OKX Launched Testnet for its Ethereum Layer 2 with $OKB as Gas Fee Token

Crypto exchange OKX has launched a testnet for an Ethereum layer-2 named "X1". The network is being developed using the Polygon chain development kit (CDK) and will use zero-knowledge proofs to validate deposits and withdrawals. OKX's native token, OKB, will be used for gas fees on the layer 2 chain.

According to the announcement, OKX will also be a core contributor to the Polygon CDK software going forward and will invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.

The announcement comes just as other major crypto exchanges have released or are pursuing their own layer 2 networks. Earlier this year, Coinbse launched its Base chain using Optimism's OP Stack. Kraken is also reportedly looking into creating a layer. 2 blockchain.