OKX’s Layer-2 Blockchain X Layer Now Live on Ethereum

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OKX, a well-known cryptocurrency exchange, has followed in the footsteps of Coinbase and entered the sphere of Decentralized Finance (DeFi) by formally introducing their layer-2 blockchain project, named X Layer, within the Ethereum network.

Launched on testnet in November 2023, this network aims to offer reduced transaction costs and tackle interoperability issues among layer-1 blockchains. As a result, users can engage with various decentralized applications (dApps) beyond Ethereum.

X Layer Now Available to the Public

Previously labeled X1, this project was constructed utilizing Polygon‘s Chain Development Kit (CDK). This versatile, open-source software kit is employed by blockchain developers to fabricate customized L2 chains, which are sustained by zero-knowledge (ZK) proofs within the Ethereum network.

IT experts at OKX not only work on their projects but also add to the shared CDK codebase, which is essential for building our network infrastructure.

X Layer announced on social media that the mainnet launch is an exciting opportunity for developers, founders, and the wider crypto community to start creating decentralized apps (dApps) using their platform.

Hiya creators, builders, founders 👩‍💻👨‍💻

🚨 We’re opening X Layer Mainnet to the Public 🚨

With +200 dApps building, X Layer is now accessible to everyone, not just developers.

Experience the power & security of our zkEVM L2 network firsthand.

Start building:…

— X Layer (@XLayerOfficial) April 16, 2024

On an Ethereum Virtual Machine (EVM) compatible network, you can create, transfer, or adjust Ethereum application projects without needing to revise the fundamental coding.

To date, the protocol boasts a collection of approximately 170 decentralized apps (dApps) that can be used by anyone engaging with X Layer. In the coming days, OKX’s layer-2 blockchain intends to add more dApps to the network as the ecosystem grows larger.

Building a Seamless and Interoperable Ecosystem

In a related announcement, OKX noted that the blockchain initiative allows for quicker, more affordable transactions when engaging with on-chain apps. Additionally, it employs Zero-Knowledge proofs to enhance security and capacity.

Furthermore, the X Layer will connect to Polygon’s wider platform using AggLayer, a unifying software framework created by Polygon that gathers liquidity from various blockchains.

Mark Boiron, CEO of Polygon, announced that the upcoming integration with OKX will simplify the process for users to join X Layer and other compatible chains through AggLayer. Haider Rafique, OKX’s CMO, emphasized the significance of X Layer and comparable layer-2 networks in building a cohesive Web3 infrastructure.

“Rafique expressed his belief in the infinite possibilities of the X Layer within our integrated and smoothly functioning ecosystem. He attributed this potential to our robust community and its ability to connect with other Ethereum network platforms.”

Not the First

At the same time, OKX’s introduction of X Layer on Ethereum isn’t a novel move for a centralized exchange – they’ve joined others in creating a decentralized platform on Ethereum.

Last August, Coinbase unveiled Base, a layer-2 scaling solution created in collaboration with Optimism’s OP Stack, to the public. Since then, this network has risen in rank, making it one of Ethereum’s top ten scaling solutions. Recently, Coinspeaker announced that Base reached a significant achievement, handling around 400 transactions per second (TPS).

In addition to Coinbase, Kraken is reportedly considering developing its own layer-2 blockchain, like Polygon, Matter Labs, and the Nil Foundation are doing. The partnerships aim to facilitate the construction of this protocol.

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2024-04-16 13:54