentioned that once the mainnet version of the new network is launched, OKB will serve as the native coin for gas fee payments.
What is Polygon CDK?
The CDK or Polygon Chain Development Kit is a cutting-edge open-source framework that enables the swift deployment of ZK-powered Layer 2 (L2) blockchains on Ethereum. Its modular design allows developers to create new Ethereum L2 chains or convert existing Layer 1 (L1) chains into L2s with ease. The CDK ensures that all chains created are interconnected, resulting in almost immediate finality, limitless scalability, and a unified liquidity pool.
X1 is currently in development using the Polygon CDK, which has the potential to integrate it into the larger Polygon ecosystem. This ecosystem includes the Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific, and various other networks. As per the announcement, OKX will play a significant role as a core contributor to the Polygon CDK software in the future. They have committed substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.
Jason Lau, the chief innovation officer at OKX, believes that this new network will facilitate the onboarding of new users to Web3. He stated that X1 will be a crucial component in their efforts to educate and engage users in the world of Web3. This scalable and accessible network is particularly advantageous for developers, as they can utilize X1 to create user-friendly consumer Web3 applications of exceptional quality. Furthermore, X1 ensures interoperability with other networks and ecosystems, allowing for seamless integration.