- OKX is launching its own Layer 2 chain in partnership with Polygon.
- A potential mix-up with the naming of the Layer 2 chain has attracted backlash from the XEN community.
- XEN Crypto gained notoriety in 2022 for dominating ETH transactions.
Over the past 24 hours, OKX has grabbed headlines by announcing that it was joining the likes of Coinbase by venturing into the Ethereum Layer 2 space. Unlike Coinbase, however, which opted to build using the OP Stack, OKX chose to go with Polygon‘s zero-knowledge technology with the help of the Chain Development Kit (CDK).
While the move has sparked significant excitement, a potential naming fumble has drawn flak from a cross-section of the crypto community.
XEN Crypto Community Calls Dibs
On Tuesday, November 14, OKX announced the testnet launch of its ZK Ethereum Layer 2 blockchain called X1, built in partnership with Polygon Labs using the CDK. According to the crypto exchange, the newly launched Layer 2 will allow its 50 million users seamless access to the Ethereum and Polygon ecosystems.
While the move has understandably sparked excitement within Polygon and OKX circles, the crypto exchange’s name choice has had the XEN Crypto community up in arms, with one user accusing OKX and Polygon Labs of Polygon copyright infringement.
The misgivings come as XEN Crypto also has a blockchain of the same name that has been in the works since January 2023.
The OKX X1 team did not immediately return a DailyCoin request for comment, and whether they were initially aware of the mix-up remains unclear.
Meanwhile, XEN Crypto founder Jack Levin appears to have taken the development in stride, taking the opportunity to fuel hype around the project.
Background on XEN Crypto
XEN Crypto is a virtual mining project initially launched on Ethereum by the Fair Crypto Foundation in October 2022. Based on a “Proof of Participation” (PoP) consensus mechanism, the project with no initial supply or supply limit allowed users to mint XEN tokens in exchange for gas fees alone.
XEN Crypto rose to prominence after it sparked the creation of over 100,000 new Ethereum addresses and accounted for nearly 50% of all Ethereum transactions within just 24 hours of its launch. The significant activity led to a spike in ETH burns that fueled the network’s new deflationary narrative.
The project has since launched on other blockchains but is projected to migrate to the proposed X1 blockchain in Q1 2024 to unite the communities.
On the Flipside
- How the naming mix-up will impact OKX’s Layer 2 venture remains to be seen.
- At the time of writing, XEN Crypto is trading 99.83% below its all-time high of $0.00036977, formed on October 11, 2022.
Why This Matters
The dispute over the name of OKX’s Layer 2 chain may lead to unforeseen complications for the project.
Read this to learn more about XEN Crypto:
XEN Crypto (XEN): Project Review, Recent Developments, Future Events, Community
Find out more about the recent spike in Ethereum fees:
Ethereum Fees Surge to Four-Month High Following Price Rally