OKX Launches Ethereum-Based Layer-2 Scaling Network X Layer on Public Mainnet

OKX Launches Ethereum-Based Layer-2 Scaling Network X Layer on Public Mainnet

In a move to offer crypto users faster and cheaper transactions than Ethereum’s mainnet, crypto exchange OKX announced the launch of its Ethereum-based layer-2 scaling network, X Layer, on public mainnet. Utilizing the Polygon CDK, X Layer is one of the first to leverage Polygon’s AggLayer, which aims to create a seamless network state and liquidity across different blockchains.

OKX’s Chief Marketing Officer Haider Rafique emphasized the importance of building an interoperable ecosystem, stating that X Layer has limitless potential thanks to the exchange’s strong community. With over 50 million users globally, OKX is one of the largest crypto exchanges by trading volume, surpassing even Coinbase in recent trading volume.

Coinbase also recently launched its layer-2 network, Base, built using the OP Stack from Optimism. Base has attracted around 8 million users and processed 154 million transactions since its launch last July. Both X Layer and Base offer users access to decentralized applications (dapps) at a lower cost, making interaction with dapps more feasible.

X Layer currently hosts 170 dapps, with plans for exponential growth in the future. Notable dapps on the network include QuickSwap, Galxe, and Thirdweb. One key feature of X Layer is its integration of zero-knowledge (ZK) proofs, a cryptographic concept that allows for secure verification without revealing sensitive information.

Polygon CEO Marc Boiron praised X Layer as a significant advancement in the industry’s goal of building a unified Web3. The connection to Polygon’s AggLayer addresses the issue of liquidity fragmentation and user distribution across different chains. The launch of X Layer marks a milestone in the ongoing development of layer-2 scaling solutions in the crypto space.