OKX Launches Ethereum-Based Layer-2 Network, X Layer, Bolstering Transaction Efficiency and Interoperability
Summary:
Cryptocurrency exchange OKX has launched its Ethereum-based layer-2 network, X Layer. Brought to life using Polygon's chain development kit, X Layer aims to offer cheaper and faster transactions for on-chain applications. The network aligns with various Ethereum-based networks and is compatible with Ethereum virtual machine, allowing the easy launch or migration of decentralized apps. OKX's X Layer network also offers mutual benefits for connected chains, contributing to a comprehensive network of liquidity across various blockchain protocols. Experts predict Ethereum layer-2 networks could surpass a market capitalization of $1 trillion by 2030.
Joining the league of Coinbase, cryptocurrency exchange OKX has launched its own Ethereum-based layer-2 network, X Layer, to offer users an affordable and interoperable platform for decentralized applications. This is a zero-knowledge proof network made public on April 15 and built utilizing Polygon's chain development kit (CDK). It successfully facilitates shared liquidity and state across multiple blockchains with Ethereum's scaling protocol's Aggregation Layer.
X Layer paves the way for affordable and faster transactions for on-chain applications. It employs ZK-proofs, an underlying technology used by numerous Ethereum layer-2 networks to boost security and scalability. X Layer's compatibility with EVM lets developers initiate or transport Ethereum-based decentralized apps (DApps) without the need for altering the fundamental code. OKX's chief marketing officer, Haider Rafique, emphasized the significant role of X Layer in developing a connected Web3 environment.
The beta version of the X Layer mainnet was launched by OKX back in November 2023. The launch attracted over 50 Web3 DApps. OKX disclosed that DApps like the Graph, Curve, LayerZero, Galaxy, QuickSwap, and Timeswap, are gearing up to be deployed on its layer-2 network. X Layer's services will enable OKX users to transfer assets, deposit and withdraw cryptocurrencies and provide access to nearly 200 DApps that provide smart contract functionality, token swaps, and staking. OKB, OKX's native token, serves as X Layer's native token, and it's used to cover gas fees on the network.
Polygon CDK is anticipated to offer mutual benefits for X Layer, OKX, and other associated chains. X Layer connects with chains built on Polygon CDK through AggLayer, facilitating liquidity transition between these chains. According to Polygon CEO Marc Boiron, this enables a network of liquidity across various blockchain protocols.
VanEck, an investment management firm, has projected that by 2030, Ethereum layer-2 networks' market capitalization could cross the $1 trillion mark. These networks are increasingly becoming crucial for Ethereum's scaling, as they secure low-fee, decentralized transactions and applications.
Published At
4/15/2024 5:00:00 PM
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