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OKX Founder Unveils The Future Of OKBChain: A Promising Layer 2 Ethereum Sidechain 

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Star Xu, the founder of the OKX exchange, has made an announcement on Twitter about the future of the exchange’s public blockchain. According to Xu, the new exchange public blockchain, OKBChain, will be a layer 2 (L2) chain of Ethereum, starting from side chain technology and eventually developing to ZK technology. However, the old OKT Chain will continue to be kept as L1.

In response to a question from a community member about whether OKBChain and OKT will be different or under one umbrella, Xu clarified that OKT Chain would remain an L1 chain and that the closest launch would be OKTC WASM. It will allow developers to create high-performance Dapps through Rust or C++. Xu also stated that both OKTC and OKBC are on the OKX core chain strategy.

Xu’s tweet comes after a previous tweet in which he stated that the Testnet for the new public blockchain would launch soon without delay. With this announcement, it seems that the OKX exchange is making strides toward a more advanced and efficient blockchain infrastructure, promising exciting developments for users and investors alike.

OKX’s Core Products: Driving Blockchain Solutions

In an announcement on social media by a Twitter account, OKC, it was reported that OKBchain would launch its testnet as planned in March. The company also provided some additional details regarding its other projects.

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According to a tweet, OKTChain will refer to the current OKC and will continue to operate as an L1 public chain. The platform will also support WASM virtual machines in the future, providing increased functionality for its users.

OKB Chain, on the other hand, is positioned as an L2 of ETH and will take the ZK route. This will allow the platform to provide enhanced security and scalability, making it an attractive option for developers and users.

Both OKT Chain and OKB Chain are considered core products of OKX, a leading provider of blockchain solutions. 

However, as the company continues to expand its offerings and explore new technologies, it will be interesting to see how these projects develop and contribute to the overall growth of the blockchain ecosystem.

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OKB Coin Rallies 17% As OKX Unveils Plan To Launch Independent OKBChain Blockchain

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OKB, the native token of the popular cryptocurrency derivatives exchange OKEx, has surged over 17% today to hit a new all-time high of $52.31. The rally was triggered by an announcement made by OKX founder Star Xu on Twitter.

https://twitter.com/starokg/status/1626055417678925825

Xu announced that the OKX exchange would launch a new blockchain called OKBChain in Q1, which will operate independently of the current Okxchain. He further explained that OKBChain will be used to build a decentralized ecosystem for OKB and will be developed and operated solely by OKX.

In response to the surge in the token’s price, Xu tweeted that this is great news and a testament to the community’s trust in OKX. He also clarified that the current Okxchain is a proof-of-stake (POS) chain that is completely open and co-built by the community, while OKBChain will be a separate and independent chain.

The announcement has generated excitement among OKB holders and the cryptocurrency community at large, as it indicates OKX’s continued commitment to innovation and development.  However, the launch of OKBChain is expected to bring new opportunities for the token holders to participate in the growth of the OKB ecosystem.

OKB Price Analysis

This recent surge in the price of OKB is especially significant when viewed in the context of its tumultuous journey in 2022. Following a significant market crash in May of 2022, the token experienced a significant drop in price, hitting a low of $10. 

However, it has since shown signs of recovery and, currently, is trading at $48.8, reflecting an increase of 15% in the daily period and 14.56% in the last seven-day period, according to CoinMarketcap.

OKB 1D graph coinmarketcap
Source: CoinMarketcap

The resurgence of the token has been a welcome development for crypto enthusiasts who have closely followed its volatile journey over the past year. As of 14 December 2022, it had recovered to $22.96, up from its low of $9.71 in June of that year.

In 2023, the token has continued its recovery, experiencing a gain of approximately 79% since the start of the year. CoinGecko data shows that in the last 30 days, it has increased by 52.8%, and in the last 14 days, it has increased by 27.4%.

As its upward momentum continues, the next resistance point could be at $66. However, the support areas for the token are currently at $37. As long as the price remains above this support level, the upward trend is likely to continue.

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