With X Layer now live on the public mainnet, cryptocurrency exchange OKX hopes to get its 50 million users onto the chain.
The native asset used to cover transaction fees on the Layer 2 network will be OKB, the platform token of OKX.
The public mainnet of X Layer, an Ethereum-based zero-knowledge Layer 2 network that makes use of the Polygon Chain Development Kit, was unveiled on Monday night by centralized cryptocurrency exchange OKX.
“We see dApps as the marketplaces and self-hosted wallets as the vehicles that take you there,” stated OKX CMO Haider Rafique. “We envision X Layer and other Layer 2 chains as the highway infrastructure of the Web3 world.” “We are creating an ecosystem that is as seamless and interoperable as possible in order to realize this vision.”
After X Layer, formerly known as “X1,” went live on the testnet in November, more than 50 decentralized apps were up and running in less than a week. Several Web3 and DeFi apps that are already using the Layer 2 network are The Graph, Curve, LayerZero, QuickSwap, Galxe, and Timeswap.
According to the cryptocurrency exchange, X Layer enables users to deposit and withdraw cryptocurrency via OKX and provides access to over 170 dapps that facilitate token exchanges, staking, and other smart contract applications.
It further stated that X Layer has access to a sizable prospective user base and plenty of liquidity thanks to OKX’s 50 million global users.
The native asset of X Layer, OKB +7.56%, will be used by OKX to cover network transaction fees, the company has confirmed.
OKX, which has generated over $60 billion in trading volume this month, is currently the second-largest cryptocurrency exchange by monthly trading volume behind Binance.
Using AggLayer and CDK from Polygon
A ZK rollup solution called X Layer was constructed with Polygon’s CDK. It is intended to lower expenses and boost transaction throughput while maintaining the Ethereum network’s security. Existing Ethereum-based apps can be readily deployed on Layer 2 without requiring a lot of development work because X Layer is EVM-compatible.
In August 2023, Polygon Labs published the CDK software toolkit, which enables programmers to create Ethereum Layer 2 chains that are powered by zero-knowledge proofs.
In addition, a number of projects—including OKX and Immutable, Astar, Canto, Palm Network, Aavegotchi, IDEX, Nubank, and Manta Network—are using or intend to utilize the Polygon CDK to construct their Layer 2 networks.
Through its blockchain aggregation layer, or “AggLayer,” Polygon CDK will link X Layer to other networks, so expanding the ecosystem’s size and facilitating shared state and unified liquidity across various chains.
“X Layer represents a significant advancement in the industry’s goal of creating a fully integrated Web3.” Marc Boiron, CEO of Polygon Labs, stated, “The X Layer’s connection to the AggLayer solves the fragmentation of liquidity and users across chains on the AggLayer so they can all grow together.” “Now, onboarding to X Layer and all other chains connected to the AggLayer is simple for OKX’s 50 million users.”
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
