OKX, Polygon Join Hands to Work on X1 L2 Blockchain

YEREVAN (CionChapter.com) — OKX, a Singapore-based crypto exchange with over 50 million users, partnered with Polygon Labs to launch the testnet for ‘X1’, a new Ethereum-based Zero Knowledge (ZK) Layer-2 blockchain.

Why OKX partners with Polygon

In detail, running a cryptocurrency exchange on a separate blockchain is not common practice. However, according to OKX Chief Innovation Officer Jason Lau, the collaboration with Polygon and the separate blockchain will “bring more builders, more use cases, and ultimately the mass adoption of Web3.”

The announcement also stated that by leveraging Polygon’s Chain Development Kit (CDK), X1 aims to improve the “scalability and efficiency” of the Ethereum blockchain. OKX officials further asserted that utilizing ZK proofs in the X1 network will potentially enhance transaction privacy while “maintaining speed and efficiency.”

Mocha Swap decentralized exchange already informed its followers that all operations were “working fine” on the X1 testnet.

OKB Token Flat After 30% Uptrend

OKX exchange’s in-house token OKB rallied 30% month-to-date to $59 on Nov 15 due to the overall bullish sentiment on the crypto market, following Grayscale’s re-filed application for a spot Bitcoin ETF. However, it was not swayed by the latest development.

As a result of the mentioned rally, the OKB price broke out of a technical setup named “symmetrical triangle.” In short, the latter features two converging trendlines as prices make lower highs and higher lows, indicating consolidation.

As a continuation pattern, the triangle culminates in a breakout, with the price target projected by measuring the widest part of the triangle and applying this distance from the breakout point. Thus, the OKB target would be $70, about 20% higher than the current value.

Meanwhile, OKB’s trading volumes grew nearly 300% in the previous 24 hours. The trading volumes alone do not indicate a bias. However, combined with an uptrend in thday and 30-day active wallets, the uptrend could mean OKB holders are gearing up for another leg up.