As an Ethereum Virtual Machine (EVM) compatible network, the system offers the chance to construct, deploy, or transfer Ethereum-based applications without the need to rewrite the fundamental code.
OKX, a cryptocurrency exchange, has entered the realm of decentralized finance (DeFi) alongside Coinbase by launching its layer-2 blockchain project named X Layer on the Ethereum ecosystem.
Initially introduced on the testnet in November 2023, this network aims to reduce transaction costs and address the interoperability issues of layer-1 blockchains, enabling users to engage with decentralized applications (dApps) beyond Ethereum.
X Layer Now Accessible to the Public
Previously identified as X1, this initiative was developed utilizing Polygon’s Chain Development Kit (CDK), a flexible, open-source toolkit utilized by blockchain developers to establish customized L2 chains powered by zero-knowledge (ZK) proofs on the Ethereum ecosystem.
The IT professionals at OKX will actively contribute to the CDK’s codebase utilized in the network’s development.
Announcing the launch on social media, X Layer highlighted that the mainnet release invites developers, entrepreneurs, and the wider crypto community keen on constructing decentralized applications (dApps) on the platform.
Greetings creators, builders, founders 👩💻👨💻
🚨 We’re unveiling X Layer Mainnet to the Public 🚨
With over 200 dApps in progress, X Layer is now accessible to all, not just developers.
Explore the capabilities & security of our zkEVM L2 network firsthand.
Start building:… pic.twitter.com/K59dg0sJrG
— X Layer (@XLayerOfficial) April 16, 2024
Functioning as an Ethereum Virtual Machine (EVM) compatible network, the system facilitates the creation of over 170 decentralized applications accessible to all users engaging with X Layer. Future plans for OKX’s layer-2 blockchain involve introducing more dApps to the chain as the ecosystem evolves.
Cultivating a Seamless and Interconnected Ecosystem
In a separate press release accompanying the social media announcement, OKX emphasized that the blockchain project delivers quicker, more cost-effective transaction capabilities for interacting with on-chain applications. It leverages ZK-proofs to enhance security and scalability.
Moreover, X Layer will integrate with Polygon’s broader ecosystem through AggLayer, a software framework developed by Polygon to consolidate liquidity across diverse chains.
Mark Boiron, Polygon’s CEO, mentioned that the planned integration with Polygon will simplify the onboarding process for OKX users onto X Layer and other chains using AggLayer. Haider Rafique, OKX’s CMO, expressed that X Layer and similar layer-2 networks are set to become essential infrastructure components within a connected Web3 ecosystem.
“We are constructing an ecosystem that prioritizes seamlessness and interoperability. We believe X Layer holds boundless potential due to our robust community and its connectivity with other Ethereum-based networks,” stated Rafique.
Not a Pioneering Move
The introduction of X Layer by OKX follows a trend where centralized exchanges are leveraging the Ethereum blockchain to introduce decentralized platforms.
In the previous year, Coinbase unveiled Base, a layer-2 scaling solution developed in collaboration with Optimism’s OP Stack. Since its inception, the network has emerged as one of the top ten scaling solutions for Ethereum. Recent reports indicate that Base achieved a significant milestone, reaching up to 400 transactions per second (TPS).
Apart from Coinbase, Kraken, another exchange, is reportedly exploring the development of its own layer-2 blockchain. The company is currently in discussions with Polygon, Matter Labs, and the Nil Foundation to aid in the protocol’s construction.
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