🌙 OKX Launches an L2

OKX is launching its own zkEVM layer-2 network testnet called X1 using Polygon's chain development kit (CDK).

Author

Mike Gavela
November 14, 2023

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Crypto Roundup - Nov 14

The cryptocurrency landscape is witnessing significant developments: Singapore-based crypto exchange OKX launched a beta version of its Layer 2 blockchain, X1, in collaboration with Polygon, marking a trend among exchanges like Coinbase and Kraken to create Ethereum-based blockchains for improved scalability and lower transaction fees. Concurrently, the crypto market suffered a major setback with over $307 million in liquidations of leveraged long positions, the largest in three months, as expectations for cryptocurrency ETFs fizzled, leading to a sharp reversal in Bitcoin and Ether prices. Adding to the market's turbulence, a fraudulent filing on the Delaware Department of State's website, falsely suggesting BlackRock's approval for an XRP ETF, led to a brief surge and subsequent fall in XRP's price, reflecting the market's sensitivity to regulatory news. This incident, now under investigation by the Delaware Department of Justice, echoes previous occurrences where false reports significantly impacted token prices. These events together highlight the dynamic and reactive nature of the cryptocurrency market, driven by both technological advancements and regulatory speculations.

Top Stories:

  • OKX Introduces X1 Blockchain: OKX, a Singapore-based crypto exchange, has launched X1, a new Layer 2 blockchain using Polygon technology, to streamline users' transition to the Ethereum ecosystem.

  • Major Liquidations in Crypto Market: The crypto market experienced its largest leveraged long liquidations in three months, totaling over $307 million, indicating vulnerability to shifts in ETF momentum.

  • False XRP ETF Filing Investigated: A fraudulent filing suggesting BlackRock's approval for an XRP ETF led to market fluctuations and is now under investigation by the Delaware Department of Justice.

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TOP STORIES

Crypto exchange OKX joins L2 frenzy with own Polygon-based blockchain

X1 will run on zero-knowledge technology from Polygon and use OKB to pay transaction fees.

www.dlnews.com/articles/web3/okx-joins-l2-frenzy-starts-own-polygon-based-blockchain

Crypto Bulls Hit by $300M in Liquidations as Bitcoin, Ether Buckle on Fizzling ETF Momentum

Tuesday's sharp decline in crypto prices spurred the largest daily leveraged long liquidation since August, CoinGlass data shows.

www.coindesk.com/markets/2023/11/14/crypto-bulls-hit-by-300m-in-liquidations-as-bitcoin-ether-buckle-on-fizzling-etf-momentum

False BlackRock XRP ETF filing referred to prosecutors in Delaware

The filing and the publicising of it by crypto media publication The Block sent the price of XRP briefly soaring on Monday.

www.dlnews.com/articles/markets/false-blackrock-xrp-etf-filing-being-investigated

FUNDRAISES

OTHER HEADLINES

Standard Chartered unit launches tokenization platform Libeara

Standard Chartered's SC Ventures launched Libeara, a tokenization platform, and is set to help tokenize an SGD government bond fund.

www.theblock.co/post/263035/standard-chartered-sc-ventures-tokenization-libeara

Tornado Cash plaintiffs seek appeals after federal court losses

Despite recent losses in court, interested parties and crypto industry players are not giving up their fight against Tornado Cash sanctions.

blockworks.co/news/tornado-cash-fans-appeal

Cathie Wood Speculates Gary Gensler's Political Ambitions Are Affecting Spot BTC ETF Judgement

The ARK Invest founder and CEO remains bullish and said the crypto market opportunity could scale to $25 trillion by 2030.

www.coindesk.com/policy/2023/11/14/cathie-wood-speculates-gary-genslers-political-ambitions-are-affecting-spot-btc-etf-judgement

Celestia’s post-airdrop rally steals Solana’s thunder

Celestia's infancy compared to other blockchains didn't stop its native cryptocurrency rallying.

www.dlnews.com/articles/defi/celestias-post-airdrop-pump-steals-solanas-thunder

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