BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

OKX to Launch Upcoming ‘X1’ L2 Network Using Polygon

BlockNews.com Team by BlockNews.com Team
November 14, 2023
in Breaking News, Business, Crypto
OKX to Launch Upcoming ‘X1’ L2 Network Using Polygon

#image_title

Share on TwitterShare on Reddit
  • 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
TweetShareShare
BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

DON'T MISS THESE! HOT OFF THE PRESS

Everything We Know About the Leaked GTA6 Trailer
Breaking News

Everything We Know About the Leaked GTA6 Trailer

December 5, 2023
Terraform Labs Fights Back: Cites SEC's DEBT Box Misconduct in Court
Breaking News

Terraform Labs Fights Back: Cites SEC’s DEBT Box Misconduct in Court

December 5, 2023
Envision Blockchain and Hedera Revolutionize Carbon Credit Management
Breaking News

Envision Blockchain and Hedera Revolutionize Carbon Credit Management

December 5, 2023
Bitcoin Skyrockets to $42,000: Here are the Key Factors
Breaking News

Bitcoin Skyrockets to $42,000: Here are the Key Factors

December 5, 2023
Bitcoin Transaction Fees Eclipse Ethereum Amid Ordinal Surge
Breaking News

Bitcoin Could Reach $700,000 Next Year and Here is Why

December 4, 2023
Crypto Market Rebounds After Binance Settles with DOJ
Breaking News

Bitcoin Pumped 67% Over the Last 3 Months and Here is Why

December 4, 2023
Load More
Next Post
BlackRock Challenges SEC Over Inconsistent Crypto ETF Regulations

BlackRock Spotlights Stablecoin Risks in Bitcoin ETF Proposal

Coinbase Foresees Spot Bitcoin ETF Revolutionizing Crypto Investments

Coinbase Foresees Spot Bitcoin ETF Revolutionizing Crypto Investments

Animoca Brands Validates Chiliz Chain to Amplify Web3 Sports

Animoca Brands Validates Chiliz Chain to Amplify Web3 Sports

Related News

hedera hashgraph

Hedera Hashgraph Integrates ChatGPT: The Latest in Blockchain’s AI Adoption Wave

June 26, 2023
New York Passes Bill Banning Crypto Mining in Efforts to Fight Environmental Impact

New York Passes Bill Banning Crypto Mining in Efforts to Fight Environmental Impact

June 4, 2022
Ledger Hardware Wallet Greyscale

Ledger’s CEO Speaks On Upcoming Recovery Service: A Response to Controversy

September 21, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Everything We Know About the Leaked GTA6 Trailer December 5, 2023
  • Terraform Labs Fights Back: Cites SEC’s DEBT Box Misconduct in Court December 5, 2023
  • Envision Blockchain and Hedera Revolutionize Carbon Credit Management December 5, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.