OKX Reveals New Blockchain OKBChain as “Ethereum Layer-2”
OKX founder Star Xu has just revealed that the upcoming OKBChain will serve as a layer-2 solution for Ethereum.
OKX Unveils New Blockchain OKBChain as “Ethereum Layer-2”, OKB Token Surges 30%
As reported earlier by Coin68, OKX had hinted at the launch of a new blockchain called OKBChain in Q1 2023. According to the latest announcement from OKX founder Star Xu, OKBChain will function as a sidechain to Ethereum, utilizing zero-knowledge technology. Thus, OKBChain can be considered a zkEVM—a term gaining traction recently with numerous upcoming solutions.
Star Xu stated that while the OKT Chain will continue to operate as a layer-1 blockchain and remain separate from the new OKBChain, both chains will be managed and developed by OKX.
OKT Chain will continue be a L1 Chain,the closest launch will be OKTC WASM which allow us develop high performance Dapp through rust or c++. OKB Chain will be a L2 Chain of Ethereum, starting from side chain technology and will develop to ZK technology. Both OKTC and OKBC are on… https://t.co/p8FvUdRTqn
— Star (@star_okx) March 20, 2023
In response to questions about potential delays for the OKBChain launch, Xu confirmed that the OKBChain testnet will be announced soon and will adhere to the planned schedule.
Testnet will launch soon,no delay https://t.co/iUDKflT6iT
— Star (@star_okx) March 20, 2023
Following this announcement, the OKB token experienced a sharp 30% surge before settling at $45.80 at the time of writing. Over the past 7 days, OKB's price has risen about 10%, aligning with the broader market trend.
7-Day OKB Price Movement, screenshot from CoinMarketCap at 12:40 PM on March 21, 2023
Regarding OKX, the exchange released its asset reserve report in February, showing holdings of $8.6 billion, equivalent to 100% "clean reserves." Recently, OKX earned community praise for its transparent handling of a price manipulation case, where the platform compensated victims with an additional $1 million USDT.
