OKB Price Soars 5% On OKX Chain Development Roadmap Release

Crypto exchange OKX on Monday announces the OKX public chain development roadmap, revealing its development plans for the year. OKX launched its public chain project OKB Chain (OKBC) in February, with plans to evolve the Ethereum Layer 2 network into a Layer 2 scaling solution based on ZK technology.

Meanwhile, OKX will continue to develop the Layer 1 public chain OKT Chain (OKTC), changing the name to OKT Chain from OKX Chain (OKC).

As a result, OKX exchange’s native token OKB price jumps 5%. The price is currently trading at $43.90, with a 24-hour low and 24-hour high of $41.70 and $43.94, respectively. The trading volume continues to jump in the last 24 hours.

Built by @OKX. Made for the masses.

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

— OKB Chain (@OKB_Network) March 27, 2023

According to the press release, OKX plans to build the OKBC network in three steps namely OKB Chain V1, OKB Chain V2, and OKB Chain V3.

OKB Chain V1 is an Ethereum PoA side chain, focusing on providing high performance and low transaction fees. OKB Chain V2 is Ethereum’s native ZK Rollup platform, improving scalability and efficiency. Whereas, OKB Chain V3 enables cross-chain communication between ZK Rollups and helps create decentralized apps (DApp).

OKX successfully achieved a testing performance of 6,000 TPS on the OKTC testnet in October. OKBC V1 testnet will be launched soon, with a focus on decentralization and zkEVM. Interestingly, a dual-chain strategy leveraging the advantages of both OKTC and OKBC for seamless and user-friendly Web3 experience is currently under the plan.

Meanwhile, Polygon also works on Ethereum Layer-2 scaling, with zkEVM mainnet beta launch on Monday, March 27. The company invested $1 billion in ZK technology and successfully launched its zkEVM testnet in October 2022. The zkEVM is the most-promising technology for increasing transaction speed and reducing transaction fees on Ethereum by 90%.

Also Read: Bitcoin (BTC) Liquidity Hits 10-Month Low, Expect More Volatility Ahead

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.