OKX Debuts X Layer Network, Joining Coinbase in Ethereum-Based Layer-2 Revolution
Summary:
Cryptocurrency exchange OKX has introduced its own Ethereum-based layer-2 network, X Layer. This move, inspired by Coinbase, promises lower fees for users and improved interoperability with decentralized applications. Built with Polygon's chain development kit, X Layer is yet another step towards consolidating a connected Web3 ecosystem. It will permit users to engage in swifter, cost-efficient transactions, asset transfers, and access to a range of DApps. The network also eliminates the need for developers to rewrite the underlying code of Ethereum-based DApps when launching or migrating applications.
Following in the footsteps of Coinbase, OKX, a cryptocurrency exchange, has launched a proprietary Ethereum-based layer-2 network, known as X Layer. This move, announced on April 15, aims to offer users reduced fees and improved interoperability when working with decentralized applications. X Layer, constructed using Polygon's chain development kit, facilitates connectivity and liquidity sharing across several blockchain networks through the application of the Ethereum scaling protocol's Aggregation Layer.
The new development was communicated to Cointelegraph, with the indication that X Layer offers a swifter, more cost-effective transaction ability when engaging with on-chain applications. This has been achieved through the use of ZK-proofs, the principle technology used in numerous Ethereum layer-2 networks to enhance security and scalability. Significantly, X Layer is compatible with Ethereum Virtual Machine (EVM), making it easier for developers to launch or move Ethereum-based decentralized apps without having to modify the fundamental code.
Haider Rafique, the Chief Marketing Officer of OKX emphasized that X Layer, along with other layer-2 networks, will play a vital role in laying down the edifice of a connected Web3 ecosystem. The CMO expressed their belief that X Layer, backed by a robust community, has immeasurable prospects because of its interconnectedness with other Ethereum-based networks.
In November 2023, OKX introduced the beta mainnet of X Layer, attracting a welter of more than 50 Web3 DApps to the testnet. OKX confirmed that several DApps, such as Curve, the Graph, QuickSwap, Timeswap, LayerZero, and Galaxy, are set to be deployed on its native layer-2 network. The arrival of X Layer will enable OKX users to transfer assets, conduct withdrawals and deposits of cryptocurrencies on OKX, and access nearly 200 DApps offering smart contract functionality, staking, and token swaps. OKX's OKB token, which acts as the native token for X Layer, will be utilized to pay for gas fees on the network.
Polygon’s AggLayer connected through the Polygon CDK is believed to offer mutual advantages to X Layer, OKX, and other chains. X Layer will link with other chains developed on Polygon CDK through the AggLayer, thereby facilitating the movement of liquidity among these chains.
According to Marc Boiron, Polygon CEO, this creates a unified network of liquidity across various blockchain protocols and solves the problem of segmented liquidity and users across chains connected to the AggLayer, enabling all to grow in conjunction.
Investment firm VanEck projects Ethereum layer-2 networks could surpass a market cap of $1 trillion by 2030. Such networks are increasingly becoming fundamental to Ethereum's scalability, underpinning secure, decentralized transactions and applications with minimal fees.
Published At
4/16/2024 5:00:00 AM
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