Cryptocurrency exchange OKX has introduced its in-house Ethereum-based layer-2 network called X Layer, joining other platforms like Coinbase in providing lower fees and interoperability for decentralized application (DApp) users.
X Layer, powered by zero-knowledge proofs and built using Polygon’s chain development kit (CDK), aims to offer faster and cheaper transaction capabilities for on-chain applications. It leverages ZK-proofs for enhanced security and scalability.
Being Ethereum Virtual Machine (EVM)-compatible, X Layer enables developers to launch or migrate Ethereum-based DApps without rewriting the underlying code. This feature facilitates seamless integration with existing Ethereum ecosystems.
OKX’s chief marketing officer, Haider Rafique, sees X Layer as integral infrastructure for an interconnected Web3 ecosystem. The network’s connectivity with other Ethereum-based networks is expected to unlock limitless potential.
Since its beta launch in November 2023, X Layer has attracted over 50 Web3 DApps to deploy on its testnet. Notable DApps like The Graph, Curve, LayerZero, QuickSwap, Galaxy, and Timeswap are in the process of deploying on OKX’s layer-2 network.
OKX’s native token, OKB, serves as the native token for X Layer and is used for paying gas fees on the network. Users can transfer assets, deposit and withdraw cryptocurrencies on OKX, and access nearly 200 DApps offering various functionalities.
X Layer’s connection to Polygon’s AggLayer allows for seamless liquidity transition between different blockchain protocols. This interconnected network of liquidity benefits OKX, X Layer, and other chains connected to Polygon’s CDK.
Ethereum layer-2 networks, including X Layer, are anticipated to play a significant role in Ethereum’s scalability and adoption. Investment firm VanEck estimates that these networks could surpass $1 trillion in market capitalization by 2030, reflecting their growing importance in facilitating low-fee, secure, and decentralized transactions and applications.
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