OKX Unveils Game-Changing Ethereum Layer-2 Network For Affordable Transactions & Seamless Connectivity

Joining the ranks of cryptocurrency exchanges, OKX unveils its Ethereum-based layer 2 network for enhanced user experience.

OKX follows Coinbase in launching an Ethereum layer-2 network, aiming to reduce fees and enhance interoperability for decentralized applications users.

On April 15, OKX unveiled the public mainnet of X Layer, its zero-knowledge proof powered network, leveraging Polygon’s chain development kit (CDK) to facilitate shared state and liquidity across multiple blockchains using Ethereum’s scaling protocol.

X Layer, OKX’s newly launched network, promises faster and cheaper transactions for on-chain interactions, utilizing ZK-proofs for heightened security and scalability, akin to other Ethereum layer-2 networks.

With EVM compatibility, X Layer enables developers to deploy or transfer Ethereum-based decentralized apps (DApps) without rewriting the core code.

Haider Rafique, OKX’s chief marketing officer, highlights the significance of X Layer and other layer-2 networks in shaping an interconnected Web3 ecosystem.

“We are building an ecosystem that is as seamless and interoperable as possible. We think X Layer has limitless potential thanks to our strong community and its connectivity with other Ethereum-based networks,” Rafique said.

November 2023 saw OKX unveil the mainnet beta of X Layer, attracting over 50 Web3 DApps to its testnet. Notable DApps like the Graph, Curve, and QuickSwap are set to deploy on OKX’s layer-2 network.

X Layer will enable OKX users to perform asset transfers, crypto deposits and withdrawals, and access nearly 200 DApps offering various functionalities like token swaps and staking. The OKB token serves as X Layer’s native token, used for gas fees on the network. The integration of Polygon CDK offers mutual benefits for OKX, X Layer, and other Polygon-connected chains, facilitating liquidity transition through the AggLayer.

Polygon CEO Marc Boiron highlights the formation of an interconnected liquidity network spanning different blockchain protocols, enabled by X Layer’s integration with Polygon CDK.

“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. OKX’s 50 million users now have an easy path to onboarding to X Layer and all the other chains connected to the AggLayer.”

VanEck forecasts Ethereum layer-2 networks to surpass $1 trillion in market cap by 2030. These networks play a vital role in scaling Ethereum, enabling low-cost, secure, and decentralized transactions and applications.

READ MORE NEWS ON

Bitcoin | Inflation Deflation Deflation Inflation Cryptocurrencies

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.