OKX enters the Ethereum 2 layer arena

The crypto exchange OKX has unveiled a layer 2 zKEVM fed by Polygon CDK and christened X1. Its rival Coinbase has also launched its own L2 network earlier this year.

OKX announced on Tuesday the launch of the test network for its own Layer 2 solution for Ethereum. The Seychelles-based cryptocurrency exchange has chosen to rely on Polygon CDK which allows the creation of L2s based on Zero Knowledge (ZK) technology.

X1 will be a key pillar in our efforts to educate and bring our users on-chain and into the Web3 world. This scalable and accessible network is perfect for developers, who can leverage X1 to offer users world-class, user-friendly Web3 consumer applications, while maintaining interoperability with other networks and ecosystems,” said Jason Lau, OKX’s Director of Innovation.

In a press release, OKX explains that X1 will act as new OKX native network . The L2’s native token will be OKX’s OKB platform token and will be used to pay gas charges on the network, the company also states.

Layer 2 solutions, or L2These take the form of Ethereum overlays, enabling transactions to be processed more quickly and at lower cost. The biggest ETH 2 layers in terms of L2 are currently Arbitrum, Polygon and Optimism.

X1 offers developers an affordable, user-friendly platform for creating decentralized applications, linking the vast OKX community to the Polygon and Ethereum ecosystems,” said Polygon co-founder Sandeep Nailwal.

OKX, which is one of the world’s top 20 crypto exchanges in terms of volume and is seeking a PSAN in France, is not the first major exchange to launch its layer 2.

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Last summer, US giant Coinbase launched Base, an L2 powered by Optimism’s OP stack. The Kraken exchange is also planning to launch its own.

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