Crypto exchange, OKX, has unveiled the launch of X1, a ZK-powered layer-2 network. OKX states that X1 aims to unite the OKX and Ethereum communities, offering users and developers with a seamless and efficient experience within a global on-chain ecosystem.
X1 utilizes Zero-Knowledge Proof (ZK) technology to establish a Layer 2 solution that connects OKX and Ethereum. Through this approach, X1 aims to achieve near-instant finality, unified liquidity, and independent data availability.
Users can easily transfer value between OKX and X1 by utilizing OKB, the native token of the OKX ecosystem. This integration enhances asset interoperability across different chains. X1 is fully compatible with the Ethereum Virtual Machine (EVM), making it effortless for developers to deploy smart contracts.
The platform offers user-friendly developer tools for deployment, ensuring accessibility for a diverse range of users and builders. Addressing a significant concern within the Ethereum network, X1 boasts an impressive reduction of 1% in Ethereum gas costs.
These lowered gas fees are anticipated to enhance the cost-effectiveness of transactions for users and developers utilizing the X1 layer 2 solution. Furthermore, X1 is built with compact infrastructure modules, offering a portal to the Web3 ecosystem through the OKX Wallet. This feature enables the creation of innovative decentralized applications (DApps) within a streamlined environment.
X1’s testnet is currently undergoing performance stress tests, stability assessments, dApps integration, and ongoing optimization efforts. The platform aims to continuously refine and enhance its capabilities throughout Q4 2023. The mainnet launch of X1 is slated for Q1 2024, introducing essential components such as wzkBridge, zkOracle, and zkDEX.
Furthermore, key partners are expected to deploy DApps on the X1 mainnet, marking a significant milestone in the platform’s evolution. X1’s integration with the OKX ecosystem and compatibility with Ethereum’s development environment position it as a promising solution for users and builders seeking a more efficient and cost-effective blockchain experience.
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