- OKX has partnered with Polygon Labs to launch ‘X1,’ an Ethereum-based Zero Knowledge Layer-2 (L2) network.
- X1 is designed to revolutionize the Web3 landscape, empowering creators in decentralized finance, enterprise, and other sectors.
- The platform will use OKB as its native token, facilitating smooth transactions on the network.
OKX, a major global cryptocurrency exchange and Web3 ecosystem player, has teamed up with Polygon Labs, an esteemed international blockchain software technology firm, to unveil the testnet for ‘X1.’
X1, an Ethereum-based Zero Knowledge (ZK) Layer-2 (L2) network, created using the Polygon Chain Development Kit (CDK), is designed to bring about a paradigm shift in the Web3 landscape.
Primarily aimed at developers, X1 provides an on-chain ecosystem to empower creators in decentralized finance (DeFi), enterprise, and various other sectors. Its goal is to bridge OKX’s extensive user base, exceeding 50 million, with the Polygon and Ethereum communities, serving as a driving force for the future of Web3.
In a strategic partnership, OKX is positioning itself as a core contributor to Polygon CDK, dedicating significant engineering resources to enhance Ethereum scaling solutions. Notably, X1 will utilize OKB, the platform token, as its native token, facilitating smooth transactions on the network.
X1 incorporates advanced Zero Knowledge proofs, ensuring heightened security, scalability, and reduced transaction costs. Interoperable with Ethereum, it facilitates the deployment of EVM-based DApps and connectivity with a diverse array of smart contracts, wallets, and tools.
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Jason Lau, Chief Innovation Officer at OKX, emphasized, “X1 will be a key pillar of our efforts to educate and bring our users on-chain and into the world of Web3.”
Through this collaboration with Polygon Labs, OKX aims to nurture more builders, diverse use cases, and ultimately propel the widespread adoption of Web3.
Sandeep Nailwal, Co-founder of Polygon, echoed excitement about the partnership, underscoring that X1 provides a cost-effective and user-friendly platform for DApp creation. The collaboration seeks to advance technology and boost the success of the X1 network within the broader Web3 ecosystem.
It’s noteworthy that Polygon CDK, launched in late August, enables developers to launch ZK-powered Layer 2 chains on Ethereum, offering infinite scalability and unified liquidity.
Both companies emphasize that the collaboration between OKX and Polygon Labs signifies a crucial step forward in the ongoing evolution of Ethereum ZK L2s.