By Mark Hunter
1 month agoWed Nov 15 2023 10:40:18
Checking out Time: 2 minutes
- OKX has actually revealed its own native Ethereum Layer 2 procedure called X1
- The exchange partnered with Polygon Labs to develop X1, a high-performance, safe and secure network tailored towards designers.
- OKX is the current exchange to establish its own blockchain following the similarity Binance and Coinbase
Crypto exchange OKX has actually revealed its own native Ethereum Layer 2 procedure, called X1, which it states will “drive the future of Web3”. OKX coordinated with Polygon Labs for the job and the other day collectively revealed the testnet for X1, a high-performance, safe and secure network tailored towards designers. The advancement makes OKX the current exchange to establish its own blockchain following the similarity Binance and Coinbase, the latter of which has actually seen fantastic success with its Base procedure this year.
ZK Proofs Offer Scalability, Speed, and Low Costs
OKX stated in revealing X1 that it intends to utilize it to form the future of Web3 by cultivating cooperation throughout DeFi, business, and other sectors. The cooperation positions OKX as a crucial factor to Polygon CDK, with a significant financial investment in engineering resources to improve Ethereum scaling services. X1 will likewise link over 50 million users with the Polygon and Ethereum neighborhoods.
X1 utilizes ZK evidence for boosted security, scalability, and minimized deal expenses, making it suitable with Ethereum for releasing DApps perfectly and safely getting in touch with numerous clever agreements, wallets, and tools. OKX included that the advancement highlights the dedication of both itself and Polygon Labs to advancing blockchain innovation and cultivating a flourishing Web3 environment. The exchange's native token, OKB, will assist in gas charge payments.
OKX Joins the Party
Binance got the exclusive blockchain bandwagon rolling when it introduced Binance Chain in 2020, however it has actually taken a while for other significant exchanges to do the same. Coinbase revealed its own Base blockchain this August, resulting in a summertime of insane gains from tasks that released on it.
OKX will be expecting a comparable level of success, with OKX Chief Innovation Officer Jason Lau calling X1 a “essential pillar of our efforts to inform and bring our users onchain and into the world of Web3.”
