Cryptocurrency exchange OKX has announced the launch of its own layer-2 blockchain, X1, making it the latest exchange to create secondary networks to speed up and reduce the cost of digital asset transactions.
The largest exchange in the US, Coinbase, introduced its Base blockchain in August and it has been attracting both developers and users. Another exchange, Kraken, is considering building its own layer-2 blockchain, according to a source familiar with the situation and a job listing.
Several startups including Polygon, Optimism and Arbitrum have been competing to offer layer-2 services on top of Ethereum, and new crypto exchange infrastructure uses their work: Coinbase’s Base was based on Optimism’s OP Stack while OKX’s new X1 chain uses Polygon’s Chain Development Kit (CDK).
OKX’s layer-2 blockchain is expected to launch to end users early next year and will use Polygon’s zero-knowledge technology. Polygon’s CDK is notably also being considered for Kraken’s layer-2 network.
On X1 OKX’s native token, OKB, will be used to pay for gas fees.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.cryptocompare.com/email-updates/daily/2023/nov/15/
- :has
- :is
- $UP
- 15%
- 2023
- a
- According
- also
- and
- announced
- Another
- arbitrum
- asset
- attracting
- AUGUST
- base
- based
- BE
- been
- being
- blockchain
- both
- Building
- chain
- coinbase
- Coinbase’s
- COM
- competing
- considered
- Cost
- create
- crypto
- crypto exchange
- crypto roundup
- CryptoCompare
- CryptoGlobe
- developers
- Development
- digital
- Digital Asset
- Early
- end
- ethereum
- exchange
- expected
- familiar
- Fees
- For
- GAS
- gas fees
- Have
- HTTPS
- in
- Including
- Infrastructure
- introduced
- IT
- ITS
- Job
- job listing
- kit
- Kraken
- largest
- latest
- launch
- listing
- Making
- native
- Native Token
- network
- networks
- New
- new crypto
- next
- notably
- November
- of
- offer
- OKX
- on
- OP
- Optimism
- own
- Pay
- plato
- Plato Data Intelligence
- PlatoData
- Polygon
- Polygon’s
- reduce
- roundup
- secondary
- Services
- situation
- Source
- speed
- stack
- Startups
- Technology
- The
- their
- to
- token
- top
- Transactions
- us
- use
- used
- users
- uses
- was
- while
- will
- with
- Work
- year
- zephyrnet
- zero-knowledge
