OKX, a crypto exchange, and Polygon Labs, a blockchain company, have announced the launch of the testnet for ‘X1,’ an Ethereum-based network built with the Polygon Chain Development Kit (CDK).
According to an official release, X1 enables users to build on its on-chain ecosystem, and will connect with OKX’s reportedly more than 50 million users with the Polygon and the Ethereum communities. From what it’s understood, X1 will serve as OKX’s new native network and will provide users and developers access to global blockchain ecosystems. Reportedly, X1’s native token will be OKX’s platform token OKB, which will be used to pay for gas fees on the network. Sources suggest that X1 utilises ZK proofs to enable reduction of transaction cost, and allows deployment of EVM-based dApps.
“I believe X1 will be a pillar of our efforts to educate and bring our users on-chain and into the world of Web3.0. This network is for developers, who can build on X1 to deliver user-friendly consumer Web3.0 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 Web3.0,” Jason Lau, chief innovation officer, OKX, said.