OKX launches Ethereum layer-2 testnet using ZK-based Polygon CDK; The SEC imposed a fine of approximately $ 5 billion in 2023;Disney launches NFT platform with Dapper Labs
OKX Launches Ethereum Layer-2 Testnet
OKX has introduced a testnet named “X1” for the Ethereum layer-2 network, as revealed in an announcement on November 14th. This network is under development utilizing the Polygon chain development kit (CDK) and will employ zero-knowledge proofs for validating deposits and withdrawals across layers.
With a market capitalization exceeding $3.6 billion, OKX’s token, OKB, ranks among the top 30 cryptocurrencies. The announcement specifies that once the mainnet version of the new network is released, OKB will serve as the local currency for gas fee payments.
X1 is being constructed using Polygon CDK and is poised to potentially integrate into the broader Polygon ecosystem, encompassing Polygon zero-knowledge Ethereum Virtual Machine, Polygon PoS, Near, Manta Pacific, and other networks.
The announcement outlines OKX’s commitment to being a pivotal contributor to the ongoing development of Polygon CDK software, dedicating substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.
Additionally, OKX is renowned as the creator of OKT Chain, an Ethereum sidechain utilizing OKB as its native coin. It’s noteworthy that OKX is not the sole exchange venturing into network creation; Binance introduced BNB Chain in 2019, and Coinbase rolled out its layer-2 “Base” network on August 9th.
The SEC Imposed a Fine of Approximately $ 5 Billion in 2023
The US Securities and Exchange Commission (SEC) announced that many companies in the crypto sector were sued in fiscal year 2023.
The SEC obtained approximately $ 2022 billion from fines imposed between October 30 September 2023 and 5 September 2023.
The SEC filed 784 lawsuits, an increase of 3 per cent compared to 2022.
Important names of the crypto industry were sued
The SEC’s focus on the cryptocurrency sector has led Gensler to receive a lot of backlash in the capital Washington. The regulator also filed a lawsuit against Sam Bankman-Fried in fiscal year 2023. This lawsuit was overshadowed by the major accusations made by the Department of Justice.
The regulator’s most vocal move was undoubtedly the lawsuit against Binance and Binance CEO Changpeng Zhao. A day later, the SEC also sued Coinbase, the largest cryptocurrency exchange in the US.
Binance, Coinbase and CZ denied the charges and asked for the case to be cancelled.
SEC Chairman Gary Gensler has continued to target the cryptocurrency industry since the day he took office. Gensler continued to say that there are many fraudulent activities in the sector.
Disney Partners with Dapper Labs to Launch NFT Platform Featuring Iconic Characters
In an exciting move, Disney has collaborated with blockchain and metaverse company Dapper Labs to introduce a cutting-edge non-fungible token (NFT) platform. The announcement on November 14 revealed Disney’s plan to tokenize its beloved cartoon characters spanning a century on the newly unveiled NFT marketplace named Disney Pinnacle.
This innovative platform won’t just showcase Disney classics; it will also feature icons from Pixar and characters from the Star Wars universe, presented as unique and collectible digital pins.
Disney Pinnacle is scheduled to launch later this year on the Apple App Store for iOS, the Google Play Store for Android, and on the web.
Currently, the official page offers a waitlist and a landing site, generating anticipation among NFT enthusiasts.
Notably, Disney Pinnacle is built on the layer-1 blockchain Flow, a creation of Dapper Labs. The same blockchain previously gained recognition when Ticketmaster opted to mint NFT event tickets on the Flow platform.
Industry Insights
Earlier this year, Disney made headlines by discontinuing its metaverse division, part of a comprehensive restructuring plan aimed at reducing operating expenses by $5.5 billion. This strategic move resulted in the layoff of approximately 7,000 staff over two months. Unfortunately, the division’s 50 members found themselves without new employment contracts.
About Dapper Labs
Founded in Vancouver, Canada, in 2018, Dapper Labs secured a substantial $15 million investment from Hong Kong Web3 creator Animoca Brands. Despite facing challenges, including a recent round of layoffs in July 2023, the company remains a notable player in the NFT space, renowned for creations such as CryptoKitties and NBA Top Shot.
