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Home BREAKING NEWS

OKX to Launch Upcoming ‘X1’ L2 Network Using Polygon

by BlockNews.com Team
November 14, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 2 mins read
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  • Cryptocurrency exchange OKX is launching a new layer 2 chain called X1 built on Polygon to offer faster and cheaper trading.
  • X1 will use the OKB token for gas fees and is designed specifically for trading and financial applications.
  • The launch comes as rival exchanges like Coinbase and Kraken pursue their own layer 2 projects, making custom chains a growing trend.

OKX is one of the largest cryptocurrency exchanges in the world. The exchange is now expanding its offerings by building a custom layer 2 chain specifically designed for trading and financial applications.

🚨 NEWS: OKX exchange announces Layer 2 Network 'X1' using Polygon.

Set to Debut in Early 2024.

This is the third exchange to launch an L2 in recent months, including Coinbase and Kraken. pic.twitter.com/8VTLpYRj8m

— BlockNews.com (@blocknewsdotcom) November 14, 2023

The New X1 Chain

The X1 chain will utilize the OKB token for gas fees. Using a native token for fees provides a better user experience compared to using a more volatile asset like ETH.

X1 is being built on top of Polygon, which leverages a network of sidechains to offer faster and cheaper transactions while still benefitting from Ethereum’s security. Polygon has become one of the most widely used layer 2 solutions.

Competition from Other Exchanges

The launch of X1 comes as other major exchanges are working on their own layer 2 projects. Coinbase recently acquired layer 2 startup ZkSync, while Kraken is reportedly developing a layer 2 chain as well.

By building X1 on Polygon, OKX benefits from shared security while still having a custom-designed chain optimized for its needs. The chain could potentially give OKX an advantage over rivals.

Conclusion

As demand grows for scaling solutions that can reduce fees and improve speeds, custom layer 2 chains are likely to proliferate. OKX is positioning itself at the forefront of this trend with the X1 chain. Its performance and adoption will be important metrics to watch as the layer 2 landscape evolves.

Tags: BusinesscryptoOKXPolygoinWeb3
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