Cryptocurrency exchange OKX has unveiled X1, a high-performance zkEVM Layer 2 network built using Polygon CDK, offering low-cost, secure Ethereum scaling solutions. The integration of OKB as its native token for gas fees has propelled the token to record-breaking price levels amidst a broader market recovery.
What Is the X1 Network?
X1 enables seamless asset transfers between OKX and its Layer 2 ecosystem. Developers can leverage tools like Truffle, Hardhat, and Foundry to deploy smart contracts and build decentralized applications (DApps). Key advantages include:
- Ultra-low fees: Eliminates expensive gas costs.
- ZKP-powered scalability: Processes high transaction volumes without bottlenecks.
- Ethereum-grade security: Protects user funds with cryptographic proofs.
- Unified liquidity: Interoperability with other Polygon CDK-based chains.
- Instant finality: Ensures transaction integrity via advanced cryptography.
- OKX ecosystem integration: Direct access to OKX’s trading and Web3 products.
👉 Discover how X1 redefines Layer 2 efficiency
OKB’s Meteoric Rise
The announcement fueled a 35% monthly surge for OKB, which peaked at $64** before settling at **$59.70 amid market fluctuations. As X1’s primary utility token, OKB benefits from:
- Network fee payments
- Staking incentives
- Governance participation
"X1’s launch underscores OKX’s commitment to innovation, merging scalability with user-friendly Web3 access."
Frequently Asked Questions (FAQ)
1. How does X1 compare to other Layer 2 solutions?
X1 leverages zk-rollup technology for faster transactions and lower costs than Optimistic Rollups, with full Ethereum security.
2. Can I stake OKB on X1?
Yes, staking OKB will yield rewards while securing the network—details to follow in Q3 2024.
3. Is X1 compatible with EVM tools?
Absolutely. Developers can port existing Ethereum DApps to X1 with minimal changes.
👉 Explore OKB’s utility in the X1 ecosystem
Market Context
The launch coincides with growing demand for scalable blockchain solutions. Competitors like Binance and Coinbase are also expanding into Layer 2, but OKX’s Polygon partnership positions X1 as a standout for interoperability.
Key Takeaways:
- X1 reduces DApp deployment barriers.
- OKB’s utility drives long-term tokenomics.
- Polygon CDK ensures cross-chain fluidity.
For traders, X1’s low fees could make it a hub for DeFi and NFT projects, further boosting OKB adoption.
Disclaimer: Crypto investments are volatile. Conduct independent research before trading.