- X1 connects OKX’s 50m+ users with massive global Polygon and Ethereum builder communities
• Polygon Labs-OKX collaboration also sees OKX become a core contributor for Polygon CDK, committing engineering and other resources to scaling Ethereum
• X1 to be OKX’s new native network
India, November 14, 2023 – In a landmark strategic collaboration, OKX, a global-leading crypto exchange and Web3 ecosystem, and Polygon Labs, a leading international blockchain software technology company, today announced the launch of the testnet for ‘X1,’ a new, highly performant and secure Ethereum-based Zero Knowledge (ZK) Layer-2 (L2) network, built with the Polygon Chain Development Kit (CDK).
Designed with developers in mind, X1 enables anyone to build on its on-chain ecosystem and will drive the future of Web3, attracting builders across DeFi, enterprise and other verticals by connecting OKX’s more than 50 million users with the Polygon and the Ethereum communities – two of the biggest globally in Web3 in terms of developer participation.
Additionally, and as part of the collaboration between OKX and Polygon Labs, OKX will become a core contributor to Polygon CDK, and will invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.
X1 will serve as OKX’s new native network and will provide users and developers access to the world’s biggest blockchain ecosystems. X1’s native token will be OKX’s platform token OKB, which will be used to pay for gas fees on the network.
A state-of-the-art, user-friendly protocol for builders, creators and Web3 enthusiasts, X1 utilizes ZK proofs, making it highly secure and scalable while also reducing transaction costs. The network is compatible with Ethereum, allowing seamless and secure deployment of EVM-based DApps and connectivity with a broad spectrum of smart contracts, wallets and tools.
OKX Chief Innovation Officer Jason Lau said: “X1 will be a key pillar of our efforts to educate and bring our users onchain and into the world of Web3. 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.”
Polygon co-founder Sandeep Nailwal said: “The X1 network offers developers an affordable and user-friendly platform to create decentralized apps, seamlessly bridging the vast OKX community with the Polygon and wider Ethereum ecosystems. The utilization of Polygon CDK technology represents a significant leap forward, enabling developers to design and deploy ZK L2 solutions on Ethereum with ease. Looking ahead, Polygon CDK-deployed chains can interoperate and coexist within a larger network of ZK-powered L2s in the Polygon CDK ecosystem. We’re excited to collaborate with OKX’s team to advance this technology and drive the success of the X1 network.”
Polygon CDK launched in late August and allows enterprises and developers to launch ZK-powered Layer 2 chains on Ethereum, offering infinite scalability and unified liquidity. Many tech and enterprise companies have announced plans to build their own Ethereum ZK L2s, including Astar (the largest chain from Polkadot), Canto (the largest public common chains from Cosmos), Gnosis Pay, Palm and IDEX.
In the coming weeks, OKX and Polygon Labs will announce more details on the collaboration, as well as upcoming developer events.
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About Polygon Labs:
Polygon Labs develops Ethereum scaling solutions for Polygon protocols. Polygon Labs engages with other ecosystem developers to help make available scalable, affordable, secure and sustainable blockchain infrastructure for Web3. Polygon Labs has initially developed a growing suite of protocols for developers to gain easy access to major scaling solutions, including Layer 2s (zero-knowledge rollups), sidechains, app-specific chains and data availability protocols. Scaling solutions that Polygon Labs initially developed have seen widespread adoption with tens of thousands of decentralized apps, unique addresses exceeding 350 million, 1.6 million smart contracts created and 3 billion total transactions processed since inception. The existing Polygon network is home for some of the biggest Web3 projects, such as Aave, Uniswap, and OpenSea, and well-known enterprises, including Robinhood, Stripe and Adobe. Polygon Labs is carbon neutral with the goal of leading Web3 in becoming carbon negative.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for dApps you develop, get started here.
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About OKX
OKX a global leading technology company building the future of Web3. As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into Web3. The OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, visit: okx.com
