OKX and Polygon Labs today launched the testnet for the Layer-2 network called “X1”. The cryptocurrency exchange said its platform token OKB will be used as X1’s native token to pay gas fees on the network. Following this development, the MATIC price diverged from the market. MATIC rose to the $1 mark before losing ground.
MATIC rose in cooperation with the giant cryptocurrency exchange!
As Kriptokoin.com reported, OKX has launched an Ethereum layer-2 test-net using the ZK-based Polygon CDK. The “X1” network will be part of the Polygon ecosystem. It will also use zero-knowledge proof (zk) to bridge assets on Ethereum. Following this news, MATIC price diverged from the general market in the red zone. The altcoin price made a jump from an intraday low of $0.86 to a peak of $0.98. The cryptocurrency, which was later withdrawn, was trading at $0.91 at press time, up 3.46% on a daily basis.
MATIC price daily chart. Source: CoinMarketCapCryptocurrency exchange OKX has launched a testnet for an upcoming Ethereum layer-2 network called “X1,” according to an announcement on Nov. 14. It is developing the network using the Polygon Blockchain development kit (CDK). It will also use zk-proof to verify deposits and withdrawals between layers.
OKX exchange interface. Source: OKXOKB will also be the native token of X1
According to CoinMarketCap data, OKX is the sixth largest centralized cryptocurrency exchange by volume, with over $1.8 billion in daily trading volume. Its token, OKB, has a market capitalization of over $3.6 billion. This makes it one of the top 30 cryptocurrencies. In the announcement, the exchange stated that OKB will be used to pay gas fees on the new network.
Developers are developing X1 using Polygon CDK. Thus, potentially Polygon zk Ethereum Virtual Machine becomes part of the broader Polygon ecosystem, which includes Polygon PoS, Near, Manta Pacific and other networks. According to the announcement, OKX will continue to be a key contributor to the Polygon CDK software in the future. Additionally, Ethereum will invest significant engineering resources to develop the technology stack for scaling solutions. OKX chief innovation officer Jason Lau claimed that the new network will help onboard new users to Web3, saying:
X1 will be an important pillar of our efforts to educate our users on-chain and introduce them to the Web3 world. This scalable and accessible network is perfect for developers who can build on X1 to deliver user-friendly premium consumer Web3 applications while maintaining interoperability with other networks and ecosystems.
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