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OKB Chain by OKX Goes Live in Testnet: Details

Tue, 03/28/2023 - 14:41
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Gamza Khanzadaev
OKX's new Layer 2 EVM blockchain goes live on test network
OKB Chain by OKX Goes Live in Testnet: Details
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Major cryptocurrency exchange OKX has announced the launch of its new blockchain in a test network. The innovation, called OKB Chain (OKBC), is a Layer 2 EVM solution with which OKX intends to take the ecosystem in a decentralized direction and expand there.

OKB Chain testnet is now live - kickstarting a seamless experience for builders and users between CeFi and DeFi, all powered by @OKX!

— OKB Chain (@OKB_Network) March 28, 2023

According to the project roadmap, OKB Chain 1.0 is the first of two test networks. The final OKBC test network is scheduled for release in the fourth quarter of 2023. OKB Chain 2.0 will reportedly no longer just be an Ethereum scaling network for decentralized solutions, but a ZK-rollup. The chain's native token will not be ETH, but OKB, which will be used to pay transaction fees.

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OKB Chain tries to keep up with all current trends in the world of decentralized finance and the emphasis on zero-knowledge proof of that. Thus, in addition to the two chain testnets, the roadmap includes the launch of a ZK decentralized exchange, also in two iterations. OKX's ZK DEX 1.0 is due out in the second quarter and will use StarkEx technology.

The second version will be released at the end of the year along with OKB Chain 2.0 and is going to be a full-fledged derivatives exchange with a specialized ZK-circuit. Interestingly, the release of OKX's ZK DEX will take place immediately on the main network.

OKX: ZK and HK

OKB Chain is likely to become a serious competitor to the current Layer 2 Ethereum-compatible protocols, given OKX's size and user base. According to DefiLlama, the black-and-white crypto giant is already the second largest centralized platform after Binance. OKX has an estimated total net asset value of $9.25 billion, up 30% year-to-date.

Polygon Network (MATIC), Immutable (IMX) Introduce Joint ZK-Powered Solution

At the same time, the exchange itself is not stopping and is looking for new points of growth. For example, today plans to expand OKX's business in Hong Kong, which should soon become a new global hub for the crypto industry, became known.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.