Cryptocurrency trade OKX has joined the likes of Coinbase in launching an in-house Ethereum-based layer-2 community to supply decrease charges and interoperability for customers interacting with decentralized functions.
OKX’s launched the general public mainnet of X Layer, its zero-knowledge proof powered community, on April 15. The community was constructed utilizing Polygon’s chain improvement package (CDK) and permits shared state and liquidity throughout a number of blockchain networks utilizing the Ethereum scaling protocol’s Aggregation Layer.
An announcement shared with Cointelegraph notes that X Layer offers quicker, cheaper transaction capabilities when interacting with on-chain functions. The community makes use of ZK-proofs, the underlying know-how utilized by numerous Ethereum layer-2 networks for improved safety and scalability.
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X Layer is EVM-compatible, permitting builders to launch or migrate Ethereum-based decentralized apps (DApps) with out having to rewrite the underlying code.
An announcement from OKX chief advertising officer Haider Rafique notes that X Layer and different layer-2 networks are set to grow to be integral infrastructure for an interconnected Web3 ecosystem.
“We’re constructing an ecosystem that’s as seamless and interoperable as doable. We predict X Layer has limitless potential because of our robust neighborhood and its connectivity with different Ethereum-based networks,” Rafique stated.
OKX launched the mainnet beta of X Layer in November 2023, which attracted greater than 50 Web3 DApps to launch on the testnet. OKX notes that DApps together with the Graph, Curve, LayerZero, QuickSwap, Galaxy and Timeswap are within the strategy of deploying on its proprietary layer-2 community.
X Layer will enable OKX customers to switch property, deposit and withdraw cryptocurrencies on OKX and entry almost 200 DApps providing token swaps, staking and good contract performance. OKX’s native OKB token acts as X Layer’s native token and is used to pay gasoline charges on the community.
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Polygon CDK is touted to supply symbiotic advantages for OKX, X Layer and different chains related to Polygon’s AggLayer. X Layer primarily connects to different chains constructed on Polygon CDK by the AggLayer, which permits for the transition of liquidity between these chains.
Based on Polygon CEO Marc Boiron, this creates an interconnected community of liquidity throughout completely different blockchain protocols
“X Layer’s connection to the AggLayer solves the fragmentation of liquidity and customers throughout chains on the AggLayer to allow them to all develop collectively. OKX’s 50 million customers now have a straightforward path to onboarding to X Layer and all the opposite chains related to the AggLayer.”
Funding administration agency VanEck estimates that Ethereum layer-2 networks may exceed $1 trillion in market capitalization by 2030. These networks have grow to be integral to serving to Ethereum obtain scale, powering low-fee, safe and decentralized transactions and functions.
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