OKX Launches Ethereum Layer-2 Network X Layer Mainnet to the Public

Crypto exchange OKX has made a significant move in the world of blockchain technology by opening its Ethereum layer-2 network X Layer mainnet to the general public on April 15. This scaling solution, which was built with Polygon’s Chain Development Kit (CDK), has been highly anticipated since its testnet launch in November 2023.

OKX Chief Marketing Officer Haider Rafique explained that the decision to build the layer-2 network was driven by the belief that mainstream adoption is best achieved by scaling Ethereum, the largest Web3 community, rather than competing with it. By leveraging the Polygon and Ethereum communities, OKX aims to bring its 50 million users on-chain.

X Layer is a highly performant and secure Ethereum-based Zero Knowledge (ZK) Layer-2 network that has already attracted over 200 decentralized applications, including popular names like Etherfi, Chainlink, and Curve Finance. Rafique emphasized the platform’s focus on onboarding developers and users to provide a seamless and efficient on-chain experience and encourage innovation based on L2 and ZK technologies.

The launch of the mainnet has also had a positive impact on OKX’s native token, OKB, with a 5% increase in value despite the market downturn affecting other digital assets. However, there was some controversy surrounding the chain’s branding, which was initially promoted as X1 but has now been settled on as X Layer to avoid confusion with another platform developed by XEN developers.

Layer-2 networks like X Layer are crucial for enhancing Ethereum’s scalability, with data from L2Beat showing that these networks collectively facilitate 117 transactions per second, significantly outperforming Ethereum’s mainchain. The total value of assets secured on these networks has reached $37 billion, highlighting the growing importance and integration of layer-2 solutions in the crypto space.