Cryptocurrency exchange OKX has followed in the footsteps of Coinbase by launching its own Ethereum-based layer-2 network, called X Layer. This network, powered by zero-knowledge proofs, aims to provide users with lower fees and improved interoperability when interacting with decentralized applications (DApps). The mainnet of X Layer was launched on April 15, utilizing Polygon’s chain development kit (CDK) and the Ethereum scaling protocol’s Aggregation Layer. By using ZK-proofs, X Layer enhances security and scalability, making transactions faster and cheaper. The network is EVM-compatible, allowing developers to deploy or migrate Ethereum-based DApps without rewriting the code. OKX’s chief marketing officer, Haider Rafique, believes that layer-2 networks like X Layer will play a crucial role in building a seamless and interconnected Web3 ecosystem. Since its mainnet beta launch in November 2023, X Layer has attracted over 50 Web3 DApps, including popular ones like the Graph, Curve, and QuickSwap. OKX users will have access to nearly 200 DApps on X Layer, offering features such as token swaps, staking, and smart contracts. The network’s native token, OKB, will be used to pay gas fees. X Layer is connected to other chains built on Polygon CDK through the AggLayer, enabling liquidity transitions between different chains. This interconnected network of liquidity is expected to drive the growth of X Layer and other chains connected to the AggLayer. With the increasing adoption of layer-2 networks, investment management firm VanEck projects that their market capitalization could surpass $1 trillion by 2030. These networks are essential for scaling Ethereum and facilitating secure and cost-effective transactions and applications.
OKX introduces a layer-2 network on Ethereum to enhance affordability and interoperability.