OKX introduces a cutting-edge Ethereum layer-2 network, enhancing cost-effectiveness and seamless connectivity

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 proof technology, aims to provide users with lower fees and increased interoperability when interacting with decentralized applications (DApps). X Layer, which went live on April 15, was built using Polygon’s chain development kit (CDK) and utilizes the Ethereum scaling protocol’s Aggregation Layer to enable shared state and liquidity across multiple blockchain networks. By leveraging ZK-proofs, X Layer offers faster and cheaper transaction capabilities while ensuring enhanced security and scalability. The network is EVM-compatible, allowing developers to deploy or migrate Ethereum-based DApps without the need to rewrite the underlying code. OKX sees X Layer and other layer-2 networks as the future of an interconnected Web3 ecosystem. The mainnet beta of X Layer, launched in November 2023, attracted over 50 Web3 DApps to its testnet, and popular DApps like the Graph, Curve, LayerZero, QuickSwap, Galaxy, and Timeswap are in the process of deploying on OKX’s layer-2 network. X Layer enables OKX users to transfer assets, deposit and withdraw cryptocurrencies, and access nearly 200 DApps offering token swaps, staking, and smart contract functionality. The network’s native token, OKB, is used to pay gas fees. X Layer’s integration with Polygon CDK provides symbiotic benefits for OKX, X Layer, and other chains connected to Polygon’s AggLayer, creating an interconnected network of liquidity across different blockchain protocols. According to VanEck, an investment management firm, Ethereum layer-2 networks could exceed $1 trillion in market capitalization by 2030, underlining their crucial role in helping Ethereum scale and facilitating secure and low-fee transactions and applications.