Cryptocurrency exchange OKX has partnered with Polygon Labs for the launch of a new zero-knowledge (ZK) Layer-2 (L2) network. This move was made following in the footsteps of its American rival, Coinbase Global Inc which launched Base earlier this year.
OKX L2 to Utilize OKB as its Native Token
Markedly, OKX’s strategic partnership with Polygon is geared towards the testnet launch of the network which is dubbed “X1.” The OKX L2, designed as a highly performant and secure Ethereum-based ZK network will utilize the exchange’s native token OKB as its custom currency. The indigenous coin will be used for gas fees on the network.
According to a statement from the crypto exchange, the OKX L2 will be built with the Polygon Chain Development Kit (CDK). Furthermore, the new protocol will be the company’s new native network, providing users and developers with access to some of the world’s biggest blockchain ecosystems.
“The utilization of Polygon CDK technology represents a significant leap forward, enabling developers to design and deploy ZK L2 solutions on Ethereum with ease. Looking ahead, Polygon CDK-deployed chains can interoperate and coexist within a larger network of ZK-powered L2s in the Polygon CDK ecosystem,” Sandeep Nailwal, Polygon’s co-founder said.
Also, it was announced that the network was designed with developers as the core focus. The OKX L2 X1 will make it possible and easy for anyone to build and launch their DApps on its on-chain ecosystem, especially as it is compatible with Ethereum. Moreso, its user-friendly interfaces will go a long way in enticing several builders across Decentralized Finance (DeFi) as well as other businesses
OKX to Enhance the Future of Web3
All of these functionalities are strategies towards achieving the ultimate goal of bolstering the future of Web3.0. It also marks a significant milestone for OKX as its over 50 million users will gain access to two of the biggest Web3.0 players Polygon and Ethereum. As part of the terms of the alliance, OKX will become a core contributor to Polygon CDK.
Additionally, it is expected that the leading crypto exchange will invest “substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.” The utilization of ZK proofs makes the OKX L2 network highly secure and scalable with a reasonable reduction in transaction fees.
Similarly, Kraken is pushing efforts toward releasing its L2 network and is currently seeking a blockchain development team. Polygon and Matter Labs are at the top of its list but Cardano Founder, Charles Hoskinson has also expressed his willingness, on behalf of the protocol to be part of the push.
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