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- OKX will rebrand the Layer 1 public chain it has been developing as OKT Chain.
- The press release details OKX’s three-stage strategy for developing the OKBC network.
OKX, a cryptocurrency exchange, revealed its plans for development for the year on Monday with the release of the OKX public chain development roadmap. OKB Chain (OKBC) is a public chain project started by OKX in February with the intention of developing a ZK-based Layer 2 scaling solution for the Ethereum Layer 2 network.
Built by @OKX. Made for the masses.
— OKB Chain (@OKB_Network) March 27, 2023
To celebrate the upcoming launch of OKB Chain testnet, here is a quick recap of what we have done so far and our plans ahead 👇https://t.co/GR2CyzpdI4 #OKBChain #Ethereum
In the meanwhile, OKX will rebrand the Layer 1 public chain it has been developing as OKT Chain. The OKX exchange’s native token OKB thus increases in value by 5%, followed by a brief correction. The price has moved from a low of $41.62 to a high of $43.98 in the past 24 hours. In the last 24 hours, trading volume has continued to rise.
Three-stage Strategy
The press release details OKX’s three-stage strategy for developing the OKBC network: OKB Chain V1, OKB Chain V2, and OKB Chain V3.
Moreover, OKB Chain V1 is an Ethereum PoA side chain that prioritizes fast transaction times and cheap transaction costs. OKB Chain V2 is the native ZK Rollup platform on Ethereum, which significantly increases scalability and efficiency. OKB Chain V3 allows ZK Rollups to communicate with one another across chains and aids in the development of decentralized applications (DApp).
On the OKTC testnet in October, OKX reached a testing performance of 6,000 TPS. The OKBC V1 testnet, which will emphasize decentralization and zkEVM, will be released shortly. Interestingly, a dual-chain method is now in the works to combine OKTC and OKBC’s strengths for a more streamlined and intuitive Web3 experience.
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