In a strategic move to propel Ethereum’s capabilities forward, the sixth-largest cryptocurrency exchange, OKX, has joined forces with blockchain platform Polygon Labs. Together, they’re spearheading the launch of a test network for X1, a groundbreaking zkEVM layer-2 solution engineered to supercharge transaction speeds and slash costs significantly.
The collaboration marks a pivotal moment in the evolution of layer-2 networks, driving towards mainstream adoption of Ethereum’s scaling solutions. OKX’s announcement showcased plans to unveil X1, leveraging Polygon’s zero-knowledge rollup technology, fortified by Polygon’s Chain Development Kit (CDK) to ensure robust security while delivering exceptional performance.
This monumental leap introduces the X1 testnet, empowering developers to construct and test decentralized applications on a platform that promises escalated scalability. Collaborating closely, OKX engineers and the Polygon team are fine-tuning the network during this testing phase, gearing up for a full mainnet release slated for Q1 2024.
“X1 stands as a cornerstone in our mission to usher our users into the realm of Web3,” emphasized Jason Lau, Chief Innovation Officer at OKX. “It’s a scalable, accessible network tailor-made for developers. They can harness X1’s potential to craft user-friendly, top-tier consumer Web3 applications while seamlessly integrating with other networks and ecosystems.”
At the heart of Polygon’s layer-2 solution lies zero-knowledge cryptographic proofs, enabling the bundling or “rollup” of transactions off-chain before validation and recording on Ethereum. This innovative technique potentially unlocks 100-200x greater throughput compared to existing layer-1 blockchains, all while maintaining Ethereum’s robust security.
The launch of the X1 testnet coincides with major exchanges like Coinbase unveiling their own layer-2 networks. Mark Boiron, CEO of Polygon Labs, believes that X1’s success could be a magnet for projects, fostering growth within Polygon’s interoperable ecosystem of scaling solutions.
“Frankly, it should be more appealing, especially to exchanges,” Boiron emphasized.
During the testing phase, OKB will serve as the native gas token on X1. The long-term vision for the network is to provide a swift, cost-effective environment for trading, lending, staking, and a spectrum of decentralized finance activities.
This collaborative effort between OKX and Polygon Labs isn’t just a milestone for Ethereum’s evolution; it’s a significant leap towards a more scalable, accessible, and dynamic decentralized future. As X1 gears up for its full-fledged launch, the industry eagerly anticipates the transformation it could bring to Ethereum’s landscape and beyond.
