OKX Launches Layer 2 Network X Layer on Mainnet, Envisions as Highway Infrastructure of Web3 World
The launch of OKX’s Layer 2 network, X Layer, on the mainnet has sent ripples through the crypto world, with the exchange envisioning it as the “highway infrastructure of the Web3 world.” Built using the Polygon Chain Development Kit, X Layer aims to provide shared liquidity across multiple chains through Polygon’s AggLayer protocol.
With the public mainnet now live, OKX’s exchange token, OKB, will serve as the network’s native gas token, driving up its price by over 16% in the last day to around $61.54. The connection to AggLayer is expected to solve the issue of fragmented liquidity and pave the way for OKX’s 50 million users to onboard the Layer 2 network.
The launch of X Layer has already attracted more than 50 decentralized applications (dApps) within a week of going live on the testnet, with prominent DeFi projects like Curve and LayerZero in the process of deploying their applications on the network. Users will have access to a wide range of dApps for asset transfers, deposits, withdrawals, swapping, staking, and interacting with smart contracts.
As the second largest crypto exchange after Binance, OKX commands a significant market share of 6.87% and is the second major exchange to launch its own layer 2 network, following Coinbase’s Base. The growth of layer 2 networks like X Layer and Base signals a new era in the crypto space, with decentralized applications and self-hosted wallets set to become the norm in the Web3 world.
