Base

Disney

Polygon

Read

OKX launches its Layer-2 blockchain, leveraging Polygon’s technology, to enhance digital transaction efficiency.Leading crypto exchange OKX has <a href="https://twitter.com/okx/status/1724472549197619561" rel="noopener noreferrer nofollow">introduced</a> its own exclusive Layer-2 blockchain, the X1 chain, leveraging technology from <a href="https://crypto.news/price/polygon/" rel="noopener noreferrer nofollow">Polygon</a>. This move places OKX in a growing league of exchanges actively developing secondary networks to enhance the efficiency and cost-effectiveness of digital asset transactions.<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet">📣 Hot Off The Press 📣 We're thrilled to introduce <a href="https://twitter.com/hashtag/X1?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#X1</a>, our new Ethereum L2 network built on Polygon's CDK. Our landmark collab. with <a href="https://twitter.com/0xPolygonLabs?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@0xPolygonLabs</a> empowers next gen. devs. with increased security, scalability &amp; low transaction costs to BUIDL the future of Web3. 🧵👇 <a href="https://t.co/Wkz11vu2be" rel="noopener noreferrer nofollow">pic.twitter.com/Wkz11vu2be</a>— OKX (@okx) <a href="https://twitter.com/okx/status/1724472549197619561?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 14, 2023</a></blockquote></div></figure>This strategic step by OKX follows the trend set by major players like <a href="https://crypto.news/coinbase-warns-against-hasty-analysis-of-bitcoin-etf-flows/" rel="noopener noreferrer nofollow">Coinbase</a>, which launched its Base blockchain in August, quickly attracting developer and user interest. <a href="https://www.bloomberg.com/news/articles/2023-11-14/okx-joins-rival-crypto-exchanges-in-building-its-own-blockchain?utm_source=telegram&amp;utm_content=crypto&amp;utm_medium=social" rel="noopener noreferrer nofollow">Bloomberg</a> reports that Kraken, another major exchange, is also considering the development of its Layer-2 blockchain.You might also like: <a href="https://crypto.news/coinbases-international-expansion-head-to-leave-in-2024/" rel="noopener noreferrer nofollow"> Coinbase’s international expansion head to leave in 2024 </a>The emergence of Layer-2 solutions, spearheaded by entities like Polygon, Optimism, and Arbitrum, has primarily aimed to augment Ethereum’s capabilities. OKX’s X1 chain is anticipated to be accessible to end-users in early 2024. A team of fifty developers from OKX is currently dedicated to developing the X1 chain.This trend underscores a broader shift in the cryptocurrency ecosystem, where exchanges are not only facilitators of digital asset transactions but also innovators in blockchain technology, seeking to optimize transactional efficiency and broaden the scope of blockchain applications. However, it remains to be seen whether or not the development of L2 chains can be significantly profitable for exchanges.&nbsp;Read more: <a href="https://crypto.news/disney-and-dapper-labs-to-launch-nft-mobile-app/" rel="noopener noreferrer nofollow"> Disney and Dapper Labs to launch NFT mobile app </a>

OKX unveils exclusive Layer-2 blockchain powered by Polygon

crypto.news

Other articles published on Nov 14, 2023

Shiba Inu Holders Warned as Exciting SHIB Developments Unfold

XRP Sees Brief Rally Before Pullback Amid Fake Ripple ETF News But Could BTCETF Token Explode

Solana Price Faces Brief Correction as FTX Sell-off Looms

Three Arrows Capital to Receive $33 Million From Genesis, Court Approves

Polygon (MATIC) Price up 10%, See Reason Behind It

Beginner’s Guide to Crypto Investment: Key Coins to Start With

Join our free newsletter for daily crypto updates!