Blockchain News: OKX, Polygon Labs Partner for X1 Testnet

On Tuesday, OKX, the sixth-largest cryptocurrency exchange, announced a groundbreaking partnership with Polygon Labs to introduce the X1 testnet. This collaboration aims to revolutionize Ethereum scaling solutions by deploying a new zkEVM layer-2 solution designed to enhance transaction speeds and reduce costs.

📣 Hot Off The Press 📣

We're thrilled to introduce #X1, our new Ethereum L2 network built on Polygon's CDK.

Our landmark collab. with @0xPolygonLabs empowers next gen. devs. with increased security, scalability & low transaction costs to BUIDL the future of Web3.

🧵👇 pic.twitter.com/Wkz11vu2be
— OKX (@okx) November 14, 2023

X1 Testnet Unveiling: OKX, a prominent cryptocurrency exchange, has entered into a strategic partnership with Polygon Labs to launch the X1 testnet. This joint effort is geared towards introducing a high-speed zkEVM layer-2 solution, addressing key issues such as transaction speed and cost reduction.
X1 Testnet and the Power of Zero-Knowledge Rollup: The X1 testnet, a result of OKX’s collaboration with Polygon, is set to leverage Polygon’s zero-knowledge rollup technology. This innovative approach involves bundling or “rolling up” transactions off-chain before validating and recording them on the Ethereum blockchain. The result? A layer-2 network that not only enhances transaction speeds but also significantly reduces costs.
Harnessing the Chain Development Kit (CDK): To bolster the security of the X1 testnet, Polygon Labs will implement its Chain Development Kit (CDK). This toolkit ensures a robust security framework by tapping into the Ethereum blockchain, providing a secure foundation for the layer-2 network.
Empowering Developers with Enhanced Scalability: X1’s testnet launch represents a major leap forward for developers. It offers an environment where they can build and test decentralized applications with increased scalability. During this crucial testing phase, OKX engineers will collaborate closely with Polygon’s team to optimize the network for a full mainnet release, expected in Q1 2024.
Jason Lau’s Perspective on X1: Jason Lau, OKX’s Chief Innovation Officer, emphasized the significance of X1 in the evolution towards Web3. He stated, “X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3.” The scalable and accessible network is poised to empower developers to create user-friendly, world-class consumer Web3 applications.
zkEVM Layer-2’s Potential: X1’s adoption of zkEVM layer-2 demonstrates its potential to achieve 100-200 times greater throughput than existing layer-1 blockchains. This substantial increase in transaction throughput is achieved through the use of zero-knowledge cryptographic proofs, maintaining Ethereum’s security while significantly improving performance.
Industry Landscape: The X1 testnet launch coincides with major cryptocurrency exchanges like Coinbase unveiling their layer-2 networks. Polygon Labs CEO Mark Boiron anticipates that the success of X1 could attract more projects to Polygon’s interoperable ecosystem of scaling solutions, further shaping the evolving landscape of layer-2 networks.
OKB Integration: During the testing phase, OKB, the native utility token of OKX, will serve as the native gas token on the X1 network. This integration aligns with the network’s vision to offer a fast, low-cost environment for various decentralized finance activities, including trading, lending, staking, and more.

Conclusion

The collaboration between OKX and Polygon Labs to launch the X1 testnet marks a significant milestone in the development of layer-2 networks. This innovative initiative not only addresses key challenges in transaction speed and cost reduction but also sets the stage for broader mainstream adoption of Ethereum scaling solutions. As the industry witnesses the unveiling of X1 and other layer-2 networks, the future of decentralized finance appears increasingly dynamic and promising.

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