Crypto trade OKX has launched a testnet for an upcoming Ethereum layer-2 community named “X1,” in response to a Nov. 14 announcement. The community is being developed using the Polygon chain growth package (CDK) and can use zero-knowledge proofs to validate deposits and withdrawals between layers.
OKX is the sixth-largest centralized crypto trade by quantity, with over $1.8 billion in buying and selling quantity per day, according to information from CoinMarketCap. Its token, OKB, has a present market cap of over $3.6 billion, making it one of many prime 30 cryptocurrencies. When a mainnet model of the brand new community is launched, OKB would be the native coin used to pay gasoline charges on it, the announcement said.
X1 is being developed using the Polygon CDK, doubtlessly making it a part of the broader Polygon ecosystem that features Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific and different networks. According to the announcement, OKX may even be a core contributor to the Polygon CDK software program going ahead and can “invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.”
Related: Polygon Labs and Near announce ZK prover for WASM integration
OKX chief innovation officer Jason Lau claimed that the brand new community will assist to onboard new customers to Web3, stating:
“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.”
OKX is also the creator of OKT Chain, an Ethereum sidechain that makes use of OKB as its native coin. It isn’t the one trade to construct its personal community: Binance launched BNB Chain in 2019, and Coinbase launched its layer-2 “Base” network on Aug. 9.