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- OKX has introduced the testnet launch of its layer 2 community constructed on Polygon’s Chain Growth Package.
- Polygon zkEVM has witnessed a decline in demand previously few months.
World cryptocurrency alternate OKX has introduced its foray into the layer 2 (L2) house with the testnet launch of X1, a community constructed on Polygon’s [MATIC] Chain Growth Package (CDK).
📣 Scorching Off The Press 📣
We’re thrilled to introduce #X1, our new Ethereum L2 community constructed on Polygon’s CDK.
Our landmark collab. with @0xPolygonLabs empowers subsequent gen. devs. with elevated safety, scalability & low transaction prices to BUIDL the way forward for Web3.
— OKX (@okx) November 14, 2023
This transfer aligns with the rising pattern amongst crypto exchanges to discover and develop their very own L2 options. Coinbase completed the phased launch of its personal L2 community Base community in August, which has since grown its person base to over 2 million.
There have additionally been swirling rumors that Kraken is engaged on its L2 community that might probably different L2s throughout the Layer 2 ecosystem.
In line with the announcement, using Polygon CDK expertise:
“Represents a big leap ahead, enabling builders to design and deploy ZK L2 options on Ethereum with ease.”
Polygon’s scaling community has been ailing for some time
Polygon launched its personal EVM-equivalent zkEVM in March. Whereas it noticed appreciable success for some time, the demand for the community has dwindled since August.
In line with AMBCrypto’s evaluation of Polygonscan’s information, the community has seen a gentle decline in day by day transactions since August.
Polygon zkEVM recorded its highest day by day transaction rely of 122,136 on 4 August, after which it initiated a decline. As of the 14th of November, the community recorded a day by day transaction rely of 43,744, representing a 64% decline from the August excessive.
Supply: Polygonscan
This decline within the transaction rely since August has been because of the drop within the variety of distinctive addresses which have accomplished transactions day by day on Polygon zkEVM since then.
Knowledge noticed by AMBCrypto additionally confirmed that because the thirty first of July, the rely of distinctive addresses finishing transactions on the community every day plummeted by 99%.
Additional, the common fuel payment paid per transaction on the community climbed to an all-time excessive of 23.65 GWEI on the sixth of Could. Nonetheless, because the demand for the scaling resolution fell, the fuel charges additionally declined.
Learn Polygon’s [MATIC] Price Prediction 2023-24
On the 14th of November, a transaction on Polygon zkEVM price a mean payment of two.6 GWEI. This represented an 89% drop from the all-time excessive recorded in Could.
Supply: Polygonscan
Relating to Polygon’s native token MATIC, the latest market rally has prompted its worth to file positive factors. In line with CoinMarketCap, the altcoin’s worth has elevated by 83% within the final month.
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