The Polygon Labs team announced via a blog post on Tuesday that the cryptocurrency exchange, OKX, is launching an Ethereum-based zero knowledge (ZK) Layer 2 network built with Polygon Chain Development Kit (CDK).
Thanks to this latest development, OKX will become a core contributor to Polygon CDK. Polygon Labs explained that X1 will serve as OKX’s new native network, connecting its more than 50 million users to the broader Polygon and Ethereum communities. X1’s native token will be OKX’s platform token OKB, which will be used to pay for gas fees on the network.
The partnership will also see OKX become a core contributor to Polygon CDK. The crypto exchange will also invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.
Polygon (previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. MATIC is up by 4% in the last 24 hours and is currently trading at $0.9266.