OKBChain Will Be an L2 Chain of Ethereum, Says OKX Founder

OKX exchange founder Star Xu hinted on February 16, 2023, about the unveiling of a new OKBChain, which will be launched in Q1. He also stated at that time that the new chain will be independent of the current OKXChain, Xu also mentioned that it will be launched in Q1.

In a reply to a user on when the testnet will launch, Xu mentioned that the launch can be expected soon. Another Twitter user had a query regarding whether OKBChain and OKT will be different or under a single umbrella. Xu put out a tweet to clarify how the new chain will work.

Xu addressed the fact that OKT Chain will continue to be an L1 chain. He also added that the $OKB Chain will be an L2 chain of Ethereum. Xu also added that it will start with side-chain technology and develop into ZK technology. He also stated that both OKTC and OKBC are part of the OKX core chain strategy.

Following the announcement, $OKB saw a 33% spike in value. At press time, $OKB is trading at $47.19, representing a 2.2% drop in value over the last 24 hours. $OKB is up by 10.35% in the last seven days.

The price of $OKB has experienced an upward trajectory attributed to various pivotal factors, with a notable influence being the recent declaration by OKX pertaining to its augmented collaborations with Filecoin EVM.

Filecoin provides universal access to data storage and retrieval on the internet, while the Ethereum Virtual Machine serves as an execution framework that facilitates the deployment and operation of arbitrary code on a blockchain.