Centralized exchange OKX launches decentralized L2 with Polygon CDK
OKX will become a core contributor to Polygon and provide engineering resources
Primakov/Shutterstock modified by Blockworks
Popular centralized exchange OKX is launching its very own zkEVM (zero-knowledge Ethereum Virtual Machine) layer-2 network testnet using Polygon’s chain development kit (CDK) today.
The network, named X1, will mark the centralized exchange’s first steps into building and developing its own on-chain environment.*
According to information available on DeFiLlama, OKX is one of the largest centralized exchanges today, with total assets of over $12 billion.
OKX will not be the first centralized exchange that has launched its own public blockchain network. It will follow the footsteps of Coinbase’s Base L2, which launched as an optimistic roll-up solution for Ethereum in August last year.
It is important to note that X1 will be a zero-knowledge rollup solution, which, unlike optimistic rollups, can offer settlements on both the L1 and its own network almost instantly. By contrast, although optimistic rollups settle on its own layer instantly, it may take over a few days before the settlement is reflected on the parent chain.
Read More: What are ZK rollups? The future of smart contract blockchains
Following the launch of X1, OKX will become a core contributor to the Polygon CDK. The company noted in a press release reviewed by Blockworks that it will provide significant engineering resources to the Polygoin team, improving its existing technology stack.
OKX’s chief innovation officer, Jason Lau, stated that X1 will be a key pillar for the company to educate and bring its users onto the blockchain.
“This scalable and accessible network is perfect for developers, who can build on X1 to deliver user friendly world-class consumer Web3 applications, all while maintaining interoperability with other networks and ecosystems. By collaborating with Polygon Labs, we look to bring more builders, more use cases, and ultimately the mass adoption of Web3,” Lau said.
*OKX rebranded X1 to X Layer in April 2024.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
